Kuwait Direct Investment Promotion Authority Decision No. 246 of 2017 established a system for registering and accrediting consulting companies and offices to submit applications to the Authority on behalf of investors, as it authorized any of the companies and consulting offices that obtained a license from the competent and specialized authorities in the fields of studies, research, consultancy or service provision, Submit to the KDIPA an application for registration as a company or an approved advisory office to submit applications to it on behalf of the investor.
Conditions that must be met by companies or consulting offices to apply for registration and accreditation
The decision stipulated several conditions that must be met by companies and consulting offices wishing to submit an application to the Kuwait Direct Investment Promotion Authority to be registered with it as a company or an approved consulting office, which are:
- To be licensed by the competent authorities in one of the fields of studies, research, consultancy or service provision
- To have qualified human cadres
- To have the ability to deal proficiently in the English language
- Enjoying professional competence and a good reputation, and not having been subject to any penalties or penalties as a result of professional errors or legal violations by the legally competent authorities to supervise it or any supervisory body or judicial authority
Documents that must be attached to the application for registration and accreditation of companies and consulting offices
The application for registration and accreditation with the Direct Investment Promotion Authority submitted by companies and consulting offices must be accompanied by the following documents:
- A copy of the contract and articles of association and the latest amendments thereto.
- Certificate of registration in the commercial register or license to practice the profession.
- List of authorized signatories and signature samples.
- A statement of any international cooperation or alliance relations, if any.
- Submitting a written declaration in which the companies and consulting offices pledge their commitment to provide all data and information required by the authority, and the obligation to inform the authority as soon as one of the stipulated registration requirements or conditions is lost, and the obligation to pay the prescribed accreditation fee of (1000 Kuwaiti dinars), and to comply with all laws, regulations and instructions regulating companies subject to the authority’s control.
Obligations of companies and consulting offices
First: Submit papers, documents or data in Arabic
The decision of the Direct Investment Promotion Authority obligated companies and consulting offices to submit all papers, documents or data in Arabic. If the language in which the documents or data are written is other than Arabic, they must be translated into Arabic by one of the translation offices approved by the Kuwaiti Ministry of Justice.
Second: Inform the Direct Investment Promotion Authority of the rulings, decisions, and procedures
All companies and consulting offices are obligated to inform the KDIPA in writing of any provisions, decisions, or procedures that may affect their performance of their duties before the Authority, and any interested party shall have the right to notify the Authority of such provisions, decisions and procedures.
Third: To exercise the care of a careful person and observe the rules and ethics of professional conduct
The decision of the Direct Investment Promotion Authority required the companies and consulting offices approved by the Authority to exercise the care of a keen person, to be professional in completing all transactions with the Authority, to observe the rules and ethics of professional conduct, and to verify and ensure the accuracy and validity of all documents, information or data submitted to the Authority.
Fourth: Renew the registration annually
The companies and consulting offices approved by the Direct Investment Promotion Authority are obliged to renew their registration annually, after paying the prescribed fee of 500 Kuwaiti dinars.
Benefits obtained by companies and consulting offices
Companies and consulting offices accredited by the Kuwait Direct Investment Promotion Authority shall obtain the following benefits:
- Register on the authority’s website
- Priority to be informed of developments or procedural or legislative changes witnessed by the authority
- Priority for obtaining invitations to the Authority’s activities
- Attending the invitation of approved companies and consulting offices that fall within the objectives and purposes of the Authority
- Attending workshops related to the decisions issued by the Direct Investment Promotion Authority
Suspension of dealing with companies and consulting offices accredited to the Authority
The decision of the Direct Investment Promotion Authority authorized the Director General of the Authority, based on a reasoned decision from him, to stop dealing with any of the companies and consulting offices that are approved by the Authority in general, in case of violation of the provisions of the registration and accreditation system with the Investment Promotion Authority, or in the event of suspension or cancellation of its registration with the authorities competent to supervise it, as well as in the event that a final judgment is issued against it in any of the crimes against honor or dignity.
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