Modifications in the Regulations for Power of Attorneys in Kuwait
The Kuwait Government Ministry of Trade and Economy (the Ministry) issued a statement which outlines that newly introduced regulations with regards to power of attorney (PoA). These regulations have come into effect on 5 April 2019.
There were several rounds of discussions which took place amongst various shareholders, where the Ministry finally amended the terms as follows:
Late filing of the PoA within one month from the date of filing
Softcopy of the PoA mandatory for filing
A single PoA will suffice for filing various applications which belong to the same applicants
The PoA will have a validity for a period of 10 years.
The regulations states that the PoA should be accompanied by an application upon which the term of three (3) months for late filing shall not be applicable.