Business owners in Bahrain will be able to access a wide range of legal support services through Tamkeen’s Legal Services Support Scheme. The brand-new initiative is the latest addition to Tamkeen’s flagship Enterprise Development Support Programme, which delivers accessible business support services to private sector enterprises.
The legal services covered by the scheme include important basic services such as company registration, Initial Public Offering (IPO) filing, and other related matters such as changes to the company’s legal status, business activity, name, shareholding terms, and adding or removing partners or shareholders.
Other important services include drafting, reviewing and provisioning of legal contracts and templates to ensure consistency and protection of all parties involved in business transactions, preserving intellectual properties such as registration of patents, trademarks, designs and other aspects of copyrighted materials as defined by the law.
The Legal Services Support Scheme is expected to serve 300 beneficiaries, with an allocated budget of BD 5.5 million. It was launched following a comprehensive analysis of the needs of SME’s for legal and judicial services.
Tamkeen’s Senior Manager of Private Sector Support, Mr. Mohammed Bucheery, commented on the announcement: “Having clearly-defined legal frameworks in day to day business transactions is one of the key drivers of entrepreneurship. As such, we are immensely pleased to add this scheme to be among the schemes under the Enterprise Development Support Programme which enable business owners in Bahrain to enhance their business and be well-positioned to achieve sustainable growth.”
As with the other schemes under the Enterprise Development Support Programme, Tamkeen will cover 80% of the cost of the legal fees of the firms approved by Tamkeen for this scheme, up to a maximum of BD. 15,000 for small enterprises and BD 20,000 for medium and large enterprises.
In all, Tamkeen has allocated over BD 126 million to the Enterprise Development Programme, and more than 5,500 enterprises in Bahrain have benefited from its schemes to date.
In addition to this scheme, the Enterprise Development Support Programme also includes “Tarweej”, which allows business to participate in local and international events, as well as “Istishara” to assist in the strategic planning and determining vision and goals of the company, “Techania” to provide support for the purchase of latest enterprise-related tools and equipment, “Jawda” to assist in the design and application of world-class quality standards, “Tasweeq” to support the creation and implementation of effective marketing and communications strategies, and the “Large Enterprises Support Scheme” which allows large enterprises to acquire industrial machinery and technology.