Bahrain's labour fund Tamkeen has recently announced the relaunch of “Mohasaba” scheme as a business development support programme in accounting and auditing services for start-up, scale up and mature enterprises.  

Dr Ebrahim M Janahi, chief executive, Tamkeen, said: “The scheme has been redesigned with some added features and benefits to meet the expansion in the market’s demands.”
 
He stressed the importance of continuously improving this scheme in line with the latest market updates, as a way to ensure the implementation of an effective support programme that meets the accurate needs of business activities towards sustainability, which ultimately contributes to the growth of national economy.

Dr Janahi explained that “Mohasaba” was first launched in 2009, with a strategic aim of supporting Bahraini enterprises’ productivity by enabling them of the competitive management of their financial goals.

He added that emphasising the role of the private sector in promoting economic growth requires consistent commitment towards closely meeting the specific needs of market expansions, and paying diligent attention towards implementing this vision in all the support programs offered by Tamkeen, is a key step that leads to this national objective.

Dr Janahi also said that the new added-value scopes listed under this scheme, gives a greater opportunity for Bahraini enterprises to enhance the business operations through an accurate accounting system in accordance with the highest standards of international accounting and auditing.

As part of new the scheme, enterprises will be given the freedom to choose their accounting and auditing services from any local audit firm, maximising the value of this support on the performance level of their businesses.

Pre-start-up and Start-up enterprises with 0-2 years of operation can benefit from the accounting and auditing services at 100 per cent support rate, while start-ups with 2-4 years will have access to 50 per cent support percentage in both accounting and auditing services.

Scale-up and mature companies can get a 50 per cent support rate in auditing services.

This co-financing support program covers the cost of accounting and auditing services for a duration of two years, it stated. – TradeArabia News Service