Manama: Multinational auditing firm R.Tulsian opened its regional headquarters in Bahrain in order to tap into the future growth in auditing, accounts and other related services.
The company is also in the advanced stages of establishing offices in Saudi Arabia and Oman, enabling it to support a growing number of clients across the region with essential auditing functions. The decision to base its regional headquarters in Bahrain demonstrates the firm’s continued confidence in the Kingdom’s accounting industry, which has been witnessing a boom following the implementation of Value Added Tax (VAT) legislation, despite the coronavirus (COVID-19) pandemic.
“The current crisis has left many businesses facing a cash crunch and trying desperately to cut costs wherever possible. However, auditing remains a vital task, with companies still needing experienced professionals to help with essential functions. During June, which was the last month for completion and submission of audited financial statements for most companies, we saw a surge in demand for auditing services as businesses tried to catch up with the timeline. With support from our UAE, Saudi, and Oman teams, our expanded Bahrain office helps clients with these support functions so that they can focus on what matters most, getting their businesses back on track,” R.Tulsian Chartered Accountants Middle East Group Partner, Shashwat Tulsian, said.
“We strongly believe that the accounting industry has a vital role to play in supporting the Kingdom, especially during these challenging times. The introduction of VAT in Bahrain has encouraged a positive change in the way companies manage their businesses, including a heightened focus on properly maintaining accounting records. This greater transparency and precision will help to increase investor confidence in the Kingdom, inviting more foreign direct investment,” Tulsian, added.
R.Tulsian is one of only a few multinational auditing firms to receive a Bahrain Audit License from the Ministry of Industry and Commerce, authorising it to offer internal and external auditing services in the Kingdom. The Bahrain license follows the successful acquisition of a 21-year old accounting practice in the UAE, and audit licenses for Saudi and Oman are expected to follow soon.
Leveraging more than five decades of experience in accounting and finance within diverse industries, R.Tulsian serves clients across the world in the US, UK, UAE, India, Bahrain, Saudi Arabia, and Oman. The company provides a range of services to SMEs and corporate customers, including auditing, taxation, accounting, financial structuring, mergers and amalgamations, and business consultancy, among others.
