Foreign Direct Investment (FDI) Law allowing for 100% foreign ownership in a number of sectors though only as approved by the Council of Ministers.
These business activities include the following:
• Industries except for enterprises related to Oil or Gas exploration or production.
• Construction, operation and management of Infrastructure enterprises in the fields of water, power, drainage and communications.
• Banks, Investment Corporations and Foreign Exchange Companies which the Central Bank of Kuwait may agree to incorporate.
• Insurance companies which the Ministry of Commerce & Industry agrees to incorporate.
• Information Technologies and Software Development.
• Hospital and Medicines manufacturing.
• Land, sea and air transport.
• Tourism, hotels and entertainment.
• Culture, information and marketing except for issuance of newspapers and magazines and opening of publishing houses.
• Integrated housing projects and zone development except for real estate speculation.
• Real estate investment through foreign investor subscription to the Kuwaiti shareholding companies as per the provisions of law No. 20/2002.
The privileges that are offered to foreign investors:
· Total or partial exemption from other export and import restrictions.
· Allocation of land and real estate.
· Total or partial exemption from customs duties on import of specified terms such as equipment, machinery, spare parts, raw materials, semi manufactured goods, packaging materials etc.
· Tax exemptions for a maximum period of ten years.
· Benefits arising under double taxation treaties and encouragement and protection of investment.