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Find out moreThe first Law Update of 2024 is here, and our first focus of the year spotlights Healthcare and Lifesciences, a sector that is undergoing significant growth and development across the MENA region.
Our focus provides an insight into some of the most important regulatory updates across the region, such as the UAE’s groundbreaking law on the use of human genome, Kuwait’s resolution on nuclear and radioactive materials, the new regulations for healthcare services in Qatar, Egypt’s healthcare regulatory framework, and the impact of the Saudi Civil Transactions Law on the healthcare and life sciences sector … and there is so much more!
Beyond the healthcare pages our lawyers share with you multi-sector insights where you will discover articles on Dubai’s DIFC regulatory framework for startups, Bahrain’s commercial agencies law, and we also shed light on Kuwaiti civil code and the advantages of setting up a joint stock company in Saudi Arabia.
Read the full editionThe requirement to submit audited financial statements to the Ministry of Industry and Commerce (MOIC) on an annual basis applies to all corporate entities or legal presences incorporated or registered in Bahrain including; With Limited Liability Companies, Branches of Foreign Entities and Bahrain Shareholding Companies (Closed).
Corporate entities registered in Bahrain with a financial year ending 31 December annually are required to submit their audited financial statements to the MOIC within six (6) months of the end of the financial year. As such, the deadline for such corporate entities is 30 June 2023.
Audited financial statements are submitted to the MOIC via their online portal. Failure to submit audited financial statements by end of June 2023 will result to a violation placed on the Commercial Registration (CR) of the entity on the MOIC online system, which has the effect of preventing the entity from, for example, carrying out any online applications or renewal of Commercial Registrations (CRs).
Historically, the MOIC only required a copy of the audited financial statement upon submitting the relevant application. As of 2023, and in line with a circular sent to registered audit firms in Bahrain, the MOIC now also require a copy of the resolution of the shareholders approving the appointment of the auditor / audit firm.
To avoid a violation(s) being placed on the Commercial Registration (CR), your Bahrain based entity must:
As the leading law firm in the Middle East & North Africa Region and with strong corporate structuring experience across all industry sectors in the region, Al Tamimi & Company is well placed to assist you in complying with the Commercial Companies Law 21 of 2001, including working with you to complete and submit the required annual audited financial statements.
If you would like to further discuss the contents of this update, and find out what it means for your business, please contact Al Tamimi & Company in Bahrain.
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