The Mohasaba Scheme is a co-financing support program covers the cost of accounting and auditing services. The objective of the support is to enhance the business operations through an accurate accounting system in accordance with the highest standards of international accounting and auditing.
Here are the most Frequently Asked Questions:
1. Do I choose from a list of service providers that are registered with Tamkeen?
No, it’s an open market and you may apply with any service provider that meets the following criteria:
• For Accounting Companies CR activity must be “Accounting, bookkeeping and auditing activities; tax consultancy - Booking-keeping / Accounting firms”
• For Audit firms, CR Activity must be “Accounting, bookkeeping and auditing activities; tax consultancy - Audit Firms”
2. Will I be able to provide Tamkeen with a quotation for Accounting and/or Auditing services from abroad?
No, the Accounting and/or Auditing service providers should be listed in Bahrain.
3. Will I be able to apply for “Accounting & Auditing” if I already have an existing contract with Tamkeen?
Yes, by amending the ‘Action Plan’ through the “Amendment Request” section in the portal. Startup companies will be supported, however, existing companies (over 2 years old) are subject to Tamkeen’s approval.
4. How many years will “Accounting & Auditing” scheme cover my costs?
The scheme will cover the costs of accounting and auditing for two financial years.
5. How frequent will the service provider visit my Enterprise per month?
This is part of the agreement between the applicant and the service provider. Tamkeen will not be involved in this process.
6. Can I request to change the service provider if I am not happy with my current provider?
Yes, through the “Amendment Request” section in the portal.
7. Can I get bookkeeping only?
No, you may not.
• Start-up companies must apply for both.
• Existing companies (over 2 years old) may apply only for the auditing services since they should already have accounting/bookkeeping systems in place.
8. Can a startup company use the amount granted for “Accounting & Auditing” support for other schemes such as “Marketing & Branding”?
No, the amount is only for the “Accounting & Auditing” support.
9. What services are covered under Accounting support?
• Reviewing existing accounting practices
• Implementation of proper internal controls
• Proper daily bookkeeping
• Establishing periodic financial statements
10. What services are covered under Auditing support?
• Analyzing periodic financial statements
• Generation of audit reports
11. Is accounting software covered under the “Accounting & Auditing” scheme?
• No, accounting software can be supported through the ICT scheme.
12. Can I renew my Mohasaba once I complete my two years?
After 3 years you can apply again to get the support.