The Kingdom of Bahrain has been performing as an outstanding business ground at an international level. By widening out the business opportunities, and focusing on the non-oil segment, Bahrain has paved out more ways to fetch-in more FDI. According to Doing Business, Bahrain holds the 43rd rank among 190 nations in the ease of doing business.
Investors from all over the world are now convinced that Bahrain is one of the smart options to diversify their business and to enhance profit by entering the international market. In 2019, Bahrain’s GDP had a growth of 2.3% and is expected to hold a count of 2.45% by the end of 2022.
Business setup in Bahrain is a feasible option, but at the same time, it is to be kept in mind that the business entity needs to hold a trade name. This guide outlines the respective Bahrain trade name rules that an investor needs to know before setting up a business in Bahrain.
A business trade name is the face of a business that needs to be chosen wisely. However, before finalizing the business trade name in Bahrain, one needs to abide by the rules and regulations set by the governed authorities. As per the Commercial Company Law, the following conditions are to be met accordingly:
As per the laws set by the governing authority, if the guidelines are not followed accordingly, that would lead to the rejection of the business trade name. Some of the core reasons for rejection of trade name in Bahrain include:
Trade name registration is a crucial step when it comes to company formation. The registration of trade name in Bahrain involves the below steps:
According to the conditions mentioned in Article (10), the transfer of the business trade name holds the following terms:
Violation of the trade name rules stated by the governed authorities will lead to penalty payment, in between BD 500-BD 1,000. Some of the conditions that lead to penalty include:
Thus, by now you have got an idea regarding the business trade name registration process and the relevant proceedings that need to be followed. To carry out the complete process in an error-free way, the business owners prefer to proceed ahead with legal experts.
The initiative of proceeding ahead with business expert reliefs the business owners to a great extent. Some of the benefits that the business owners can avail by moving forward with business experts are:
Dealing with the company documents and getting the relevant approvals turns out to be complicated at one point. Business experts have their network to speed-up the process, which helps the business owners to get quick results. This might not be possible when it comes to individual owners taking the initiative to deal with the legal process.
As mentioned above, the legal documentation gets handled quickly, the business owners are set free from the unwanted burden. This helps them to take necessary measures towards planning and strategy building to drive their business. At the same time, there is an effective utilization of the available resources and time.
Professionals end up dealing with multiple clients daily dealing with different industries. This interaction helps them to gain knowledge of various sectors. Implementing these insights turns out to be beneficial for the respective clients. On the other hand, if any business owner proceeds alone, he/ she may not be available of the relevant rules, procedures or happenings in the market.
An expert is well-versed with the company incorporation proceedings and thus, takes care of the pre-incorporation and post-incorporation essentials. While performing the relevant activities, the business advisors also keep accounting, audit, taxation services in mind, and complete the related business operations.
At Business Setup Worldwide, we take care of the business establishment process and is dedicated to providing the best business setup solutions. Along with the business incorporation process, our experts are well-versed with the legal proceedings and can guide you at every step.
Our business advisors take the initiative of understanding the business needs and provide tailored solutions accordingly. If you are looking forward to setting up your business in the Kingdom of Bahrain, feel free to have a word with our experts. Contact us today-we’d be glad to assist.