Kuwait has a relatively open economy with self-reported crude oil reserves of 102 billion barrels – about 9% of the worlds. Petroleum accounts for nearly half of the GDP and for 95% of export revenues and 95% of government income.
According to the Kuwaiti constitution, all natural resources in the country and associated revenues are government property.
The government passed, in May 2010, a privatization bill allowing them to sell assets to private investors. A further pledge in January passed an economic development plan to diversify the economy away from oil, attract more investment and boost private sector participation in the economy.
Other major industries include shipping, construction, cement and financial services.
International companies are increasingly looking at Kuwait as a place to pitch their services. When providing services in Kuwait they will either have to relocate their own staff or source international contractors. It is very difficult to start a company in Kuwait as a foreign owned enterprise and as such if these companies wish to relocate their staff or source international contractors they will require a locally based Contractor Management Company to provide a full employed local solution for their employees. This will entail Kuwait Permits and local Kuwait payroll.
As an individual, working in Kuwait can be a highly rewarding experience, an opportunity to experience living in the Middle East, high earning rates and paying zero income tax!
Our services in Kuwait include:
Self-Employed / Pty Ltd Companies
Expatriate Tax specialists
Insurance (Private Health / Travel / Professional Indemnity)
Bank Account Opening
You can reach all our resources for Kuwait from this page.