Only CMA-approved Eligible Offer Issuers may list crowdfunding offers. Eligibility requirements under Module Nineteen: the company must be Kuwaiti-incorporated; at least 3 years operational; revenue-generating; minimum KWD 50,000 paid-up capital; audited by a CMA-registered auditor; and not be a Public Shareholding Company, CMA-licensed person, not-for-profit, one-person company, or joint venture. The maximum any single issuer can raise across all platforms in 12 months is KWD 500,000.

A registration review is free. Once approved as an Eligible Offer Issuer, the following fees apply:

Due diligence & listing fee: KWD [X] per offer submitted for review.
Success fee: [X]% of total funds raised, charged on successful close.
Annual monitoring fee: KWD [X] per year post-close, per active offer.

Subscription Agent fees are charged by the SA separately and disclosed in your Offer Document. The Capital does not set or receive SA fees. All fees are subject to change with 30 days written notice. For a personalised quote, contact info@thecapital.me.

Fee	Amount	When charged
Issuer registration review	Free	One-time
Due diligence & listing fee	KWD [X] per offer	Per offer submitted for review
Success fee	[X]% of funds raised	On successful offer close
Annual monitoring fee	KWD [X] per year	Post-close, per active offer
Subscription Agent fee	Set by SA — disclosed in Offer Document	SA charges directly — not The Capital

All fees are subject to change with 30 days prior written notice. For a personalised fee quote, contact info@thecapital.me. Fees marked [X] will be confirmed in your platform agreement.

Before submission you must prepare: (1) Crowdfunding Offer Document (Form 5) — 20 items per Art. 2-3-4; (2) Feasibility study by a CMA-licensed entity; (3) Payment schedule approved by a Licensed Person; (4) Audited IFRS financial statements for last 3 fiscal years; (5) Asset valuation report by a CMA-licensed valuator (real estate only); (6) SPV contracts reviewed and in final form (First Model only); (7) Form 6 for every founder, board member, and executive officer. Our Compliance Officer reviews all documentation against the 15-item App. 8.0 checklist.

After you submit your offer documentation, our Compliance Officer reviews it against the App. 8.0 due diligence checklist. This typically takes 3–5 Business Days. Once the CO is satisfied, we formally submit to the CMA Authority — the 5-Business-Day Authority notification clock then starts. The offer cannot go live until this period elapses with no CMA objection. We then instruct the Subscription Agent to open the independent bank account, and finally approve the offer for listing.

The Subscription Agent is an independent, CMA-licensed entity that manages all investor funds for your offer. The SA opens a dedicated bank account in the name of your offer, collects subscription funds, manages allotment, and distributes returns according to your payment schedule. You must identify a CMA-licensed SA before your offer can be approved. The SA must be confirmed as independent from your company. The Capital validates SA credentials as part of the due diligence checklist.

Form 6 is an official CMA form that must be completed and signed by every founder, board member, managing partner, executive director, and compliance officer of your company. It must be completed in Arabic — it is an official CMA form. Upload a signed copy for each person during your issuer registration. This is a hard requirement; your registration cannot be approved without Form 6 for all applicable persons.

After your offer closes successfully, you must: (1) submit the subscription statement to the CMA Authority within 10 Business Days; (2) notify the Authority that KYC due diligence is complete for all investors within 5 Business Days; (3) complete the App. 9.0 post-offer checklist; (4) post investor progress updates at least every 6 months; (5) submit Form 8 (Annual Report) as specified in your Offer Document; (6) immediately disclose any material development. Non-compliance is a regulatory breach that will be reported to the CMA.

First Model (SPV): An SPV company is created specifically for the project. Investors hold shares in the SPV, which holds the project asset. The project is ring-fenced from your other business activities and liabilities. Most common for real estate development.

Second Model (Direct): Investors subscribe directly to shares in your issuing company. No intermediate SPV. More common for commodity/lease offers. Investors are exposed to your company's full balance sheet, not just the project.

Under Module Nineteen, a single Eligible Offer Issuer may not raise more than KWD 500,000 per 12-month period across all registered crowdfunding platforms in Kuwait. Individual offers must not exceed 90 days in duration. Minimum subscription amounts must be clearly stated in the Offer Document.

The Capital will send reminders before each deadline. If you miss a deadline, our Compliance Officer escalates internally. A second reminder follows. If there is still no response, The Capital may publish a platform-generated update on your behalf and notify you. Persistent non-compliance will be logged and reported to the CMA Authority, which may take regulatory action.

Use the Offering Update section in your issuer dashboard to post progress reports. All updates are distributed to your investors automatically and archived in their document libraries. For material developments — anything that could affect investor returns or the project timeline — you must post immediately, not wait for the 6-month cycle. The Capital team is available for guidance at info@thecapital.me.