Kuwait law requires all business to maintain adequate financial records in Arabic. Accounting records should be kept in Kuwait and as the tax authorities may insist on inspecting the books of account (which may be in English) and supporting documentation before agreeing to the tax liability.
YourGlobalPro can assist you with the entire bookkeeping and accounting services for your Kuwait Business Set up as per your business needs including implementation of financial accounting software, accounting records preparation and time to time preparation of budgets, forecasts.
In Kuwait, all companies are required to follow and adopt an accrual basis of accounting for financial accounting purposes and following the International Financial Reporting Standards (‘IFRS’). The Audit of Book of Accounts is a mandatory requirement for the business.
Based on the size of the business – the companies are required to prepare and file financial statements with the Authority. YourGlobalPro professionals provide you auditing services for your business as required by your business.
The documentation requirement differs from Bank to Bank and need to be complied for the Bank account opening. The major banks in Kuwait are National Bank of Kuwait (K.S.C), Commercial Bank of Kuwait (K.S.C), Gulf Bank (K.S.C), Al Ahli Bank of Kuwait (K.S.C.P.), Al Ahli United Bank, Burgan Bank (K.S.C), Kuwait International Bank (K.S.C), The Industrial Bank of Kuwait (K.S.C), Kuwait Finance House, Boubyan Bank (K.S.C). All banks are stable, reliable and offer the same level of services.
YourGlobalPro professionals can facilitate all the paper work in relation to banking need and can assist you in opening bank account for your business plan in Kuwait.