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1 Clause 1 of Art. 23 of Law No. 68/1980 related to Commercial Law prohibits a non-Kuwaiti from engaging in commerce or commercial activities unless he has one or more Kuwaiti partners, provided that the Kuwaiti capital in the joint business is not less than 51 per cent. Art. 24 prohibits foreign companies from setting up branches in Kuwait, or from engaging in any commercial activities unless such activities are carried out through a Kuwaiti agent.
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Article 68 of law 15/1960 on Commercial Company law provides that: "Any joint stock company incorporated in Kuwait is of Kuwaiti nationality, and all its shareholders should be Kuwaitis, and the Company's principal address should be in Kuwait. However, an exception can be made to allow non Kuwaiti to became shareholders, if there is a need for a foreign capital investment or for a foreign expertise provided that the Kuwaitis holding in the share capital is not less than 51 per cent of the Company's capital and provided that an authorization is duly obtained from the competent governmental authority." The law also sets the minimum Kuwaiti participation in banks and insurance companies at 60 per cent of these entities' capital. Furthermore, foreign participation in insurance companies is subject to the approval of the Ministry of Commerce and Industries, whereas foreign participation in banks has to be approved by the Central Bank of Kuwait.
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