Starting a small business in Bahrain undeniably brings with it a host of benefits. And this is easy to see considering there are numerous benefits of the foreign investors who are looking to invest in this part of the world. No personal or corporate taxation, no VAT or others sales tax, no exchange control, no restriction on capital and profit repatriation, among other benefits.
That’s not to say you should rush into doing business in Bahrain. Similar to any other part of the world, it always pays off to fully understand what you’re getting yourself into. The last thing you want is for you to set up a business in Bahrain only for it to tumble and fall barely three months down the line.
To setup a business in Bahrain, there are certain legal requirements that a company or foreign investor must meet. For instance, you need to have a legal presence before doing business in Bahrain. An international rep office of the expatriate investor is a viable solution. But having an ROI will only allow the investor to operate internationally and not with the local clients in Bahrain.
In this regard, foreign investors need to form a company such as a Bahraini Limited Company (WLL) before starting a small business in Bahrain. The process requires submission of various important documents and certificates to the Ministry of Industry and Commerce.
To help ensure foreign investors, business professionals and companies have an easy time operating in Bahrain, the government has precisely set up a Bahrain Investor Center (BIC). This center focuses on streamlining licensed and approval procedures by the Ministry of Industry and Commerce.
BIC comprises of all the representatives from the relevant ministries and private sectors such as banking, legal, telecommunication and consulting institutions. You should always take it upon yourself to find out more about BIC before starting a small business in Bahrain.
Of course, there is a lot more you must know before starting a small business in Bahrain. So, always do your homework prior to making this all-important decision.
Olivia Wilson has helped several global brands, which get heard across the digital space, through result driven content & social media marketing efforts. Studying blockchains and cryptocurrencies makes her hopeful of a free and decentralized future.