The Kingdom of Bahrain boasts a healthy and productive history and trading nation worldwide. This explains why it has always offered visitors and global entrepreneurs a warm and open welcome. Bahrain’s growing economy offers a strong business environment with strategic connectivity.
Moreover, investments in Bahrain have enhanced the real estate, manufacturing, administrative facilities, and investment sector infrastructure, offering the sector a competitive place to expand and prosper. Having said that, here is what you should know about starting a small business in Bahrain.
Types of Company Formation in Bahrain
When starting a small business in Bahrain, you may choose from among the different legal entities available. They include limited liability company (LLC), foreign company branch, Partnership Company, sole proprietorship, public shareholding company, and close shareholding company.
You need to understand what each type of company formation works before settling on the ideal one for your needs. For instance, a partnership company is a corporation with no limited liability. As for public shareholding company, it is a distinct body from its owners.
Register a Business Name
Once you choose a legal framework, it is time to register a business name, which will remain forever with your corporation. The Ministry of Industry and Commerce (MOIC) has set a few clear guidelines when it comes to choosing a company’s name. Always ensure you adhere to those rules. An aspiring entrepreneur in Bahrain can put forward four company names at a time.
Commercial Company Registration
It is worth mentioning that the Bahrain Investment Centre offers the commercial registration documents. They will only issue you the documents in the event the find no fault with the application form filled in the initial stage. The papers may be purchased once the requisite fees have been charged.
Licensing and Registration
Licensing and approval are essential if a company is not immediately obtaining the commercial registration papers. So to get their company registered in Bahrain, they need to follow this extra step. It is then that you will have an easy time when looking forward to starting a small business in Bahrain.