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Rise of Generative AI
Welcome to the latest edition of Law Update titled “Rise of Generative AI.”
In this edition, we dive into the dynamic world of Technology, Media, and Telecommunications (TMT) across the Middle East and North Africa (MENA) region. TMT continues to play a vital role in positioning the region as an international business and social hub, driving significant growth and innovation.
Our focus in this Law Update is on the sector’s ongoing potential to advance and propel the region toward a more digital economy. We explore the benefits of embracing a digital transformation and how local authorities have responded by enhancing regulations to accommodate the evolving TMT landscape.
This edition covers a range of topics, including – the new Telecommunications & Information Technology Law in Saudi Arabia, the intricacies of trademarks in the Metaverse, and the legal challenges faced by the video game industry. Additionally, we take a regional perspective, discussing jurisdictions such as Kuwait, Saudi Arabia, UAE, Oman, and Bahrain to provide a comprehensive understanding of the TMT landscape.
We hope you thoroughly enjoy this packed issue of Law Update, filled with captivating articles that address key legal issues within a vital sector for the region.
Read the full edition
A complete spectrum of legal services across jurisdictions in the Middle East & North Africa.
Deadline for Submission of Audited Financial Statements for Companies with Financial Year End of 31 December
The requirement to submit audited financial statements to the Ministry of Industry, Commerce and Tourism (“MOICT”) on an annual basis applies to all corporate entities or legal presences incorporated or registered in Bahrain (including With Limited Liability Companies, Single Person Companies, Branches of Foreign Entities and Bahrain Shareholding Companies (Closed).
Corporate entities registered in the Kingdom of Bahrain with a financial year ending 31 December annually are required to submit their audited financial statements to the MOICT Ministry of Industry, Commerce and Tourism (“MOICT”) within six (6) months of the end of the financial year. As such, the deadline for such corporate entities is 30 June 2020.
Audited financial statements are submitted to the MOICT via their online portal. Failure to submit audited financial statements by end of June 2020 will result to a violation placed on the Commercial Registration (CR) of the entity on the MOICT online system, which has the effect of preventing the entity from, for example, carrying out any online applications or renewal of Commercial Registrations (CRs).
What should you do next?
To avoid a violation being placed on the Commercial Registration (CR), your Bahrain based entity must:
- Approach a registered audit firm in Bahrain in order to prepare audited financial statements for the financial year ended 2019;
- Submit the audited financial statement on the online portal of the MOICT before 30 June 2020; and
- Ensure that your Commercial Registration (CR) is free of other violations and that it is renewed and active.
How can we help?
Al Tamimi & Company is registered listed as a ‘Professional Body’ on the online portal of the MOICT, meaning that we are able to submit the audited financial statements online to the MOICT and follow up on such application until it is accepted by the MOICT. If you require any assistance with this or would like to discuss any aspect of your corporate arrangements in Bahrain then please contact us.
Key Contacts:
Rad El Treki
Head of Corporate Structuring – Bahrain
r.eltreki@tamimi.com
Yara Frotan
Trainee Lawyer, Corporate Structuring
y.frotan@tamimi.com
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