In a recent analysis project, we noticed from our database statistics at Cedar Rose that the number of businesses registered in Bahrain in 2016 spiked to 12,734 from around 4,000 in 2015 and in the first half of 2017
Following in-depth research we found many reasons behind the sudden increase of newly registered businesses including:
In 2016, the Ministry of Industry, Commerce & Tourism launched a new initiative under the name of "Sijili" to register institutions that do not require an office location or a permanent address. 39 business activities are included under the Sijili initiative. The main aim of this initiative was to support and encourage small individual enterprises, to give them the legal status to perform their activities and to simplify the procedures for the establishment of some businesses by facilitating more efficient and faster corporate formations in Bahrain.
The Ministry of Industry, Commerce and Tourism (MoICT) made several changes to the commercial registration process in 2016 in an effort to enhance efficiency and transparency.
In July 2016, the Bahrain government expanded the number of sectors in which foreigners were permitted to maintain 100 percent ownership stakes in companies, to include the following: tourism services, mining and quarrying, real estate activities, and water distribution.
Investment is among the most important factors to achieving 2030 Economic Vision which aims at improving the competitiveness of the national economy, creating more specialized work opportunities for Bahrain nationals and improving the standard of living. Bahrain is also fast becoming the #fintech hub of the Gulf region and is encouraging new business through projects like Start Up. For more information on recent changes in Bahrain, see my previous article Gateway to the Gulf and for insights throughout the Middle East and Africa, sign up for our newsletter by contacting Mark Bowers. Cedar Rose can assist with conducting Due Diligence on potential partners in Bahrain, as well as providing access to our database of company, director and shareholder information for #verification, #research or #credit analysis.