Company Formation in Bahrain from DR Congo: Zero Tax, Full Ownership, GCC Access — Updated 2026

Ownership & capital

A Bahrain WLL can be owned by a single person — 100% foreign ownership applies to most activities, with no local partner required for services, manufacturing, export trading and holding companies. The minimum share capital is BHD 1; we recommend BHD 1,000, which makes bank account opening and investor visa approval smoother.

Mwasi ya malamu (good woman) or mobali ya malamu (good man) of DR Congo, imagine standing at the precipice of a significant business decision. You've toiled, innovated, and persevered against immense odds in one of the most challenging, yet resource-rich, environments in the world. Perhaps you’re an entrepreneur running a successful import-export business from Matadi, grappling with the daily anxiety of the Congolese Franc (CDF) losing 20-30% of its value against the USD every single year. Or maybe you're a mining service provider in Kolwezi, watching a substantial 30% of your hard-earned corporate profits vanish into the DGI’s complex multi-level national and provincial tax system, layered with mandatory INSS social security contributions.

Jean-Claude, a Kinshasa-based exporter of processed foods, sat at his desk in June 2026 reviewing his accountant’s latest report. He sighed in frustration, looking at a bottom-line profit eclipsed by a 30% corporate tax bill, a string of “unexpected” provincial surcharges, and a CDF that lost another 23% in value this financial year. Worse, several of his export payments were trapped in a slow-moving BCC forex queue, costing him another 11% in currency depreciation by the time his dollars finally cleared.

This isn't just about paying taxes; it's about the erosion of your capital, the unpredictable nature of the market, and the sheer mental burden of navigating a World Bank ease of doing business rank of 183 out of 190 countries. You’ve felt the frustration of the BCC's limited forex management capacity, making international transactions a constant headache. You understand firsthand the impact of an infrastructure deficit, where a country the size of Western Europe has only around 3,000km of paved roads, choking logistics and stifling growth beyond major hubs. You’ve seen how the mining sector, crucial to DR Congo's economy, is often dominated by government joint ventures, leaving less room for independent enterprise.

Jean-Claude’s experience isn’t unique. Across Lubumbashi, Goma, and Kolwezi, DR Congo business owners constantly face the same obstacles: opaque tax layers, unpredictable policy changes, and forced local currency conversions that erode already-thin margins. In a year when DR Congo ranked so low on global business indices, more Congolese entrepreneurs are searching for stable, competitive alternatives for regional and global growth.

Now, imagine a different scenario. A place where that 30% corporate income tax becomes 0%. Where your profits aren’t eroded by currency depreciation but are held in a currency stable and pegged to the US Dollar (BHD 1 = USD 2.65). A jurisdiction where setting up your business takes days, not months, and where 100% foreign ownership is the norm, not an exception requiring complex local partnerships.

Enter Bahrain — a country where a business can legally pay 0% corporate income tax, operate in a dollar-pegged currency, enjoy full foreign ownership, and repatriate 100% of profits with no restrictions. For Congolese founders like Jean-Claude, shifting company operations to Bahrain is more than tax optimization: it’s about operational survival, strategic GCC market access, and building company value beyond the limits of the domestic system.

Here’s how Bahrain is transforming the equation for DR Congo business owners — and how you, as a Congolese entrepreneur, can build your 2026 expansion on truly solid ground.

Why DR Congo Entrepreneurs Are Moving Their Business to Bahrain

The decision to expand or relocate a business is never taken lightly, especially when it involves crossing continents and navigating new legal frameworks. For entrepreneurs from the Democratic Republic of Congo, this decision is often amplified by a unique set of domestic challenges that make international stability and growth opportunities profoundly attractive.

Last year, a copper trading company owner in Kolwezi watched his 30 percent corporate income tax bill reach 420 million CDF while the Congolese franc lost another 24 percent against the dollar. His margins on every container shipped through Durban collapsed before the goods even reached the port. He had already paid INSS contributions on every employee, navigated three layers of DGI audits at national and provincial level, and still could not repatriate dollars fast enough because BCC foreign-exchange approvals lagged six weeks. He formed a WLL in Bahrain instead. Within four weeks, the same trading activity moved under a zero-tax structure, enjoying swift international banking and stable currency. This story, though specific, echoes the sentiment of many.

Let's dissect the core drivers for this strategic pivot:

The DR Congo Business Reality: What You're Really Paying

Let’s stop pretending the "corporate tax rate" tells the whole story. In DR Congo, every business owner knows the real outflow starts with a headline 30% corporate income tax. But that's just the beginning.

Multi-layered and Opaque Taxation

The DGI (Direction Générale des Impôts) manages a complex, multi-level tax system. Beyond the national 30% corporate tax, businesses are often subjected to provincial and even local taxes, levies, and sometimes arbitrary "surcharges" that can push the effective tax rate significantly higher. These are often unpredictable, lack clear guidelines, and require extensive, time-consuming engagement with various tax authorities. For example, a business operating across multiple provinces might face different municipal fees or licensing requirements that add substantial compliance costs and uncertainty. The cost isn't just the tax itself, but the time, energy, and potential for disputes it incurs.

Currency Volatility and Capital Erosion

Perhaps the most insidious threat to profitability for Congolese entrepreneurs is the persistent depreciation of the Congolese Franc (CDF). With annual depreciation ranging from 20% to 30% against the US Dollar, simply holding capital in CDF means a guaranteed loss of purchasing power. For businesses involved in import-export, where costs are often in foreign currency and revenues may be converted back into CDF, this volatility creates an almost impossible forecasting environment. Profits earned in CDF quickly dwindle when converted for international payments or re-investment. This forces a constant, often frantic, search for foreign currency, adding immense pressure.

Forex Restrictions and Repatriation Challenges

The Banque Centrale du Congo (BCC) plays a crucial role in managing foreign exchange, but its limited capacity often translates into significant delays and restrictions for businesses. Entrepreneurs frequently report difficulties in converting large sums of CDF to USD or other hard currencies for international trade or profit repatriation. Funds can be "trapped" in local accounts for weeks or even months, further exacerbating the impact of currency depreciation. This directly impacts a company’s ability to pay international suppliers, invest abroad, or allow foreign shareholders to access their dividends.

Mandatory Social Security (INSS) and Labor Costs

Beyond direct taxes, DR Congo businesses face mandatory contributions to the National Institute for Social Security (INSS). While vital for employee welfare, these contributions add a fixed cost burden that, combined with other levies, can make labor expensive and less flexible, particularly for small and medium-sized enterprises (SMEs) trying to manage headcount efficiently.

Infrastructure Deficit and Logistical Hurdles

DR Congo, a country the size of Western Europe, possesses only around 3,000km of paved roads. This severe infrastructure deficit creates enormous logistical challenges, driving up the cost and time of moving goods across the country or to international ports. Whether it's transporting minerals from Kolwezi to Durban or consumer goods from Matadi inland, businesses face higher operational costs, increased risks of damage or delay, and a constricted market reach. This directly impacts competitiveness and limits potential for scale.

Limited Ease of Doing Business

The World Bank's "Ease of Doing Business" report, while no longer published in its original format, consistently ranked DR Congo among the lowest globally (e.g., 183 out of 190 countries in previous reports). This ranking reflects systemic issues: complex registration processes, difficulties in obtaining credit, protecting minority investors, enforcing contracts, and resolving insolvency. These factors combine to create an environment where entrepreneurial energy is often diverted from innovation and growth towards navigating bureaucratic hurdles.

Mining Sector Dominance and JV Requirements

While the mining sector is a cornerstone of the Congolese economy, it is often characterized by significant government involvement and mandatory joint venture requirements for foreign entities. This can limit opportunities for independent enterprises, particularly for local businesses looking to scale within the sector without taking on a state partner.

Bahrain: A Beacon of Stability and Growth for African Business

Against this backdrop, Bahrain emerges as a compelling alternative, offering solutions to many of these acute pain points. It's not just about what Bahrain offers, but what it doesn't have – the very challenges that plague many emerging markets.

0% Corporate Income Tax

One of Bahrain's most significant draws is its 0% corporate income tax rate for most business activities. This means that after operational expenses, your company's profits remain entirely yours to reinvest, distribute, or repatriate. For a Congolese entrepreneur accustomed to a 30% headline tax rate (and often much more in practice), this represents a direct and substantial boost to profitability and capital accumulation. This isn't a tax holiday; it's the standard, long-term fiscal policy.

100% Foreign Ownership

Bahrain’s commitment to foreign investment is enshrined in its laws, allowing 100% foreign ownership of companies across most sectors. This eliminates the need for local partners or sponsors, granting you complete control over your business, its strategy, and its assets. For DR Congo entrepreneurs who may have faced complex local partnership requirements or involuntary joint ventures, this offers unprecedented autonomy and security.

Dollar-Pegged Currency (BHD) and Financial Stability

The Bahraini Dinar (BHD) is pegged to the US Dollar at a fixed rate of BHD 1 = USD 2.65. This unwavering peg provides immense financial stability, eliminating the currency depreciation risks so common in DR Congo. Your profits and capital held in Bahrain are protected from local currency volatility, offering predictable financial planning and safeguarding your investment. The Central Bank of Bahrain (CBB) maintains strict monetary policies to uphold this peg, providing confidence to international investors.

Strategic Gateway to the GCC and Beyond

Bahrain's geographical location is a significant asset. It sits at the heart of the Gulf Cooperation Council (GCC) — a market of over 50 million affluent consumers with a collective GDP exceeding $1.6 trillion. With a direct causeway to Saudi Arabia, the largest GCC economy, Bahrain serves as an ideal logistics and distribution hub for accessing the entire region. Beyond the GCC, its well-developed port and airport infrastructure offer connections to wider Middle Eastern, Asian, and African markets.

Robust Regulatory Environment and Ease of Doing Business

Unlike the unpredictable policy environment in some developing nations, Bahrain boasts a transparent, well-regulated business landscape. The Ministry of Industry and Commerce (MOIC), the Bahrain Economic Development Board (EDB), and the Central Bank of Bahrain (CBB) work to ensure a predictable and supportive framework for businesses. The World Bank (in its previous reports) consistently ranked Bahrain high for its ease of doing business in the MENA region, reflecting streamlined processes for company formation, obtaining licenses, and enforcing contracts. The digital transformation initiatives under initiatives like the Bahrain Investor Protection Agency (BIPA) further enhance efficiency.

Repatriation of Profits and Capital

Bahrain has no restrictions on the repatriation of 100% of profits, capital, or salaries. This freedom ensures that your hard-earned money can be moved globally without delays, permissions, or punitive taxes. For Congolese entrepreneurs, this directly addresses the BCC's forex limitations and the anxiety of trapped funds, providing complete financial liquidity and control.

By establishing a presence in Bahrain, Congolese entrepreneurs are not just finding a new base; they are gaining a strategic advantage, operational security, and a platform for truly international growth.

Understanding Bahraini Company Types: Which Structure Suits You?

Choosing the right legal structure is foundational to your company's success and compliance in Bahrain. While several options exist, the most popular and versatile for foreign entrepreneurs, especially those starting with a single owner, is the With Limited Liability Company (WLL). It's crucial to note that Bahrain does NOT have a single-shareholder WLL structure. This is a common misconception, so always ensure your advice confirms the WLL is the appropriate choice for a sole owner.

WLL (With Limited Liability Company): The Gold Standard

The WLL is by far the most common and recommended company type for foreign investors in Bahrain, particularly for those from DR Congo seeking 100% ownership and flexibility.

Key Features of a WLL:

• 100% Foreign Ownership: This is a critical advantage. A WLL can be owned 100% by a single person with zero partners required. This means you, as the Congolese entrepreneur, can be the sole owner of your Bahraini entity, maintaining full control and ownership of your assets.
• Limited Liability: As the name suggests, your personal liability is limited to the amount of capital you've invested in the company. Your personal assets are protected from business debts and obligations, offering a crucial layer of security.
Minimum Share Capital: Legally, the minimum share capital for a WLL is BHD 1. However, while legally permissible, this minimum is rarely practical. We strongly recommend a minimum practical* starting capital of BHD 1,000 for several crucial reasons: * Bank Account Approval: Most Bahraini banks will require a higher initial deposit (typically BHD 500 to BHD 1,000) to open a corporate bank account. Attempting to open an account with just BHD 1 share capital will almost certainly lead to rejection and significant delays. * Investor Visa: If you plan to apply for an investor visa as the owner/manager, demonstrating a more substantial commitment to the business through higher share capital (e.g., BHD 1,000 or more) can strengthen your application. * Credibility: A higher share capital projects more credibility to suppliers, clients, and potential future investors, signalling a serious and well-resourced business.
• Management: A WLL is managed by one or more managers, who can be shareholders or third parties. If you are the sole owner, you would typically also be the sole manager.
• Flexibility: WLLs are suitable for a wide range of business activities, from trading and consulting to services and manufacturing.
• Legal Personality: The WLL is a separate legal entity from its owner(s), capable of entering contracts, owning assets, and suing or being sued in its own name.

Other Company Types (Briefly Mentioned for Context)

While a WLL is usually the best fit, it's good to be aware of other structures:

• Single Person Company (S.P.C.): As reiterated, this type does not exist in Bahrain.
• Bahrain Shareholding Company (BSC) (Public or Closed): These are suitable for larger enterprises that intend to raise capital from the public or a larger group of private shareholders. They have higher capital requirements and more stringent regulatory obligations. Not typically for initial setups by individual foreign entrepreneurs.
• Partnership Company (General Partnership or Limited Partnership): Suitable for businesses where partners wish to have unlimited liability (General Partnership) or a mix of limited and unlimited liability (Limited Partnership). Less common for foreign sole investors seeking limited liability.
• Establishment (Sole Proprietorship): This structure means the owner and the business are legally one and the same, with unlimited personal liability. While simple to set up, the lack of limited liability makes it less attractive for many entrepreneurs, especially when operating internationally.
• Branch of a Foreign Company: If you already have an established company in DR Congo (or elsewhere) and simply wish to have a presence in Bahrain without creating a separate legal entity, a branch might be an option. However, the Bahraini branch is not a separate legal entity and its liabilities extend to the parent company.

For the vast majority of DR Congo entrepreneurs, especially those starting fresh or seeking to relocate their primary operations to Bahrain, the WLL offers the optimal balance of ownership control, limited liability, and ease of setup.

Step-by-Step: Registering Your WLL Company in Bahrain

The process of registering a company in Bahrain has been streamlined by the Ministry of Industry and Commerce (MOIC) and the Bahrain Economic Development Board (EDB), leveraging digital platforms like Sijilat. This makes it significantly more efficient than many other jurisdictions, especially when compared to the bureaucratic hurdles in some parts of DR Congo.

Here’s a general roadmap for forming your WLL:

Step 1: Business Activity Definition and Naming

• Define Your Business Activities: Clearly identify the exact nature of your business operations. Bahrain uses a classification system for business activities, and you'll need to select the appropriate ones for your company. Be precise, as this dictates licensing requirements. For example, "general trading" is broad, but if you're specifically trading copper, that might be a distinct activity.
• Choose a Company Name: Select three unique names in order of preference. The name must be unique and not conflict with existing registered companies. It should also accurately reflect your business and not contain any prohibited terms. A quick search on the Sijilat portal can help you pre-check availability.

Step 2: Initial Application and Document Preparation

• Online Application via Sijilat: The primary platform for company registration is the Sijilat portal (www.sijilat.bh), managed by the MOIC. This is Bahrain's integrated commercial registration system.
• Required Documents (Typical for a Foreign Individual Owner):
* Passport copy of the owner/shareholder(s) and manager(s). * CV/Resume of the owner/shareholder(s) and manager(s). * Proof of Address (utility bill, bank statement, etc.) for the owner/shareholder(s) and manager(s) – often less than 3 months old. Proposed Memorandum & Articles of Association (MOA/AOA): This is the foundational legal document outlining your company's purpose, structure, share capital, management, and operational rules. While templates exist, it's advisable to have this professionally drafted or reviewed to ensure it aligns with your specific business and Bahraini law. Remember to state the minimum practical share capital of BHD 1,000.* * Lease Agreement/Proof of Business Address: You will need a physical office address in Bahrain, even if it's a virtual office or co-working space initially. A valid lease agreement or a letter from a serviced office provider is required. * Bank Reference Letter: For foreign individual shareholders, some banks may require a reference letter from your existing bank in DR Congo (or another country) to facilitate the opening of the corporate bank account in Bahrain. * Criminal Record Certificate (Optional but Recommended): While not always mandatory at the initial stage for all activities, it can be requested for certain regulated activities or later for visa applications. It's good to be prepared.

Step 3: Regulatory Approvals

Depending on your chosen business activities, you may require approvals from specific government ministries or regulatory bodies in addition to the MOIC. These are known as "external approvals."

• Example Regulatory Bodies:
* Central Bank of Bahrain (CBB): For financial services, insurance, or money exchange activities. * Ministry of Health: For healthcare-related businesses. * Ministry of Education: For educational institutions. * National Oil and Gas Authority (NOGA): For oil and gas sector activities. * Ministry of Transportation and Telecommunications: For logistics, transport, or telecom services.

A professional consultant can help identify all necessary approvals and guide you through each application, often streamlining the process.

Step 4: Final Registration and Commercial Registration (CR) Issuance

Once all documents are submitted and all necessary approvals are secured, the MOIC will review your application. If everything is in order, your company will be registered, and you will be issued a Commercial Registration (CR) certificate. This CR is your company's official identity document and includes its unique registration number, legal name, activities, and registered address.

Step 5: Opening a Corporate Bank Account

This is a critical step, and one where the recommended BHD 1,000 share capital becomes highly relevant.

• Choose a Bank: Bahrain has a robust banking sector with numerous local and international banks (e.g., National Bank of Bahrain, Ahli United Bank, HSBC, Standard Chartered). Research their services, fees, and requirements.
• Required Documents: Typically, banks will ask for:
* Your company's CR certificate. * Memorandum & Articles of Association (MOA/AOA). * Passport and visa copies of the signatories (you). * Proof of residential address in Bahrain for the signatories (once you have it). * Detailed business plan and projected financial statements. * Sometimes, a bank reference letter from your previous bank (as mentioned in Step 2).
• Deposit Share Capital: You will need to deposit your company's declared share capital (e.g., BHD 1,000) into the new corporate account. This is usually done after the account is approved and ready for transactions.
• Due Diligence: Expect thorough Know Your Customer (KYC) and Anti-Money Laundering (AML) checks from the bank. This is a standard procedure to ensure compliance with international financial regulations. Be prepared to provide detailed information about your business source of funds and intended transactions.

Timeline: While the MOIC registration can be completed in a few days to a few weeks (depending on external approvals), opening a corporate bank account can sometimes take 2-4 weeks, or even longer depending on the bank's internal processes and your ability to provide all requested documentation promptly. This is why planning ahead and having all documents ready is essential.

Beyond Registration: Banking, Visas, and Operational Setup

Company formation is just the first hurdle. For a Congolese entrepreneur, a successful transition to Bahrain means establishing full operational capabilities – securing banking, obtaining necessary visas, and setting up the physical or virtual infrastructure.

Streamlining Corporate Banking

Access to a reliable and efficient banking system is paramount, especially for businesses with international transactions. Bahrain’s financial sector is mature, regulated by the CBB, and globally connected.

• International Transactions: Banks in Bahrain facilitate swift and secure international transfers, crucial for import-export businesses or those dealing with global clients. The BHD's peg to the USD removes currency conversion risks, simplifying financial management significantly compared to dealing with CDF.
• Online Banking: Most banks offer sophisticated online banking platforms, allowing you to manage accounts, make payments, and monitor transactions remotely.
• Trade Finance: For entrepreneurs involved in trading, Bahraini banks offer a range of trade finance solutions, including Letters of Credit (LCs), guarantees, and export financing, which can de-risk and accelerate your international deals.
• Multi-Currency Accounts: Many banks can open multi-currency accounts, allowing you to hold funds in USD, EUR, GBP, and other major currencies, further enhancing your forex management capabilities.

Tip: Be transparent and prepared for extensive due diligence. Banks will want to understand your business model, the source of your funds, and the nature of your transactions to comply with global AML/KYC regulations. A detailed business plan can greatly assist this process.

Investor Visas and Residency

As the owner of a Bahraini company, you are eligible to apply for a residence permit (investor visa) for yourself and potentially your family.

• Eligibility: Typically, holding a significant share in a Bahraini company qualifies you for an investor visa. The MOIC and Labour Market Regulatory Authority (LMRA) oversee this process.
• Process:
1. Company Registration: Your company must be fully registered and have its Commercial Registration (CR). 2. LMRA Application: An application for a work permit (which for investors doubles as the investor visa) is submitted through the LMRA. 3. Medical Examination & Fingerprinting: You will need to undergo a medical examination in Bahrain and provide fingerprints. 4. Residency Permit: Once approved, your residence permit will be stamped in your passport, allowing you to live and work in Bahrain.
• Family Visas: Once you have your investor visa, you can typically sponsor your spouse and dependent children to join you in Bahrain. This requires additional documentation for each family member, including marriage certificates and birth certificates (often attested by the Bahraini embassy in DR Congo or relevant authorities).
• Duration: Investor visas are typically granted for 1-2 years initially and are renewable.

Important Note: The investor visa process can run concurrently with parts of the company formation but often requires the CR to be issued first. Seek professional guidance to navigate the LMRA requirements efficiently.

Choosing Your Operational Hub: Physical vs. Virtual Office

Bahrain offers flexibility in terms of office setup, catering to different business needs and budgets.

• Physical Office:
* Traditional Setup: Renting dedicated office space provides a professional image, privacy, and dedicated infrastructure. * Location: Popular business districts include the Diplomatic Area, Seef District, and Bahrain Bay. * Free Zones: Consider free zones like Bahrain International Investment Park (BIIP) or Bahrain Logistics Zone (BLZ) if your activities align with their specific mandates (e.g., manufacturing, logistics, export-oriented businesses). While free zones offer benefits like duty exemptions, the 0% corporate tax applies nationwide in Bahrain, so the primary advantage is often specific logistical or regulatory support.
• Virtual Office / Serviced Office:
* Cost-Effective: Ideal for startups, consultants, or businesses that don't require a daily physical presence. * Professional Address: Provides a prestigious business address, mail handling, and often access to meeting rooms on demand. * Compliance: Virtual office providers in Bahrain are typically licensed to offer these services and provide the necessary documentation for your CR application. * Flexibility: Allows you to work remotely from anywhere while maintaining a legal presence in Bahrain.

For a new company from DR Congo, a virtual or serviced office often provides the most economical and flexible entry point, allowing you to establish your presence and begin operations without significant upfront real estate investment. As your business grows, you can easily transition to a larger physical space.

Essential Operational Logistics

• Telecommunications: Bahrain has excellent connectivity with multiple providers offering high-speed internet and mobile services.
• Utilities: Reliable electricity and water services are readily available.
• Accounting & Audit: Engage with local accounting firms to ensure compliance with Bahraini accounting standards (International Financial Reporting Standards - IFRS are commonly adopted) and annual audit requirements, even with 0% corporate tax, financial reporting is mandatory.
• Legal Counsel: Having access to local legal expertise is invaluable for contract review, compliance, and navigating any unforeseen issues.
• Business Support Services: Bahrain has a developed ecosystem of business support, from HR and payroll services to marketing and IT support. The EDB can often connect you with suitable providers.

By meticulously planning beyond just registration, Congolese entrepreneurs can ensure a smooth, efficient, and fully operational launch in Bahrain, maximizing their chances of long-term success.

Taxation in Bahrain: The 0% Advantage

For entrepreneurs from DR Congo, where corporate income tax is a substantial 30% (and often more due to various levies), Bahrain's tax regime is nothing short of revolutionary. The headline benefit is simple, yet profoundly impactful: 0% corporate income tax.

Understanding Bahrain's Tax Landscape

• Zero Corporate Income Tax: For most business activities, companies operating in Bahrain pay 0% corporate income tax. This is not a temporary incentive or a free zone specific benefit; it's a nationwide policy that applies to most sectors. This means your gross profits, after deducting operational expenses, are entirely yours. This drastically improves cash flow, increases reinvestment capacity, and enhances profitability for any business currently operating under high tax burdens.
• No Personal Income Tax: Bahrain does not levy personal income tax on salaries, wages, or other earnings. This is a significant advantage for entrepreneurs and their employees, as it increases disposable income and makes Bahrain an attractive place to reside.
• No Capital Gains Tax: There are generally no capital gains taxes on the sale of assets or investments, further enhancing Bahrain's appeal for investors and businesses looking to grow their wealth.
• No Withholding Tax: Bahrain does not impose withholding tax on dividends, interest, or royalties paid to foreign entities or individuals. This ensures that profits can be repatriated without additional deductions at the source.
• Value Added Tax (VAT): The primary indirect tax in Bahrain is a Value Added Tax (VAT), introduced in 2019 at a standard rate of 10%. Businesses with an annual taxable turnover exceeding BHD 37,500 must register for VAT. While