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Transport, Energy & Revolving Synergy
The final Law Update of 2022 is here, and it’s packed full of articles. The double edition features two focus areas, first is a spotlight on Energy and Resources and second we feature a collection of articles on Transport and Logistics. The developments occurring in these sectors in the MENA region are unprecedented and our lawyers cover vast themes for you.
The Energy and Resources focus features topics such as diversifying energy resources, solar PV, mining in the Middle East, renewable energy and green hydrogen. From a transport perspective, we draw attention to the Bahrain metro project, discuss the challenges and remedies associated with the repossession of an aircraft, and there is advice on what to consider should a party vary the terms of a shipping contract.
This edition navigates you through updates from across jurisdictions such as, Oman, Jordan, Saudi Arabia, Egypt, Iraq, Qatar, and the UAE. Each article is timely and provides insights into legal issues and cases that are affecting these sectors across 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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