Dubbed the â€˜Gateway to the Gulf`, the island Kingdom of Bahrain is becoming a global hub for new business, comprising a cluster of accelerator programs, universities, government initiatives and angel investors. In fact, the Kingdom, one of the six countries making up the Gulf Cooperation Council (GCC), is becoming a destination for investment, with more than $200 million pouring into the country in the first half of 2017 alone. Meanwhile, Bahrain`s strong regional transport links and its strategic geographical position provides easy access to the $1.5 trillion GCC economy, proving an attractive location for international logistics companies. This almost certainly accounts for manufacturing, transportation and logistics being among the largest contributors to the country`s GDP. The Khalifa Bin Salman Port is considered to be one of the most important and advanced ports in the Gulf region. It is also one of the most vital infrastructure projects that aims to enhance various economic sectors, particularly the commercial, industrial and investment sectors in the Kingdom.
Open for business
The World Bank`s Doing Business 2018
report ranks Bahrain second in the easiest countries in the Middle East and North Africa to do business and 66th out of 190 countries across the globe. The Bahraini government is keen to develop the Gulf Kingdom as a Fintech hub and haven for entrepreneurial ventures With 0 per cent corporation and capital tax, no personal income tax and a VAT rate of 5 per cent, Bahrain is certainly open for business and provides the best market access to the GCC economies, which are valued at around $1.5 trillion at the moment and are expected to reach $2 trillion by 2020. Unlike many foreign destinations, the Kingdom of Bahrain permits 100 per cent foreign ownership of businesses. Companies operating there are expected to follow international accounting standards and to pursue good corporate governance. In addition, Bahrain`s business sector is supported by the most productive highly skilled, bilingual workforce in the GCC, so doing business there should be a smooth operation.
Working in Bahrain
Interestingly, the country, with a population of around 1.4 million, staying true to the nickname "The Gateway to the Gulf" has almost a 50 per cent expat population and now tops the world`s ranking of best destination for workers from abroad, having jumped from number 19 last year. Of course, doing business in any new market has its risks, but these can be mitigated by Cedar Rose
who have more than 20 years of experience working in the region. We offer instant access
to information reports and automated risk scoring (ARI) of Bahraini companies, as well as a multitude of due diligence
services services on people and organisations. Sourced Image: Architecturescope.com *** The sole purpose of the article above is to generate public discussion, it has no intention to constitute legal advice. ***