Latest News Updates
Professional services firm MCA expands to Bahrain ahead of VAT launch
Indian-founded professional services firm MCA, which offers a broad range of services covering the spectrum of accountancy, audit and assurance, international taxation, and technology and business management consulting, has on the eve of the VAT roll-out in Bahrain expanded from its current bases in the UAE and Oman to launch a new office in the Kingdom – MCA Bahrain.
The new venture has been launched in partnership with fellow Dubai-based professional services firm Pyramid Specialized Management Consulting (to operate under the legal name MCA Pyramid Consulting WLL), and will offer services in taxation, governance, risk and compliance, transaction advisory, supply chain, corporate services and business strategy among other areas.
Founded in India in 2008 by current Chairman T. N. Manoharan, MCA launched its Dubai arm the following year and has since grown to include further offices in Abu Dhabi, Sharjah and Muscat with a team of more than 75 employees and an established regional client base upwards of 600 to date. The Middle East branch is led by Managing Director Mannem Hanumantha Kumar.
The launch in Bahrain has been timed to coincide with the local VAT roll-out, scheduled to be implemented locally in the Kingdom from the start of next year following its earlier introduction in Saudi Arabia and the Emirates (the remaining GCC have committed to follow), with MCA to offer its expertise on VAT impact assessment, implementation, registration and compliance.
“With introduction of VAT in Bahrain, the decision to expand and open a new office was a logical step in our business growth strategy and it will strengthen our comprehensive basket of service capabilities in the region,” Manoharan said at the launch ceremony. “Further, it would improve transparency and compliance in general and have a positive impact on country rating.”
Also in attendance at the launch party in Manama were MCA Bahrain founding partners Kumar and S Venkatesh (MCA managing partner) and Pyramid founder and managing director R Lakshmanan, a former auditor for KPMG in Bahrain who established Pyramid in 2014 to specialise in housing finance, real estate, Islamic finance, and strategic advisory among other areas.
“We are delighted to launch operations in Bahrain in the 10th year of MCA, UAE. With significant expertise developed from VAT implementation in the UAE, MCA Bahrain is better positioned to cater to demand for VAT related services,” said Venkatesh. Lakshmanan added; “We have made a long-term commitment to this market and delighted to launch in Business-Friendly Bahrain.”
Both Kumar and Venkatesh have both previously served as the Chairman of the Dubai Chapter of the Institute of Chartered Accountants of India (ICIA), a role also held over time by esteemed sector leaders such as Deloitte partner Abbas Ali Mirza, BDO Patel & Al Saleh founder Russi J Patel, and Group CEO (UAE and Oman) of Crowe Mac and Crowe Global board member James Mathew.