The Direct Investment Promotion Authority Decision No. 34 of 2014 regulates the rules for registration in the investment registry for investment entities, in which the data of all investment entities licensed in accordance with the provisions of the Direct Investment Promotion Law No. 116 of 2013 are recorded, including requests, licenses, benefits, exemptions, penalties, and related data, and what is amendments to it.
Request for registration of investment entities in the investment register
The decision of the Direct Investment Promotion Authority required each investment entity, after obtaining a commercial license, to submit an application to the Authority for registration in the investment register, and the authority would decide whether or not the application was accepted or rejected within a month from the date of submitting the application, complete with the data and documents necessary for registration in the register.
The application for registration of the investment entity, all papers and documents related to it, and project implementation follow-up reports after licensing, and any new amendments thereto, are kept in a file that the specialists in the investment registry open for each license.
In the event that the Authority rejects the application for registration in the investment register, the rejection decision must be justified, and the notification must be made in a registered letter with acknowledgment of receipt.
The data that must be entered in the investment entity’s newspaper in the investment register
The decision of the Direct Investment Promotion Authority stipulated several data that must be recorded in a special newspaper for each investment entity in the investment register, and these data are:
- The name of the investment entity, its legal form, the nature of its activity, its location and its head office
- The date of submitting the application for registration in the register and the date it was made
3- The capital of the investment entity
4- The names of the shareholders in the investment entity, their nationalities, and the value and percentage of each of them’s contribution to the capital
5- The legal representative’s name, title, capacity, and nationality
6- Number and date of the investment license decision
7- The date of commencement of implementation of the licensed project
8- A statement of the exemptions granted to the investment entity, the start and end of their validity, and the facilities and other benefits, if any.
9- Violations and penalties imposed on the investment entity and the date on which it was notified
10- The nature of the investment entity’s activity
11- Any other data related to the investment entity
Documents that must be attached to the application for registration of the investment entity in the investment register
The decision of the Direct Investment Promotion Authority required that the application for registration of the investment entity in the investment register be accompanied by a copy of the commercial license issued to the investment entity, a copy of the last registration certificate from the commercial register prior to registration in the investment register, a copy of the company’s articles of association and articles of association and the latest amendments made thereto, if any, and copies of any other documents that may be requested by the Direct Investment Promotion Authority.
Obtaining a Certificate of Registration in the Investment Register
The investment registry issues a registration certificate to the investor to keep it and submit it at each request. The investor has the right to obtain a certificate of registration from the investment registry and when dealing with state departments and institutions in everything related to the investment entity.
The decision of the Direct Investment Promotion Authority authorized the investor in the event of loss or damage to the registration certificate in the investment register, to obtain a registration certificate to replace the lost or damaged registration after paying the prescribed fees.
Obligations of investment entities registered in the investment register
Notifying the Direct Investment Promotion Authority of the procedures affecting the progress of the investment entity’s activity
The decision of the Direct Investment Promotion Authority required the investor or the legal representative of the investment entities to notify the Authority within one month from the date of his knowledge of the following provisions and decisions:
- Provisions for declaring bankruptcy or canceling it and provisions for determining the time for stopping the payment of debts
- Rehabilitation provisions
- Judgments and decisions that require amending the data recorded in the investment entity’s newspaper
- Judgments and decisions issued to cancel the license, dissolve and liquidate the investment entity, or nullify it, and appoint and dismiss legal liquidators and judicial guards
- Provisions relating to the shares of partners or those responsible for managing the investment entity, or the invalidity of their appointment or dismissal
Any interested party shall have the right to notify the Authority of these provisions and decisions, provided that they are recorded in the investment register.
Submit a request to the Kuwait Direct Investment Promotion Authority to amend the data
The decision obligated the investment entities registered in the investment registry, to submit a request to the Kuwait Direct Investment Promotion Authority to amend the data of the investment entity, within thirty days at most from the date of the incident that requires that.
Delisting the investment entity from the investment register
The investment entity must submit a request to the Kuwait Direct Investment Promotion Authority to write off the registration in the investment registry in the event of permanent cessation of its activity, liquidation or cancellation of the commercial license, within a month from the date of realization of the reason for cancellation. The request for cancellation must include the following data:
- The name of the applicant, his capacity for applying, his nationality, and his domicile
- The name of the investment entity and its registration number
- Reason for deletion and documents needed to prove deletion
The cancellation applicant shall be given a certificate stating that the cancellation has occurred, provided that he is committed to publishing this in the Official Gazette within one month from the date of the cancellation.
The decision authorized the Direct Investment Promotion Authority to cancel the registration of the investment entity from the investment registry on its own, after verifying the reason for the cancellation and notifying the investment entity of that, and in this case it shall publish in the Official Gazette.
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