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Read NowIn September 2019 and January 2020, Al Tamimi & Company published two news updates to highlight:
The Rules and Guidance Notes apply to commercial entities in Bahrain which engage in the following commercial activities (“Relevant Entities”):
Amongst other obligations, as per the Guidance Notes all Relevant Entities are required to file an Economic Substance Rules Annual Return Form (“ESR Annual Return”) with the MOICT within three (3) months of the Relevant Entity’s financial year end. For Relevant Entities with a financial year that ended on 31 December 2019, the ESR Annual Return should be submitted to the MOICT by the 31 March 2020.
The form of the ESR Annual Return has been published by the MOICT, as an appendix to the Guidance Notes.
Whilst the MOICT Sijilat system is not currently accepting online submissions of the ESR Annual Return, the MOICT is currently accepting submissions by way of hard copy submissions in person at the MOICT, as well soft copy PDF submissions by way of email.
All Relevant Entities should aim to submit their completed ESR Annual Return (and all relevant accompanying documents) to the MOICT by the required deadline (i.e. 31 March 2020 for Relevant Entities with a financial year ending on 31 December annually).
It is important for your Bahrain based businesses to:
As the largest 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 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.
Rad El Treki
Head of Corporate Structuring – Bahrain
r.eltreki@tamimi.com
Yara Frotan
Trainee Lawyer, Corporate Structuring
y.frotan@tamimi.com
Layla Alalawi
Trainee Lawyer, Corporate Structuring
l.alalawi@tamimi.com
The information appearing in update provides an overview of some of the relevant considerations in Bahrain and is not intended to be comprehensive or exhaustive. We recommend that if in doubt specific legal advice is sought.
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