This field of specialization includes the preparation and drafting of companies’ contracts and agreements, besides the incorporation of foreign and local companies, taking into account the fact that our office is authorized by the Kuwait Direct Investment Promotion Authority with regard to the provision of legal consultation until the company’s formation and launching of its activity through preparing the minutes of meeting required for the normal operation of company’s activity and assisting the investing companies in Kuwait in the completion of its legal procedures with regard to licenses and registration services relevant matters.
Types of Commercial Companies
Lawyer / Majed Fahad Aldaweesh Office provides all the legal services to the newly established companies and other companies which act as agents. Our office are also providing all the services related to the incorporation of companies as a part of our services that are keen on the assistance of foreign individuals and other commercial entities with regard to the establishment of their presence on a legal basis, knowing that our office is authorized by Kuwait Direct Promotion Authority. Our specialized experience and extensive knowledge qualify us to promptly and efficiently finalize the procedures of companies’ incorporation, and we can also register the foreign companies in State of Kuwait.
Companies can be incorporated in many ways according to the company’s type that is chosen by its owner, along with which the type of legal liability for its owners will be determined. The most common options of companies and its distinctive characteristics are as follows:
Shareholding companies are considered commercial entities that are owned by the shareholders. Shareholders owns a stake in the company which is in proportion to their owned shares in the company, and this allows the variance in the stakes that are owned by some shareholders who own a higher proportion of the other partners’ shares. Shareholders can transfer their shares to others without any impact on the continuity of company’s existence.
Privately-Owned Companies (Single Person Company)
Privately-Owned Companies are considered the supposed option to you in case that you want to be the single owner, because it is the less common and complicated option, in terms of the procedures of its incorporation, than the other commercial companies. This is due to the non-requirement for the way of profits distribution, and being the sole owner will not prevent you from using a trade name that is different than your real name, but the owner shall bear the direct liability for profits, losses and assets. The easement of decision-making is considered one of the top advantages of sole ownership type.
Limited Liability Company
Limited Liability Company is different from the Privately-Owned Company (Single Person Company) in that the liability of partners is limited only to the extent of their shares in the company’s capital, and thus such type of companies provides a protection from the joint liability.
Limited Partnership Companies
Limited Partnership Companies can be named so if the liability of all the partners or some of them is a limited liability. So, the Limited Partnership Company is considered convenient in terms of the legal form, if you don’t want to remain the company’s sole owner.
Liability of partners in the Limited Partnership Company shall be a personal liability for the company’s debts, and each partner should be fully liable for the company, and any of the partners can also take decisions that may affect the company.
In Limited Partnership Companies, any of the partners can bear the liability for decision-making and he / she shall be personally liable for the company’s debts, while the rest of partners shall only act as investors in the company. Each individual shall not be liable unless within the limits of his/her share in the invested capital. Further, in spite of the general form of partnership company can be changed, however each partner shall be only liable for his /her interest share in the capital