The First SME Company Established Through the National Fund’s One-Stop-Shop Companies’ Creation and License Issuance in Just Two Days

  • Oct. 26, 2016 -

 

Meshari Al-Mahmoud, Executive Director of Technical Sector at The National Fund for Small and Medium Enterprise Development, announced the successful completion of the first process to establish an SME business through the one-stop-shop system, which is considered a realistic application of the Fund’s objectives to offer a favorable environment for businesses. The one-stop-shop system also aims to reduce the cycle of paperwork and accelerate the completion of the transactions. Thus, entrepreneurs can set up a company and get their license issued in just two days.

Entrepreneur Sumaya Al Jassim said about her experience: "Having completed the required paperwork for the Fund, I made a request to establish a company through the Kuwait Business Center website. The experience was quick and easy as I made the request in the comfort of my home through their website. Then, after submitting the application and within minutes, I received the approval for the business name, and shortly afterwards, I received the approval of the Ministry of Interior."

Sumaya added: "The next step was to print a letter to open a bank account to deposit the capital. The process at the bank only took a day. Then I entered the bank data through the website. On Tuesday, I went to one-stop-shop office, and the articles of incorporation were ready to sign. Shortly, after signing the contract, the business license certificate was printed."

The National Fund for Small and Medium Enterprise Development staff are present at the one-stop-shop office to provide services and to help entrepreneurs process their incorporation. The National Fund staff can carry out the establishment of different forms of companies including limited liability companies, sole proprietorships, private corporations, and public corporations. In addition to making amendments to any of those companies, staff can help in business licensing procedures like the registration of brand names, affidavits, visas, import licenses, export permits, trademark registration, registration of commercial agencies, registration of intellectual property, and the issuance of branch permits for entrepreneurs.

For more information about the one-stop-shop system, please visit www.kbc.gov.kw