A lot of people realise that a job is not their cup of tea, but there has to be a stable source of income. Business can be an excellent choice in such situations. Moreover, companies can give profits in multiple forms compared to fixed salaries.
There are a lot of factors which contribute to deciding whether the business will be successful or not. One of the most crucial points which make or break your profits and sales is location. The place where you do business is significant. For instance, if you go and sell ice-cream in Antarctica, the trade is going to collapse sooner or later.
Today, this blog will run on the same path and tell you why the Startup in Bahrain can be the best opportunity in the new blooming land!
Let’s get started on your successful business journey.
Why Start a Business In Bahrain?
- As the world knows, the Gulf is the hub of prosperity and financial strength. People come here with almost nothing and have the chances of making a fortune due to many reasons. With its highly developed communication and transport facilities, large financial institutions and budding business opportunities, Bahrain is known as the business capital of the Gulf, the major economic centre and business hub in the Middle East. This is why there have been many multinational firms having their existence in the Persian Gulf. CR in Bahrain is easier as compared to other destinations.
- A lot of international standard firms are flourishing in the industries like financial services and tourism, cement production, aluminium smelting, petroleum refining, and a large share of exports consists of petroleum products, which are made from imported crude.
- Having a cosmo culture, you can find people from different countries and ethnicities here. This reason gives a homely feeling to any business and is perceived as the warmest and welcoming country in the region to do business.
- Rules and regulations in gulf countries are strict, and which is why the place runs in an extremely organised manner. Though, on the contrary, the company formation law and other business rules, especially in Bahrain, are comparatively liberal yet sorted. This makes it possible to start and run a business in a comfortable yet orderly manner. You could be sure about getting things done with ease but not getting in a trap of any kind of trouble due to the transparency and following of the law. Bahrain is a hospitable country and maintains its position in the GCC due to its liberal business environment and visa policies.
- The “New Law” brought forward has been the friend to trading and businesses. It was introduced to reform Bahrain’s corporate environment, and is packed with speedy procedures for company registration, formal recognition of Foreign Direct Investment and making corporate governance stronger, which is partly due to reforms in the process of doing business in Bahrain.
Steps to Start a Small Business in Bahrain
Are you planning to come to Bahrain and settle your business here to enjoy the quality of life? Below are the points which you should remember before starting up the start-up.
- Select a Legal Structure
One of the most important decisions while starting a business is choosing a legal structure. If Bahrain is an entirely new place for you, a small slip in terms of law steps can cost you your dream. Therefore make sure that you take services from a responsible, experienced and trusted law services like BostonBrooks.
2. Register a Company Name
The next step to business company registration is the company name. Even if you are not sure whether copyright issues will come or not, brands like Boston Brooks can help you with the same. The name should live by your brand personality and should not be something which flies with time off people’s head. The Ministry of Industry and Commerce (MOIC) has set up a few guidelines while choosing a business name. Boston Brooks will ensure that you abide by those laws. An entrepreneur can propose four business names at a time.
3. Commercial Registration of the Company
The Commercial Registration papers are issued by the Bahrain Investment Centre. They will give you the documents only when they do not find any fault in the application form filled in the initial stage. If you want to make sure that all the documentation is parallel to Bahrain laws, take professional help. Doing everything on your own can cost you your capital and can cause you to fail at the first level of your business.
4. Licensing and Approval
Licensing and Approval are needed when a company does not get the Commercial Registration papers right away. For these steps too, Boston Brooks will be at your disposal.
5. Other Approvals
After your business gets registered, the next steps include opening a bank account, leasing an office space, hiring Bahraini employees etc. BostonBrooks helps entrepreneurs, business people, and corporates set up their company in Bahrain while availing all the benefits a developing economic hub provides. Our experts take care of the entire Banking, Visa, Legal, and Licensing formalities, and allow you to go through with your company formation process without worrying about the bureaucratic red tape and legal formalities.
Current market offerings in the corporate and legal domain are EITHER – very costly and geared towards servicing big corporates OR offerings are in the form of one-time, arm’s length piecemeal solutions without any ongoing advice and support which is required for young, high-growth companies. Boston Brooks was found to address the gap in the market for high quality, end-to-end, corporate advisory services under one umbrella at affordable prices.
Boston Brooks is a leading boutique consulting firm focusing on offering consulting services in the field of Merger & Acquisition, Business Advisory, Company Formation and Corporate Compliance.