H.E. Zayed R. Al Zayani the Minister of Industry, Commerce and Tourism (MOICT) yesterday announced to the Bahrain British Business Forum a number of very positive new measures which will enable Bahrain to live up to its Business Friendly motto.
The measures include reducing the minimum capital required to set up a new business from BHD 20,000 to BHD 1,000; changing the licensing classification for business so that instead of some that are permitted to some that are not permitted and everything else will be permitted; an abolition of company qualification requirements; removing the maximum number of addresses that can be used to register companies; a new hotel classification system which will make it easier for operators to change their classification.
He also outlined his strategy to encourage the development of Bahrain's tourism offer and to encourage more MICE related tourism. He also stated that this should be private sector led and that the MOICT will be a facilitator and enabler rather than merely a regulator. He also outlined his plan to introduce new bankruptcy laws which will encourage start-up growth and new business development.
All of these measures are designed to encourage the private sector to be more innovative and to encourage entrepreneurship. These new initiatives are to be welcomed as they should should reinvigorate new business development here in Bahrain and make Bahrain an even more attractive place to do business.