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Decrease in demand for establishing new companies in Kuwait

Sunday, December 5, 2021
Decrease in demand for establishing new companies in Kuwait

The official government statistics shows a decline in state revenues from the registration of commercial companies and sales of government services, as a result of the decline in the demand for establishing new companies in the country.

The demand for establishing new companies are decreased due to the pandemic effect, reports local Arabic daily Al-Qabas. According to report, the revenues collected from commercial company registration fees decreased by 50 percent, reaching only 5.3 million dinars during the past year, compared to 10.7 million dinars collected in the corresponding period of 2019- 2020.

Before the Corona crisis, the demand for establishing new companies were growing regularly at a rate of 10% annually and Kuwait experienced a boom in the issuance of commercial licenses as many Kuwaiti youth was interested for self-employment and the establishment of small and medium enterprises to work in them instead of a government job.

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