A Single Person Company (SPC) is a type of business entity where there is only one sole ownership entity which can be a person as well as an organization. The SPC can be entirely owned 100% by a foreign entity and it allows complete freedom in their business activities.
Some of the salient features for a Single Person Company (SPC) are as follows
- It requires only one single owner in order to set up the company
- The capital amount is set depending upon the requirement of the business activity
- The Articles of association is the most important document for registration of SPC.
- A Mandatory local office has to be established for the smooth operation of the business or organization.
WHAT IS THE PROCESS OF SETTING UP AN SPC IN BAHRAIN?
The process of establishing a SPC within the Kingdom of Bahrain is quite a complex and time consuming process. Some of the basic steps are as follows
Company Name Registration
The applicant has to select a proper name for the company that must not resemble any other business entity or an organization.
Submission of Application Form
The application form has to be submitted to the Ministry of Industry, Commerce and Tourism (MOICT) regarding the capital, shares of SPC and details of the shareholders.
Articles of Association
The Articles of Association (AOA) is the main document in the company that governs the rules and regulations of the company and sends it to the Ministry for approval.
Obtaining Final Approval
Bahrain Single Person Company
After the process of AOA, a proper business plan along with all the important documents has to be sent to MOICT in order to get final approval for establishing a SPC.