Bahrain remains an attractive location for the set-up of new businesses.
Audit, Tax and Advisory firm, KPMG in Bahrain, announced the addition of new set of solutions to its’ Corporate and Paralegal services practice. According to Philippe Norré, Partner and Head of Tax and Corporate Services at KPMG in Bahrain, it was important to reconsider the solutions offered to the market in line with continuous regulatory developments in Bahrain, the GCC region and beyond.
“Bahrain remains an attractive location for the set-up of new businesses. However, the recent and ongoing introduction of value-added tax (VAT) has thrown up additional challenges around corporate compliance, and aligning long-standing business practices with the new tax documentary and reporting requirements. Therefore, getting it right from the outset is not an option, it is a must!.
In our experience helping companies administer VAT, we noticed that Corporate Registrations are often not in line with the actual business carried out. Business agreements need to be reviewed on terms and conditions and soon litigation is expected around the new tax regime.” Norré commented.
The set up of a business in Bahrain now requires considerations around VAT registration. Also, transferring staff from abroad can be a complex issue for corporations to handle, not to mention finding the right form of incorporation and navigating the maze of Bahraini compliance regulations. In addition, the introduction of Bahrain’s Personal Data Protection law this summer would require thorough review of compliance across the business.
“Our firm has had presence in Bahrain for five decades and our long-standing team have deep knowledge to address the challenges faced by Bahraini businesses and foreign corporations alike. With the developing regulatory environment, continue to offer our core offering of filing of financial statements, Board secretarial services, Court expert services and handling of all types of registrations. And we also serve our clients with immigration and overall mobility services, review of contractual content and preparation of requests and cases for the Ministries and Courts. Equally important is the new alignment of our Corporate and Paralegal services with our International Tax offering. This is important since foreign jurisdictions are their tax requirements with the set-up of a business in Bahrain and any Bahraini corporation investing abroad will be faced with challenging tax requirements.” Norré added.
Our team can also provide clients’ with assistance and consultancy on articles of association any bylaws, liquidation and deregistration, trademark registration and inheritance services. The Corporate and Paralegal services team is accessible at KPMG in Bahrain’s branch in Bahrain Financial Harbour, located nearby the Bahrain Investment Center (BIC) in the Harbour Gate Building. For more information, please contact Shawqi Al Alawi, Senior Manager at KPMG in Bahrain on: +973 17222319 or E: firstname.lastname@example.org .
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