‘One stop shop for foreign investors’ confirmed

Manama : A new counter described as the ‘one stop shop for foreign investors’ will be set up at the Bahrain Chamber of Commerce and Industry (BCCI), revealed BCCI Chairman Khalid Al Moayyed yesterday.

The counter will be dedicated to serve foreign investors who want to set up business in the Kingdom. The announcement was made during the ‘Re-invest in Bahrain’ forum held yesterday at the Bait Al Tijjar premises in Sanabis. The opening date of the counter has not been specified, but officials said it will be launched “very soon.”

The event, Re-invest in Bahrain, was held to promote foreign investment in various sectors of the Kingdom. Bahrain-based businessmen as well as investors who have travelled from GCC countries and other Asian countries also attended the conference. 

Government and embassy officials were also present at the event. It was organised by Bahrain Asian Traders Committee of the Bahrain Chamber of Commerce and Industry (BCCI) headed by Vice-Treasurer Mohammad Sajid Izhar Ulhaq.

“To confirm our interest and to show our support, we are going to launch a special set-up for foreign investors,” Bahrain Chamber of Commerce and Industry (BCCI) Chairman Khalid Almoayyed told investors at the event yesterday. A number of presentations and talks by ministry officials and experts from EDB were also held. 

Assistant Undersecretary for Foreign Trade at Ministry of Industry, Commerce and Tourism Eman AlDoseri explained that ministry has taken a number of measures that has made it easier for foreign investors to set up and operate business in Bahrain. 

“The government has taken a number of steps to diversify the economy. In recent years, we have worked towards updating laws, revising regulations and improving ease of doing business,” she said.

She added that changes made to company law included introduction of shelf companies, 100pc foreign investment, liberalisation of activities, abolishing of minimum capital requirement, and reduction of formalities.

Bahrain Asian Traders Committee member Shabbir Sharafali said that all information related to setting up a business in the Kingdom will be available at the counter. 

“For foreign investors who want to come down to Bahrain, it is a one stop shop for them where they can make all the enquiries and get all the information that they need,” he said.

Ulhaq noted that 60pc of sectors are open for 100pc ownership for foreign investors.

“If you look at the economic reports from the countries in the region, you will find that Bahrain is number one for friendly investment atmosphere. For this we can thank the leadership of Bahrain as well as the Industry, Commerce and Tourism Minister Zayed bin Rashid Al Zayani,” he said

“The laws have been changed so that foreign investors are able to participate in the Bahrain economy, we can joint venture with Bahraini businessman or have a 100pc ownership. More than 60pc sectors are open for foreign investors. The other 40pc are available for joint ventures with a Bahraini partner,” he said.