Skip to content

Economic Substance Regulation ESR in Bahrain

ESR image

ECONOMIC SUBSTANCE REGULATION BAHRAIN

ESR Services in Bahrain

ESR Bahrain

The Economic Substance Regulation in Bahrain is critical if you are planning to start a new business. ESR report is required by the authorities to determine if ES test has been cleared or not and you must submit the report within three months by the end of the financial year.

The main idea following the ESR is its clarity and way to permit businesses to provide their information. If you’ve a multinational company based in Bahrain, you’ll be doing cross-border transactions, and you must file your ESR in Bahrain with MOIC (Ministry of Industry, Commerce and Tourism).

We can help you organize and submit your ESR report and help get approvals from MOIC for establishing your business offices outside the borders of Bahrain.

ESR BAHRAIN

Relevant activities under ESR Bahrain

The Economic Substance Regulation in Bahrain applies on the 1st of January to certain Financial institutions. All licensed institutions must submit the annual report in compliance with CBB within three months from the end of the financial year.

The related activities under “ESR Bahrain” are:

Al Nissa Consultancy Services

Applicability of ESR in Bahrain

It should be applicable to potential and existing traders applying for new CR-related activities.

How to conduct an ESR test?

Check if it is the core related activity and adequately managed with qualified employees and physical assets.

Purpose of ESR in Bahrain 

To ensure pro-active measures and to improve international competency and investments are not only driven to benefit.

Penalty for Non-Compliance

The penalty for non-compliance is about 6 years of imprisonment and financial penalty of up to BHD 1000 per day.

ESR BAHRAIN

How Al-Nissa Will Assess ESR in Bahrain

ESR Bahrain

Our firm has a professional team of financial experts to help you file the ESR report in Bahrain. We can also do a preliminary check for your business on the applicability of ESR in Bahrain. 

The purpose of ESR in Bahrain is to improve international competency. We can maintain the book of records for about six years from the end of the financial year in which you file the ESR report to the concerned authority.

The steps for assessment of ESR in Bahrain:

If applicable then check if it meets ESR criteria in Bahrain.
If criteria are not met then identify the gaps.
Provide you guidance for improvement, to make sure compliance.
Preliminary check to verify the applicability of your business.

CONTACT INFO

Get In Touch

We’d appreciate hearing from you. Feel at liberty to contact us. Ask your queries from our Professionals. We will never let you down.

Shop No. 52, AL-ALA-AL-HADRAMI AVENUE NO. 362, MANAMA-305

Send Message

With 5 years of worthy experience, our firm is obliged to serve you to foster technological innovation and business goals, in the kingdom of Bahrain.

Contact Us

Phone: +973 3879 5151

Email: info@nissaconsultancy.com

Address: Shop No. 52, AL-ALA-AL-HADRAMI AVENUE NO. 362, MANAMA-305

Copyright © Nissa Consultancy All Rights Reserved