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Doing Business in Bahrain

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Doing Business in Bahrain Doing Business in Bahrain 2011 About Ernst & Young Ernst & Young, a global leader in professional services, is committed to restoring the public's trust in professional services firms and in the quality of financial reporting. Our 114,000 people in 140 countries pursue the highest levels of integrity, quality, and professionalism in providing a range of sophisticated services centered on our core competencies of auditing, accounting, tax, and transactions. Further information about Ernst & Young and our approach to a variety of business issues can be found at www.ey.com/perspectives. Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited does not provide services to clients. Ernst & Young Doing Business in Bahrain 2 Disclaimer This publication contains information in summary form and is therefore intended for general guidance only. It is not intended to be a substitute for detailed research or the exercise of professional judgment. Neither EYGM Limited nor any other member of the global Ernst & Young organization can accept any responsibility for loss occasioned to any person acting or refraining from action as a result of any material in this publication. On any specific matter, reference should be made to the appropriate advisor. Ernst & Young Doing Business in Bahrain 3 Doing business in Bahrain This book is one in a series of country profiles prepared for use by clients and professional staff. Additional copies may be obtained from: Ernst & Young PO Box 140 14th Floor, The Tower Bahrain Commercial Complex Manama Kingdom of Bahrain Telephone: +973 17 53 54 55 Facsimile: +973 17 53 54 05 Ernst & Young Doing Business in Bahrain 4 Preface This book has been prepared by the Bahrain office of Ernst & Young Global. It was written to give the busy executive a quick overview of the investment climate, taxation, forms of business organization and business and accounting practices in Bahrain. Making decisions about foreign operations is complex and requires an intimate knowledge of a country's commercial climate, with a realization that the climate can change overnight. Companies doing business in Bahrain – or planning to do so - are advised to get current and detailed information from experienced professionals. This book reflects information current as at 2011 Ernst & Young Doing Business in Bahrain 5 Contents Contents A Bahrain - Executive summary ........................................................................................... 8 A.1 Regulatory constraints and reliefs ............................................................................. 11 A.2 Government attitude and incentives .......................................................................... 12 A.3 Tax system and trade agreements ............................................................................. 14 A.4 Financial reporting and audit requirements ................................................................ 15 A.5 Bahrain - US Free Trade Agreement ........................................................................... 15 A.6 Other matters of interest to foreign investors ............................................................. 15 B Business environment ................................................................................................... 17 B.1 Investment and Business Environment ....................................................................... 17 B.2 Economic trends and performance ............................................................................ 21 B.3 Currency ................................................................................................................. 22 B.4 Economic structure - GDP ......................................................................................... 23 B.5 Privatization Policies ................................................................................................ 25 B.6 Financial sector ....................................................................................................... 25 B.7 Economic Development Board ................................................................................... 34 B.8 Telecommunication Regulatory Authority (TRA) ......................................................... 34 B.9 The Central Bank of Bahrain ...................................................................................... 34 B.10 Bahrain Investors‘ Centre ......................................................................................... 35 B.11 Energy, minerals and other natural resources ............................................................. 36 B.12 Foreign trade Partners - Non-Oil 2006 ....................................................................... 37 B.13 Transparency of regulatory system ........................................................................... 38 C Foreign investments ...................................................................................................... 39 C.1 Exchange controls .................................................................................................... 39 C.2 Restrictions on foreign imports ................................................................................. 39 C.3 Investment incentives .............................................................................................. 41 C.4 Sources of finance for foreign investors ..................................................................... 42 C.5 Importation of goods and customs duties ................................................................... 42 C.6 Registration of intellectual property .......................................................................... 42 C.7 Licensing arrangements ........................................................................................... 43 D Structure of business entities ........................................................................................ 44 D.1 Joint stock companies .............................................................................................. 44 D.2 Limited liability companies ........................................................................................ 45 D.3 Single person companies .......................................................................................... 45 D.4 Partnerships ............................................................................................................ 46 D.5 Branches of foreign companies ................................................................................. 47 D.6 Holding companies ................................................................................................... 48 D.7 Sole proprietorships ................................................................................................. 48 D.8 Procedures for establishing a commercial company .................................................... 48 D.9 Commercial registration options ................................................................................ 49 E Labor force ................................................................................................................... 50 E.1 Labor force and the labor fund .................................................................................. 50 E.2 Social Insurance and End of Service Benefits .............................................................. 50 E.3 Other Payroll Taxes .................................................................................................. 51 E.4 Special Requirements for Foreign Nationals ............................................................... 51 F Taxation ....................................................................................................................... 52 G Financial reporting and auditing ..................................................................................... 53 G.1 Statutory requirements ............................................................................................ 53 G.2 Sources of Auditing Principles ................................................................................... 53 Ernst & Young Doing Business in Bahrain 6 Contents G.3 Accounting Principles and Practices .......................................................................... 53 G.4 Financial Reporting .................................................................................................. 53 G.5 Audit requirements .................................................................................................. 54 G.6 Accounting profession .............................................................................................. 54 H General ......................................................................................................................... 55 H.1 Geography and Climate ............................................................................................ 55 H.2 Population and language .......................................................................................... 56 H.3 Government and political system ............................................................................... 56 H.4 Legal environment ................................................................................................... 56 H.5 International Relations and Associations .................................................................... 57 H.6 Entry Visas and Work
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