We advise and support you comprehensively in all tax matters in order to effectively support all of your business objectives on a long-term basis. It is with these interests at heart that we advise our clients – local companies or foreign corporates – in an individualized manner on the structuring of their tax liabilities. We develop viable solutions in order to mitigate the risks due to potential reforms being considered by the State of Kuwait including introduction of Business profits tax and Value Added tax..

The closeness to our clients as well as broad-based expertise in consulting and problem solving are the strengths with which we meet the requirements of entrepreneurs and companies. With this profile we have, during the past few years, developed consistently to become one of the top tax consulting firms in Kuwait.

For lots of companies and private persons it is today taken for granted that they should organize their activities on a worldwide basis. Our international PKF network is aligned to falling back, as required, quickly and reliably on the specific tax-related know-how of experts in nearly all the countries in the world.

Our tax services include:

  • Tax planning
  • Income tax, Zakat and NLST compliance assistance
  • Accounting and tax consulting
  • Tax authority representation services
  • Tax clearance certificates and Retention releases

 

UNDERSTAND, IMPLEMENT AND COMPLY

The Capital Markets Law (“CML”) was issued as Law no. 7 of 2010 governing “Establishing a Capital Market Authority and Regulating Securities Activities.” This authority is called the ‘Capital Markets Authority’ (“CMA”), mandated with the task to issue the necessary bylaws and instructions to execute the CML.

The Authority aims to organize the securities business in line with the principles of equity, efficiency, competitiveness and transparency. The CMA on 13th March 2011, developed executive regulations for effective implementation of CML, with focus on organizing the business of securities, disseminate to public – benefits, risks and obligations of trading in securities, implement full disclosure, prevent conflicts of interest and ensure compliance with CML.

PKF aims to assist the companies in meeting the CMA requirements with respect to Organized Securities Activities and would determine the approach based upon the nature and characteristics of each subject Company, and the specific requirements of the Company.

We deliver value to our clients through a dedicated team of professionals with extensive experience in dealing with Ministry of Commerce and Industry and various other regulatory authorities in Kuwait.

Approach Our approach is client focused, based on our understanding of your objectives and issues facing you.

Based on our understanding our dedicated team provides you with tailor made solutions.

We insist on integrity and fairness in our business dealings with you.Services

Our corporate secretarial services include:

  1. Incorporation of entities

We undertake all formalities required for incorporation of business entities under the Ministry of Commerce & Industry

(“hereinafter referred to as MOCI”) guidelines. Our services include incorporation of the following business entities:

Preparing and filing application for incorporating:

Shareholding Company, K.S.C. (Closed),

Closed Shareholding Company K.S.C. (Closed),

Limited Liability Company, W.L.L.,

General Partnership,

Joint Ventures (JV)

Sole Proprietorship/Establishment,

Foreign Entities,

Agencies.

  1. Conversion of legal status of entities

We assist in conversion of legal status of an entity.

Our services include conversion from:

Sole proprietorship/establishment to a Limited Liability Company, W.L.L.,

Limited liability Company, W.L.L. to a closed shareholding company, K.S.C. (Closed)

Conversion from sole proprietorship/establishment to a limited liability company

Share registrar

Our outsourced share registration services is designed to help management focus on their core business,

  • Maintaining an up-to-date share registrar, recording all changes in the share ownership,
  • Issue of share certificates,
  • Providing reports tailored to the individual requirements of management, containing analysis and summaries.

Liquidation

We provide advisory support in the liquidation process, which includes managing sale of assets and settlement of liabilities and

coordinate with the related authority and General Assembly until the company is liquidated.

Merger & Acquisition

We provide advisory support to consummate M&A transaction, and manage the entire transaction from identifying documents

required, coordination with related authority and obtaining approval from the General Assembly till the actual finalization of the

transaction.

Corporate restructuring

We provide advisory support that may arise due to corporate restructuring, and may include:

  • Advising on consolidating W.L.L. companies under a single entity/corporate group company,
  • Advising on Divesting business under different legal entities under a holding company,
  • Advising on a suitable legal structure for the restructured entity,
  • Advising on structuring personal assets under separate legal entities with a holding company,
  • Advising on accounting issues which may arise as a result of consolidation or divestiture.

 

This law was originally proposed to support and encourage Zakat & contribution of Kuwaiti closed and listed shareholding companies in the state budget. This law enacted through Law No. 46 of 2006 which came into effect from 10 December 2007.It has been amended through Ministerial Resolution No. 58 of 2007. In addition, Ministry of Finance has issued detailed executive rules and regulations.

Zakat law is applicable for all Kuwaiti closed and listed Shareholding Companies excluding Governmental and Foreign entities.

This law was originally proposed to support and encourage Kuwaiti Nationals to work in non-governmental institutions (private sector). This law enacted through Law No. 19 of 2000 which came into effect from 21 May 2001. It has been amended through Ministerial Resolution No. 24 of 2006. In addition, Ministry of Finance has issued detailed executive rules and regulations. NLST law is applicable for all companies listed in Kuwait Stock Exchange.

It is mandatory for all companies listed in Kuwait Stock Exchange to register with Ministry of Finance and apply for the NLST taxation card within thirty days from the date of listing.

 

PKF Offers a Full Range of FATCA Technical Advisory and Compliance Solution:

  • Initial FATCA Analyze & Impact Assessment.
  • Entity Classification(s) and Database Registration.
  • Annual Reporting to IRS or Local IGA Jurisdiction.
  • Preparation of Self-CertificationjW-8BEN-E-Forms.
  • Internal Policy and procedural Review.
  • Required Internal Compliance Manual.