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We are excited to share the latest edition of the Law Update, beautifully and appropriately titled “Sustainable Horizons: The Saudi Arabian Vision.” Giving special honor to the Kingdom’s 2030 vision, this update focuses on a collection of both informative and inspiring articles.
For those in construction, you can learn about how the tendering environment impacts risk-pricing for contractors, the updates on the legal framework of the construction industry and how contractors can protect themselves against financial difficulties.
There is good news too from the kingdom’s banking sector, from which the practice of “Open Banking” is being pushed for! But what is open banking? We’re answering that too.
Also . . . Are there any women trail blazers in Saudi Arabia you can name? We’ll help you with that. We cover how the Middle East has been making strides in empowering women in the entrepreneurial space,most notably in STEM fields.Read the full edition
The Ministry of Industry, Commerce & Tourism in the Kingdom of Bahrain (“MOICT”), has announced to all commercial registration (“CR”) holders that new ‘commercial activity fees’ will be imposed. From 1 December 2018, a fixed fee of BHD 100 will be charged for the first three commercial activities undertaken by a registered commercial entity, and an additional fee of BHD 100 will be charged for each additional commercial activity undertaken by a registered commercial entity (over and above the first three commercial activities).
Commercial activity fees will be charged upon any application in relation to amendment or periodic renewal of an existing CR (whichever occurs first). Commercial activity fees will not, however, be applied with respect to the submission of applications to delete branches, removal of commercial activities, bankruptcy or applications for liquidation.
Where a registered commercial entity has multiple branches under the same CR, the commercial activity fees will be calculated on the main CR level and not at branch level. Accordingly, the MOICT will consider all commercial activities of all branches when calculating commercial activity fees. Where a commercial activity is repeated under the CR of one of more branches, such commercial activity will only be counted once.
Where a registered commercial entity is paying commercial activity fees to other regulatory bodies or licensing entities in Bahrain, the MOICT will disregard such commercial activity upon counting the number of commercial activities undertaken by a registered commercial entity.
The MOICT has urged all CR holders to unify their commercial activities, where possible, in order to avoid any additional commercial activity charges. Al Tamimi would be happy to assist you in the review of your commercial activities in line with the MOICT’s guidance, in order to help unify your commercial activities where possible. We are also able to submit applications on your behalf to remove any branches or commercial activities that are no longer required.
If you would like any clarification or to discuss any aspect of this update further, please do not hesitate to contact our team in Bahrain.
Rad El Treki
Head of Corporate Structuring – Bahrain
Eman Al Isa
Senior Associate, Corporate Structuring
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