The 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 edition
As per the Economic Substance Rules introduced by Resolution No. (106) of 2018 (and the supporting Guidance Notes published by the Ministry of Industry and Commerce (“MOIC”)) commercial entities in Bahrain which undertake a relevant activity are required to an Economic Substance Rules Annual Return Form (“ESR Annual Return”) to the MOIC on an annual basis.
The MOIC has now confirmed that the deadline for submission of the completed 2022 ESR Annual Return is between 13 August 2023 and 13 September 2023. Failure to submit the ESR Annual Return to the MOIC by the timeframe mentioned above may result in the imposition of violations against the Commercial Registration (CR) of a company.
If any of the below activities appear on your entity’s Commercial Registration (CR), then the entity is subject to ESR requirements and must submit the ESR Annual Return:
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 assess the impact of the Rules on your organisation and assist you in complying with the Resolution, including working with you to determine whether your Commercial Registration (CR) is subject to ESR, complete and submit the required ESR Annual Return.
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.