Article (289)

A single person company means, for the purposes of applying the provisions of this law, every economic activity the capital of which is fully owned by one natural or corporate person.

Article (290)

A single person company shall have articles of association specifying its provisions, particulars and procedures of incorporation and publication. Such articles of association shall be issued by a decree by the Minister of Commerce and Industry. The company shall have a corporate entity after the lapse of thirty days from the date of its publication.

Article (291)

The company shall have a special commercial name, which may be derived from its objectives. The name of the company shall be associated with the name of its owner followed by the phrase (A Single Person Company) (SPC). The company shall have its head office in the State of Bahrain and shall undertake its main activities therein.

Article (292)

The owner of the company's capital shall be liable for its obligations only to the extent of its capital.

Article (293)

The company's capital shall not be less than that specified in the Executive Regulation of this law, and shall be fully paid. The capital may comprise in-kind shares to be evaluated by a specialized expert. In all cases the minimum capital shall not be less than twenty thousand Bahraini dinars.

Article (294)

The capital owner shall manage the company, and he may appoint a manager or more to represent the company before the courts and third parties, and he/they shall be responsible for its management before the owner.

Article (295)

The company shall terminate on the death of its owner unless the shares of the heirs are gathered in one person or if the heirs choose to continue the company in any other legal form within six months at most from the death of the owner. The company shall also terminate on the termination of the corporate person owning its capital.

Article (296)

If the capital owner liquidates the company or suspends its activities, in a mala fide manner, before the expiry of its term or before the realization of its objectives he shall be liable for its obligations to the extent of his personal property.

He shall also be liable to the extent of his personal property if he does not separate his personal interests from the interests of the company.

Article (297)

Apart from the provisions of the foregoing articles, the provisions regulating the limited liability company shall apply to the single person company to the extent they do not conflict with its nature.