KuwaitOther News

No more general contracting companies

KUWAIT: Official sources said Minister of Commerce and Industry Yousuf Al-Ali issued a decision to disband the commercial activities categorization committee and rely on international categorization, which means that general contracting and trading companies, the most widespread in the country, will disappear.

The committee is chaired by the ministry undersecretary, assistant secretary for companies and commercial licensing affairs, individual companies and commercial licensing, shareholding companies, commercial supervision, legal studies and IT systems directors.

The committee is specialized in studying and describing activities and getting the necessary conditions to practice and follow the licensed activities that are up for renewal, and adding, canceling, amending or rejecting any application for commercial activities be it categorized or not with an explanation. Current license owners must adapt their situation according the international code within four years, and this applies to general trading and contracting companies. —Al-Rai

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