Do I Qualify for Crowdfunding?
At iMowazi, we understand that every ambitious venture requires the right support to flourish. Our crowdfunding platform is uniquely designed for corporate entities in Kuwait looking to raise funds for various projects. However, not every company qualifies for this funding opportunity.
Below are the eligibility criteria your company must meet to explore crowdfunding through iMowazi:
Legal Structure
To be eligible for crowdfunding, your company must fall under one of the following legal structures:
- Limited Liability Company (WLL): A common form of business that limits the liability of its owners.
- Closed Shareholding Company: A company that offers shares privately and has limited share transferability.
- Partnership Limited by Shares: A partnership structure where the liability of some partners is limited to their investment.
Capital Requirements
Your company must have a paid-up capital that meets the following criteria:
- Minimum Paid-Up Capital: KD 50,000
- Maximum Paid-Up Capital: KD 500,000
This range ensures that seeking crowdfunding aligns with the scale and maturity of your business operations.
Auditing Standards
Transparency and accountability are crucial in the crowdfunding process. As such, your company must appoint an auditor registered with the Capital Markets Authority (CMA) in Kuwait.
The auditor will be responsible for reviewing and auditing your financial statements, ensuring compliance with international accounting standards. This not only boosts credibility but also reassures potential investors about your company's financial integrity.
Compliance with Kuwaiti Company Law
Your company must be incorporated under Kuwaiti Company Law. This includes:
- Having your head office located in Kuwait, establishing roots in the local business landscape.
- Ensuring compliance with all relevant local regulations and legal frameworks that govern corporate entities.
Documentation on Fund Usage
Potential investors are keen on understanding how their funds will be utilized. Therefore, your company must provide detailed documentation specifying:
- The intended use of the funds (e.g., product development, business expansion, operational enhancements).
- A clear roadmap demonstrating how crowdfunding will contribute to achieving business objectives.
iMowazi – Focused on Corporate Entities
It's important to note that iMowazi is specifically tailored for corporate entities and is fundamentally different from general crowdfunding platforms like GoFundMe. Our services are aimed at businesses looking to grow, innovate, or expand – not at individual fundraising endeavors.
If your company meets these criteria and is ready to take the next step towards unlocking funding opportunities, iMowazi is here to facilitate your journey. Join us in redefining financing options for Kuwaiti businesses.
