If you are planning to start a business in Bahrain, one of the most popular business structures is the With Limited Liability Company (W.L.L). A WLL is a flexible and easy-to-setup business structure that combines the benefits of a partnership and a corporation. In this article, we will provide you with a comprehensive guide to With Limited Liability Company (WLL) in Bahrain.
A company structure called a Limited Liability Company (WLL)
A limited liability company is what it sounds like.
The owners, sometimes referred to as members, of WLL are protected by limited liability, meaning that their personal assets are not at risk in the event that the business encounters legal or financial difficulties. WLLs offer significant flexibility in terms of ownership structure, management, and taxation and are simple to set up and run.
There are a number of factors that contribute to Bahraini business owners choosing WLL. Among the main advantages of WLL are:
WLL provides excellent ownership structure flexibility by allowing both private and corporate ownership.
Because WLL offers its members limited liability protection, their personal assets are safe from harm in the event that the firm runs into legal or financial difficulties.
WLLs are simple to be formed and may be done in a few of weeks.
WLLs have a clear tax structure, and the members get profits and losses in proportion to their ownership stake.
WLLs are straightforward to operate, and the management structure can be changed to suit unique business needs.
To set up a with Limited Liability Company (WLL) in Bahrain, you need to follow these steps:
The selection of a business activity is the first stage in creating a WLL. You must decide what kind of business you want to run and make sure that it complies with Bahraini laws and regulations.
Once you have chosen your business activity, you need to choose a company name. The name should comply with the rules and regulations of Bahrain, and it should not be similar to any existing company in Bahrain.
To obtain a commercial registration certificate, you need to submit the necessary documents to the Ministry of Commerce and Industry (MOIC), including the application form, memorandum and articles of association, and a no-objection certificate from the relevant authorities.
After receiving the initial certificate of commercial registration, you must request clearance from the Ministry of Economy and Commerce. This phase entails submitting the required paperwork and paying the applicable fees.
You must submit the required paperwork, including the application form, a business registration certificate, and a no-objection certificate from the appropriate authorities, to the Ministry of Commerce and Industry (MOIC) in order to get a trading license.