By Philip Dew
This sure consultant to the commercial tasks now attracting overseas traders to Bahrain emphasizes the Kingdom's position as a nearby monetary hub. It presents overviews of key sectors: usual assets, production, telecommunications and estate, and a transparent clarification of the criminal and regulatory framework, banking, finance, accounting, taxation and advertisement practices crucial for international traders and enterprise companions
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Additional info for Bahrain's Business Environment
Engineers and engineering consultants are regulated by the Ministry of Works and Agriculture pursuant to Decree Law No. 17/1982 (as amended). There are strict professional standards and experience levels that are required to establish and maintain a license. Lawyers and advocates are regulated by the Ministry of Justice pursuant to the Bahrain Advocates Law of 2005. Only Bahraini or GCC (Gulf Cooperation Council) citizens may practice advocacy, and only Bahrainiowned firms may advise on Bahraini law.
A Bahraini joint-stock company, be it public or closed (ie private), must establish a board of directors to administer its operations. In the case of a public joint-stock company, there must be a minimum of five directors, whilst for a closed joint-stock company the minimum required number is three. In each case, the term of office of a director must not exceed three years. 40 Legal and Regulatory Framework The Ministry of Industry and Commerce retains a qualified right to dissolve a company’s board of directors if the company: • experiences adverse financial or management conditions; • suffers substantial losses affecting the rights of shareholders or rights of its creditors; • commits serious breaches of the Commercial Companies Law.
Gateway to the Gulf. Magnet for corporate behemoths and small entrepreneurs. Understanding the commercial environment of Bahrain requires a certain understanding of the history and influences that have created that environment. With a history of 5,000 years as a trading location, Bahrain stands apart from its neighbours. The most common epithet used is ‘friendly’. This is not to be confused with simple but rather considered as a reflection of a nation that has had to deal with strangers coming to its shores for so long that it has become a natural extension of their lives.