A global company specialising in wastewater treatment approached PRIME in 2013 seeking an easier way to keep their company up to date with their corporate governance obligations with the Ministry of Industry, Commerce and Tourism (MOIC). They had been operating in Bahrain since 2011 after winning a major contract to upgrade the local wastewater treatment works. On working with our affiliate lawyers, Zu’bi & Partners, on legal matters they learned about how PRIME could assist.
Bahrain’s changing business regulations can be at times confusing and ambiguous. Often companies are caught out by a new directive or reporting requirement often resulting in a violation against their CR preventing them to operate until it is cleared. The constantly changing regulations and governance obligations can be difficult to navigate.
PRIME’s Corporate Secretarial Services package removes the burden from companies to remember when and how to complete their yearly governance returns and for this company it was the perfect package that allowed them to properly concentrate on their business.
The service, which was tailored for their specific needs, includes holding the company’s statutory records, maintaining the shareholders register, convening the Annual General Meeting of the company, filing of audited financial statements and advising on any necessary actions to ensure the company is compliant to Bahrain corporate law.
Services provided include:
- Corporate Secretarial Services
- Serviced and Registered Office
- Payroll Services
- Preparation Economic Substance Return
- Registration of UBO
- Change of registered address
- Annual submission of financial report
- Employment contract drafting & advice
- CR violation removal
- CR & BCCI Renewals
- Employment contract drafting & advice
- Visa services –
- Appointment of PRIME as responsible person with LMRA & SIO
- Work, resident & visit visa applications
- Settlement of monthly SIO & LMRA invoices
- Translations
- Mail Notification
- Conference room usage
- Directory listing
- Fabrication and maintenance of Corporate Rubber Stamp
As part of their CR requirements the company leased one of PRIME’s fully furnished, serviced and registered offices. There were no setup costs and their official base was up and running almost immediately. A directory listing at the entrance to PRIME and a company rubber stamp completed their formalities.
PRIME’s services to the company soon extended to providing work and dependent visa services. PRIME was assigned as the responsible person with the LMRA and SIO – a common practice with companies – to allow PRIME to apply and manage work and resident visas on behalf.
With PRIME’s familiarity of the local employment law, the company also engaged PRIME to draft the employment contracts for local hires, in English and Arabic, and also made use of their payroll services. These services are extremely helpful for those companies not familiar with the calculations and allowances for salaries applicable by law. They also availed themselves of PRIME’s payroll service and engaged PRIME to pay employee monthly salaries.
With the company now completely compliant they were able to obtain a Bahrainisation Certificate which then allowed them to submit specialist tenders for major contracts. Bahranisation is a programme that ensures the correct amount of Bahrainis are employed within an establishment boosting local employment.
The company was awarded a second contract in 2019 for further upgrades and ongoing maintenance. PRIME continues to provide valuable support for the company enabling them to concentrate on providing their award winning expertise.
