There are several weighty procedures to take care of when you physically go ahead with setting up a business in Bahrain. From the successful incorporation, opening a corporate bank account, acquiring all the licenses and permits for your business, the whole process does not simply end here, however, 2019 brought on a broad change in how businesses operate in Bahrain, with the Government of Bahrain taking proactive measures and efforts to increase the growth of its economy on par with the global economy. As a business, in order to stay afloat in these changing times is to harness Bahraini business ethics and as a foreign investor, you ought to know all the local traditional business practices. Here are 6 things you need to do after setting up your company in Bahrain.
1. Understand Bahraini Business Culture
The Bahraini citizens see personal relations and family as a crucial element in their social structure. They warm up to individuals whom they can trust. Their family loyalty and commitments comes first hand and above all other social as well as business relations, it is important for you, as a foreign investor, to understand and respect this. Another aspect of the social structure is that favoritism is considered a positive thing by the Bahraini workforce because it is viewed as a practice which ensures the employment of trusted people, and trust is extremely crucial in the Kingdom of Bahrain. Since their trust run deep and they hold it in high regards, Bahrainis tend to do more business with the people they trust and have a personal relationship with and thus, to gain their trust, you may be required to make several attempts and visits. Patience is a virtue, when you are dealing with the Bahraini locals you ought to approach the situation with utmost patience. Impatience is taken poorly by them and will in fact negatively impact your business and business dealings.
2. Plan Your Goals and Map Your Success
After successful formation of your business in Bahrain, you will be ready to begin operations and see how well your company fares in the future. Planning your goals- short term and long term. It will help you stick to what exactly needs to be achieved and in the long run, will help you close in on your mission. Planning not only sets goals and objectives but also acts as guidelines for your business undertaking so you can stick to what is relevant to your business. Additionally, updating your business helps it to grow as planning covers a broad platform of information.
3. Learn Business Communication in Bahrain
The way Bahrainis correspond may also take some time to get accustomed to. It doesn't work out almost immediately and you should figure out how to decipher unclear proclamations. This is because of the hesitance in Arab culture to say a straight up "no" or to just reject the proposal. You are probably not going to ever get a straight "no" in reply to your solicitations, and it's a smart thought to restrict the word from your vocabulary amid business arrangements. Corresponding in Bahrain is a tad bit more formal like it is in other Arab countries. It is essential to utilize somebody's full name and title when you welcome them. The senior most individual should reliably be invited first.
4. Secure your Business Property and Rights
After setting your business in Bahrain, the next thing to do is to protect your business entity and property. By making an application for intellectual property rights in Bahrain will assist you through the process and keep your business deals, brand, product and service offering safe and away from any form violation. Backing up all the data and information is extremely important for your business, it is also an extremely proactive move and will protect your business from any future unfortunate event which went unforeseen. In case of such circumstances, proper actions must be taken and more importantly you must be prepared. Also, every business is an owner of some kind of intellectual property or patent. Be it company name, logo, product or service, brand, idea or even a jingle, your business will need proper protection of your intellectual property to ensure long term successful business endeavors.
5. Record and Document Accounts
Accounting and bookkeeping for your company in Bahrain ensures methodological and orderly maintenance of financial records. Bookkeeping documents the journey of the company and map out the financial journey of the company. These records act as valuable sources of past financial information. Thus, if you have a company in Bahrain, your journals are your fundamental sources of information required to assist you in the process of formulating financial statements and reports and decision making based on your company's financial position and strength. The capacity to undertake a new business operation depends heavily on the capability and financial strength. Every business or company is obliged to maintain its books of accounts as well as pay their taxes.
Setting up a business can be a very heavy procedure, but successful formation of a business in Bahrain always means that you have successfully entered into the Bahraini Market, but in order to stay relevant and profitable, it is important to go beyond the obvious things you have to do after business setup and pay attention to the other aspects, such as the ones mentioned above, to ensure your place in the business world.
Business Setup Worldwide is a platform that will assist you through the process of company incorporation in Bahrain and also what follows after, such as, intellectual property rights services, company secretarial services, and in taxation once you set up a business in Bahrain. Need help in finding out the best business solutions of running your business in Bahrain; contact us-we’d happy to help!
What is the official currency in Bahrain?
Bahraini Dinar (BD).
Which law governs the legislative framework for company activities?
The Commercial Companies Law 2001.
Which is the governing authority in Bahrain for company incorporation?
The Company Registry.
How many countries does Bahrain sign economic treaties?
More than 60 countries.