The Ministry of Commerce and Industry plans to lessen the time and effort spent in setting up a shareholding company in Kuwait from 60 days to three days and from 30 steps to four steps.

The move is part of a new set of guidelines planned by the ministry, Assistant Undersecretary for companies and commercial licenses Ahmad Al-Faris said in a ministry statement.

Since April, the ministry has eased procedures to open company branches and issue microenterprises, he said.

The ministry has also completed the issuance of guidelines for procedures involving the launch of several forms of companies, including limited liability firms and companies of sole ownership, amongst others. The steps come amid ministry plans to facilitate procedures for businesses and startups in Kuwait and to improve the business climate in the country, he said.