Doing Business In Kuwait

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What Are The Challenges?

Political wrangling

Political wrangling in the country has left over $235 billion programme of mega-projects hanging in the balance, projects like: $15bn Al Zour refinery project, $2.8bn Subiya power plant project, construction projects worth $168bn, oil and gas projects $55bn, $18bn Clean Fuels Project

Construction Site Guide

Corruption and red tape  

Highly bureaucratic application procedures hinders the Kuwait business climate. Foreign companies still report numerous delays in attaining approval to operate in Kuwait and FDI law of 2003 has yet to improve investment climate sufficiently.

Getting Paid - Terms of Payment

Exporters to Kuwait may receive payment against the value of their goods by means of any of the following:

  1. Letter of credit according to which payment is made after completion of shipping formalities.

  2. On CAD (Cash Against Documentaiotn) basis.

  3. Direct Advance Payment.

  4. Part payment, provided previous other payment were effected within the specified dates.

  5. Credit sales, according to which the valie of each assignment sold shall be transferred to exporters.

  6. Sales based on commission according to which the merchant sells the commodity at prevailing prices on behalf of the exporters and receivs an agreed commission thereof.

  7. Sales against sight drafts or promissory notes for an agreed upon period of time. Customarily this period ranges between 30 to 180 days.

 

Source - UK Trade & Investment

 

 

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