How to open a business in Bahrain?
- Bahrain company incorporation can be easy and hassle-free process with Tetra Consultants’ assistance. Our ultimate guide on how to open a business in Bahrain is tailored to help our international clients fully understand the whole process. Before you proceed to the Bahrain company setup, Tetra Consultants advises you to read through the following comprehensive guide as requirements and regulations are stated clearly to help you fully understand the process of Bahrain company incorporation.
- In summary, you can expect your Bahrain company to be registered within 10 weeks, depending on the type of entity established upon submission of the required due diligence documents. This timeline ultimately depends on factors such as the nationalities of the directors and shareholders of the new company. Our team of professionals will advise and ensure a seamless process of company setup in Bahrain.
4 steps on how to open a business in Bahrain
Simply put, we can break down each engagement of Bahrain company incorporation into four different phases:
1. Planning and strategy
2. Incorporation
3. Corporate bank account opening
4. Staying compliant
Step 1: Planning and Strategy
- Tetra Consultants will assist you in the Bahrain company formation procedure by adhering to the following steps below.
- Tetra Consultants will provide recommendations on the suitable type of entity catering to your business objectives and activities. Prior to the start of the engagement, Tetra Consultants will advise on the optimum paid-up share capital, regulatory requirements, and whether there is a need for licenses for the intended business activity.
- You must supply a list of needed KYC papers to Tetra Consultants before Bahrain company incorporation. The names of the directors, the company’s resolution, and identity proof are some of these documents.
- Tetra Consultants will assist you with providing a local office space if your firm is subject to economic substance criteria.
- Tetra Consultants will reserve your preferred company name with the Bahrain Ministry of Industry Commerce and Tourism (MoICT).
- Tetra Consultants will timely aid you with the preparation of the company’s legalized Articles of Incorporation and Written Resolution on decisions made by shareholders pertaining to the company’s setup, business scope, and other important documents required for Bahrain company incorporation.
Step 2: Incorporation
Obtaining Commercial Registration
- Tetra Consultants will assist you in obtaining commercial registration through an application submitted to the Ministry of Industry Commerce and Tourism (MOICT) for obtaining commercial registration without any business license.
- A commercial registration is necessary before you proceed to obtain any trade/business license in the country.
Corporate documents
- Tetra Consultants’ legal team will provide you with a draft of the Article of Association, founding document, and other required legal documents. The Articles of Association should adhere to the list of relevant regulations and standards enforced by the Ministry of Industry Commerce and Tourism (MOICT).
- Our legal team will also prepare the lease agreement required to be presented before the Bahrain authorities during the process of taking approval from the Ministry of Works, Municipalities Affairs, and Urban Planning for the commercial address of the company.
Paid-up capital
- Tetra Consultants will provide assistance with the deposit of the requisite amount of paid-up capital into your share capital bank account.
- Tetra Consultants will contact multiple reputable Bahrain banks and present your business to the respective relationship manager and compliance team.
- Upon successful transfer of the necessary funds, the bank will issue a certification or proof of deposit. The accreditation of the deposit can be used during the incorporation procedure to justify the completion of the deposit made.
Business Registration approval from Bahrain Ministry of Industry Commerce and Tourism (MoICT)
- Upon preparation of copies of the signed Article of Association and other legal documents. Tetra Consultants will proceed ahead for final approval of business registration with the Bahrain Bahrain Ministry of Industry Commerce and Tourism (MoICT).
- During the process to register company in Bahrain, you are not required to travel as all incorporation forms can be signed digitally. Furthermore, it is necessary for the bank or a certified auditor to verify the successful deposit of share capital through an online signature. Our team of professionals will aid you in the preparation and timely submission of the necessary documents.
- Upon approval from the Bahrain Ministry of Industry Commerce and Tourism (MoICT), a Certificate of Registration and a Corporate entity organization identification number will be issued. Tetra Consultants will hand these respective documents to you upon receipt.
Step 3: Corporate Bank Account Opening
- After your Bahrain company is successfully incorporated, Tetra Consultants will proceed to convert the existing capital account into a functional operational corporate bank account for your newly incorporated Bahrain company depending on your business goals and objectives. You can leverage on our extensive banking network and expect the bank account to be ready within 4 weeks.
- Following that, Tetra Consultants will courier the internet banking token and access codes to your preferred addresses.
Step 4: Staying compliant
- You can expect Tetra Consultants to secure your newly-incorporated Bahrain company Tax Identification Number from the Tax Administration.
- Tetra Consultants will timely prepare your firm’s financial statements, corporate tax returns and bookkeeping on your behalf. Annual filings and tax returns will be timely completed on your behalf before the stipulated deadlines set out by the government.
- If you plan to be physically present and working in Bahrain, Tetra Consultants will advise on a suitable work visa and proceed ahead with the visa procurement for you.
Contact us to find out more about how to register company in Bahrain. Our team of experts will revert within the next 24 hours.