Boubyan possesses advanced audit tools, resources and procedures that deliver high-quality audit services. In delivering these services we adhere to the highest standards of independence, professional objectivity and technical excellence.
Our audit approach focuses on understanding the clients’ business needs combined with rigorous risk assessment, diagnostic processes, and audit testing procedures to serve the unique circumstances and complexities of our clients. The combination of our specialist skills, industry expertise and ongoing investment allows us to anticipate complex business problems for our clients and recommend preventative action.
We provide assurance services to organizations that must submit to an independent audit for statutory or regulatory reasons connected with the completion of their annual and periodic financial information. Boubyan provides assurance to shareholders and management regarding the truth and fairness of the financial information and specifically addresses any other regulatory reporting requirements.
All Boubyan work takes into account current and prospective auditing, accounting and reporting regulations and guidance. We tailor our services to create value for small and medium-sized companies. We are also auditors to a large number of local authorities and other public sector bodies.
Our task, in this field gives assistance in regulating the accounting work of the company at the start of the activity in order to ensure its being in the right course as per International Accounting Standards. We also provide recommendations and guide the management to all types of documents, publications, books and the records necessary for the continuation of work in future.
Boubyan has the breadth and depth of knowledge and technical expertise to help all organizations that need high quality accounting advice. Boubyan provides financial accounting and accounting technical advice, support tools guidance and training which will help to improve the quality of your financial reporting.
Boubyan provides support, advice and assurance to help organizations engaged in activities that come under the control of a regulator thus informing them of all regulatory risks. In an ever-changing regulatory environment, we help ensure that you identify, manage and control any existing and future regulatory risks. We follow a proactive rather than a monitoring approach to regulation.
Our team consists of experienced regulatory risk specialists, including ex-regulators, who know the rules and have also implemented and assessed compliance against them. Our people can help you at the strategic level by maximizing any competitive advantages and minimizing the costs and disruptions to your business.
Our establishment is keen on offering the best services to our respectable clients, and therefore we make sure to apply the latest IT developments to all the accounting systems followed in companies and establishments. We cooperate with a consultant company specialized in designing automated financial programmes, which could be applied across the field of information systems, management and financial systems.
Our IT services include carrying out feasibility studies through designing and implementing automated accounts programmes in various fields including information systems, management, financial affairs, warehouses, databases, etc. We also provide support and training on the programmes installed at the companies.
Our consulting services cover all matters related to setting the accounting systems which are suitable to the purposes for which the company was established as well as regulating the bookkeeping necessary for practicing the activity under the regulations and laws applicable in the State of Kuwait.
Our establishment also studies and evaluates the internal control systems of our clients. We offer the guidelines necessary to secure the safety of the financial data and ensure keeping the company assets under the application of the agreed upon International Accounting Standards. We also offer economic feasibility studies that ensure the continuation of companies and improvement of their performance.
Boubyan consultants can help you plan, grow and structure your business to address key issues such as strategy, technology and change management. We offer a unique collaborative approach that combines industry and functional performance knowledge. Our consultants will work closely with your business to improve its performance, drive shareholder value and create competitive advantage.
Company Establishment Services
At Boubyan we are involved in supervising the procedures of establishing commercial companies under the prevailing rules and laws in the State of Kuwait. We follow-up on the procedure starting with the moment the concerned company submits its license until its entry into the commercial registry is completed. Moreover, we submit the financial status of the concerned company along with other requirements.
Our specialists in Actuarial and Insurance Management Solutions (AIMS) provide life and non-life advisory services, making us the largest non-life actuarial consultancy in Kuwait. We assist private and public entities with critical insurance business issues.
Our team of professionals provides advice, counsel, and consulting services to numerous segments including insurance regulators, agents and brokers, associations, among others. Our solutions to the challenges caused by intense competition, workplace pressures, technological changes, mergers and acquisitions, and increased attention from regulators provide greater value to all stakeholders in your company.
We also offer services in evaluating the assets of a company in case of merging or separation. We prepare the evaluation of the companies’ assets and act as arbitrators in solving the differences between the bodies involved.
Liquidation and Reorganizing
We are involved in bankruptcy tasks, liquidation of companies, presentation the necessary reports, distribution of the net assets among the partners or reorganization of a new legal entity as per the capabilities and conditions agreed upon by those concerned. This is done in a manner not contradicting to the prevailing commercial laws in the State of Kuwait.
IFRS Readiness and Conversions
The introduction of International Financial Reporting Standards (IFRS) has changed the reporting methods for insurers. All international listed companies have been required to comply with IFRS ever since 1 January 2005. Boubyan helps insurance companies implement IFRS within their organizations and identify any IFRS implications. We provide staff training and comprehensive guidance in order to keep your organization up-to-date on all developments in IFRS financial reporting.
Boubyan tax professionals keep you up to date on the latest changes that will impact your company’s tax strategy. Our approach embraces many aspects of tax problem solving from ideas to implementation, blending the skills of financial and tax specialists with economists and our other in-house experts as needed.
Our tax advisors have experience in all types of businesses including banks, investment houses, family businesses, governments, and individuals. We combine both international and regional tax knowledge in order to provide the most sound advice for your business.
Our tax professionals are focused on providing clients with effective and constructive solutions through their deep understanding of the clients’ needs in order to help them achieve the most suitable tax strategy.
It is worth mentioning the Kuwait tax law in order to shed light on some of the important tax issues companies are faced with in Kuwait:
The first income tax law in Kuwait appeared in Kuwait Income Tax Decree No. 3 for 1955 and was amended by another Decree in 1957 to redefine the taxpayer as:
“Any corporate body carrying on trade or business in Kuwait either directly or through an agent and also any corporate body carrying on trade or business in Kuwait as agent for others.”
Income tax is imposed and administered under the following laws:
a) Amiri Decree No. 3 of 1955 applicable to entities carrying on business or trade in Kuwait
b) Law No. 23 of 1961 applicable to the entities carrying on business or trade in the areas known as the “ Specified Territory”
Specified Territory consists of the partitioned neutral zone between Kuwait and Saudi Arabia and the islands of Kubr, Qaru and Umm al Maradim and their territorial waters.
The Income Tax Decree No. 3 for 1955 is general in its imposition of an income tax and contains fourteen articles, which provides the basis for levy and collection of taxes.
Details provisions have been provided by the Ministry of Finance in Ministerial Decrees, and in unwritten practice and precedent set by the Department on Income Taxes (DIT), which administers the law. Both the Ministry of Finance and the Tax Department enjoy substantial authority in the enforcement of the law.
There is no income tax in Kuwait on Individuals.
For foreign corporate bodies owning shares in companies registered in Kuwait or Gulf Cooperation Council (GCC) countries and carrying on business or trade in Kuwait or in the areas known as the “ Specified Territory,” income tax is imposed on the share of taxable profit of the Kuwaiti or GCC companies attributable to the foreign corporate bodies. Kuwait has also entered into tax treaties with several countries, for avoidance of double taxation.
Finance and Treasury
For organizations that require an innovative, tax efficient approach to financing, Boubyan delivers a range of finance and treasury services to address tax issues associated with debt of equity financing in both Europe and Middle East. Many of our finance and treasury team members are qualified corporate treasurers, enabling us to deliver both practical and highly sophisticated financing solutions.