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Audit, Tax and Advisory firm, KPMG in Bahrain, announced the addition of new set of solutions to its’ Corporate and Paralegal services practice. According to Philippe Norré, Partner and Head of Tax and Corporate Services at KPMG in Bahrain, it was important to reconsider the solutions offered to the market in line with continuous regulatory developments in Bahrain, the GCC region and beyond.
“Bahrain remains an attractive location for the set-up of new businesses. However, the recent and ongoing introduction of value-added tax (VAT) has thrown up additional challenges around corporate compliance, and aligning long-standing business practices with the new tax documentary and reporting requirements. Therefore, getting it right from the outset is not an option, it is a must!.
In our experience helping companies administer VAT, we noticed that Corporate Registrations are often not in line with the actual business carried out. Business agreements need to be reviewed on terms and conditions and soon litigation is expected around the new tax regime.” Norré commented.
The set up of a business in Bahrain now requires considerations around VAT registration. Also, transferring staff from abroad can be a complex issue for corporations to handle, not to mention finding the right form of incorporation and navigating the maze of Bahraini compliance regulations. In addition, the introduction of Bahrain’s Personal Data Protection law this summer would require thorough review of compliance across the business.
“Our firm has had presence in Bahrain for five decades and our long-standing team have deep knowledge to address the challenges faced by Bahraini businesses and foreign corporations alike. With the developing regulatory environment, continue to offer our core offering of filing of financial statements, Board secretarial services, Court expert services and handling of all types of registrations. And we also serve our clients with immigration and overall mobility services, review of contractual content and preparation of requests and cases for the Ministries and Courts. Equally important is the new alignment of our Corporate and Paralegal services with our International Tax offering. This is important since foreign jurisdictions are their tax requirements with the set-up of a business in Bahrain and any Bahraini corporation investing abroad will be faced with challenging tax requirements.” Norré added.
Our team can also provide clients’ with assistance and consultancy on articles of association any bylaws, liquidation and deregistration, trademark registration and inheritance services. The Corporate and Paralegal services team is accessible at KPMG in Bahrain’s branch in Bahrain Financial Harbour, located nearby the Bahrain Investment Center (BIC) in the Harbour Gate Building. For more information, please visit our website www.home.kpmg/bh or contact Shawqi Al Alawi, Senior Manager at KPMG in Bahrain, on please contact us: +973 17222319 or E: salalawi@kpmg.com .
KPMG in Bahrain is a member firm of KPMG International. The firm was established in 1968 as the first national accounting and auditing firm, and it has grown to be one of the largest professional services firms in the country. The firm provides Audit, Tax and Advisory services to a wide array of clients operating in different sectors, utilizing the in-depth technical and industry experience of its professional staff.
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About KPMG
KPMG is a global network of professional services firms providing Audit, Tax and Advisory services. We operate in 153 countries and territories and have 207,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
For more information, please contact:
Afrah Faraj
Marketing and communications manager
KPMG in Bahrain
afaraj@kpmg.com
© Press Release 2019
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