Audited accounts for a foreign company branch
Our Indian company has a Bahrain branch. Does the branch file audited accounts?
The situation
MOIC lists foreign branches among entities that must file audited financial reports.
The law
- Commercial Companies Law and MOIC requirements: audited financial statements: WLLs, BSCs, partnerships limited by shares and foreign branches file audited statements through Sijilat within six months of year end, signed by two directors, audited by an MOIC licensed firm
What it means for you
The branch needs its own financial statements audited by a Bahrain licensed firm, even though the Indian parent is audited at home. Align the branch year end with the parent where possible to ease consolidation. Keep branch books separately.
What to do
- Keep separate branch books.
- Prepare branch statements.
- Have a Bahrain licensed firm audit them.
- File within six months.
We can do this for youYear end accounts, statutory audit coordination and MOIC filing on Sijilat: BHD 600