This is what made Kuwait Oil company successful

Posted by John Smith on October 29th, 2015

It is a company whose main responsibility is to explore, conduct drilling activities, and produce oil as well as gas in both our locality and international countries. Moreover this company facilitates the storage of crude oils. Furthermore it does the transportation and delivery of it to other international storage tankers for export deals.

Kuwait Oil Company was founded in 1934 by Chevron Company. Its foundation was set by a transitional company. Probably, because back then it was known as an anglo-persian oil company, it later changed to British petroleum and Gulf Oil Corporation. However, you can still address this company by this name or you can call it chevron, there is no difference.

This company has been in the limelight as its rules and business policies are quite different from other countries. They are a bit self centered and mostly favors its residents. For you to conduct a business in Kuwait, you must have the following-

To start the company you must have all the required legal documents approving your request.

You must have a local business partner. It should facilitate a joint business venture contract. Its further gets interesting as the local partner must own 51% of the company’s shares.

You should assign a local commercial agent.

You should employ a team of local commercial representatives to act on your company’s interest.

An interesting fact is this country still restricts some foreign nationals from conducting a business premise in Kuwait. Although you can venture in their market as a local citizen or as a firm, only then you are allowed to act as services agent Kuwait. Hence now you can continue with your commercial business in this country. This country relies heavily in their constitution articles 260 along with article 296.

For you to be a commission agent Kuwait, you must adhere to their laws. Their laws are very clear that only a Kuwait citizen can facilitate this role. However, you must submit your agency writing agreement to their MCI. Moreover you must submit them immediately when your company has only been in the market for at least two months.

It is a digitalized country which allows their clients to apply online for tenders. However you must follow their requirements and submit them in their site. You can register for tenders Kuwait in their site so that you may know which tender to apply for. Having necessary documents to their demands will keep you updated and you will have an easy access in their market.