Companies are divided into two types of profit-making and non-profit companies The first returns its profits to the partners while the second returns to the company to sustain its activity, The companies are divided according to Kuwaiti law, including limited liability companies, co-partnership companies, Association of capital, private joint-stock companies, sole corporations, after determining the type of the company, the second step requires determining the nature of the company's activity, If commercial, industrial, medical, engineering, or other fields. The third step is to determine the company's brand name, by which the company itself will be known to the public, The fourth step is to determine the company's capital and the amount of money that partners want to invest. Capital determination is essential in completing the company's registration process, The remaining step is determining partners and their share, and with the help of a Kuwaiti commercial lawyer, you will make sure that your papers and documents are safe in order to save your time and effort, and enable you to establish your company as soon as possible and at the lowest cost.
The establishment of international branches enables companies to invest in their already existing entity elsewhere in the world, thereby entitles them to obtain a competitive advantage as they transfer their proven experience, expertise, and accumulated knowledge regarding the nature of their commercial activity. The establishment of international branches is a legal activity that requires the support of a Kuwaiti franchise lawyer, and you can seek an incorporation lawyer to establish international branches in Kuwait so that your business complies with the regulations and laws applicable to the nature of your business. It will also provide you with the necessary legal advice, help you draft contracts and conventions for the establishment of international branches, and will represent you legally when disputes occur between you and other parties regarding your international branch.
The company’s articles of incorporation is a contract that states the company’s name, activity, registered address, and authorized capital, provided that it bears the signature of the founders. The memorandum of association also clarifies the legal form of the company by determining whether it is a co-partnership, partnership, joint-stock company, holding company, Joint adventure, Limited company, or sole corporation and whether it is profit or non-profit. the memorandum of association shall also provide for the duration of the company's activity and the company's overall objectives. If the company wants to add amendments to the memorandum of association after the commercial status has been determined, these amendments are called "reformulated incorporation clauses". With your lawyer to draft the company's memorandum of association in Kuwait, you will make sure that your papers and documents are safe to save your time and effort, and that you can start your company as soon as possible at the lowest cost.
The General Assembly of the company is considered the supreme authority of the company and includes all shareholders of the company, and all shareholders have the right to attend the general assembly meeting held once a year, to include all shareholders in the Public Shareholding Company, and shareholders have the right to express their opinions by vote, and the number of votes of each shareholder corresponds according to the value of its shares. During the general assembly meeting, the annual board of directors discusses the company’s performance, data, and financial lists for the past year. The auditor’s report is also discussed, and the final accounts such as profits and losses and the budget are approved. During the general assembly meeting, the methods of profit distribution are determined. The Integrated Legal Group is one of the top 10 law firms in Kuwait and is ready to represent its clients in all general assembly matters.
bankruptcy is a legal action concerning a company unable to pay its outstanding debts, The bankruptcy process begins with a petition filed by the struggling company to pay off its debts, which is the most common type, Or bankruptcy may be declared through a petition filed by creditors, which is the least common type, Bankruptcy is a legal procedure in which all assets of the company that defaults on its debts are measured and assessed, to use these assets to pay off outstanding debts, The bankruptcy registration provides the company with an opportunity to re-start and assist it in regulating its financial situation, by waiving defaulted debts in the near term.
In addition to giving creditors the opportunity to obtain a portion of their dues from the company's assets available for liquidation, which ensures fairness and safeguards the rights of creditors, by hiring a commercial bankruptcy attorney in Kuwait, you will receive a comprehensive range of services accompanying bankruptcy filings and registration with the Bankruptcy Department, ensuring that your rights are protected and you reach the best possible results.
Here we have reached the conclusion of this article presented through the website of the Integrated Legal Group, in which we discussed a range of points of interest to companies in Kuwait, such as the establishment of companies and their types, the establishment of international branches, the importance of hiring a lawyer to draft the memorandum of association, as we presented an overview of the General Assembly and commercial bankruptcy under Kuwaiti law, and other points, and it is clear that the need to hire a Kuwaiti commercial lawyer expert in corporate affairs and legal needs, as well as to reach the best results as soon as possible.
