Bahrain has been the economic hub of the Gulf, and currently, the destination is on top favourites of people – especially when it comes to wanting to start a business here. The liberal laws, saving oriented tax rules, easiness and support from the government’s side make Bahrain a kind place for company formations.
Time and again, the government brings forward new rules and regulations so that more people invest in the land and get more prospects for the betterment of all. In October 2019, The Bahrain Economic Development Board (EDB) – Bahrain’s investment promotion agency in partnership with Web Summit introduced a new law.
Let’s see how it is a catalyst in the lives of people who want to start a new business in Bahrain and get-set on the new success journey.
What is Bahrain Economic Development Board (EDB)?
The Bahrain Economic Development Board (EDB) is an investment promotion agency who has to ensure that the destination flourishes more, by inviting the right types of businesses and business people from international boundaries. The body also has to ensure that it supports initiatives to establish in Bahrain so that the new budding businesses can run smoothly.
The EDB works with the government and both current and prospective investors, to make sure that the land stays the hub where prosperity and profits breed so that the life of the whole place and people becomes better in terms of finances and luxuries. The body communicates the key strengths and identifies where opportunities exist for further economic growth through investment.
The EDB pays attention to various financial segments that work on Bahrain’s competitive advantages and give solid investment chances. These segments include financial services, manufacturing, ICT, tourism, logistics and transport.
What exactly was the law about?
The body announced a fast-track set-up process for startups globally looking to benefit from the business environment and startup scenario in Bahrain. The feature allows the new businesses to access the broader MENA region markets with Bahrain’s hyper-connected Kingdom as their base.
The announcement was made before the leading annual technology conference Web Summit 2019, which was attended by a high-level delegation from Team Bahrain to include; the EDB, Tamkeen (Bahrain Labour Fund), Bahrain Chamber of Commerce and Industry, Bahraini startups and accelerators.
People, individuals and parties, all those who wished to know the Bahrain market at a deeper level and know whether to invest in the land or not, were invited to Bahrain EDB stand – no. E359, pavilion 3. Here, a team was on duty for the summit’s duration (November 5 – 7) to resolve all the pain points and answer all questions.
How the fast-track set-up process free service helps people to settle the business in Bahrain?
A fast-tracked entry process covers residency, visa requirements and business registration. It makes sure that the people who wish to move to Bahrain to settle their business, do not waste much time on lengthy procedures.
Guidance from Bahrain’s incubators and accelerators and access to their networks and programs give the startups a base to build professional bonds that they require to settle and flourish in the market.
The fast-track set-up process provides access to grants and financial support. This way, the companies are now able to spend less, save more and earn much more. This stays possible only when the startups go right with the company formation services through professionals like Boston brooks.
The initiative allowed businesses and startups to benefit from the full ecosystem in Bahrain, which boasts operating costs up to 40% lower than its neighbours, one of the region’s most highly skilled local workforces and some of the most advanced soft infrastructure in MENA. Sitting at the Middle East’s nexus, the Kingdom offers a convenient springboard into the broader region opportunity, including its largest market, Saudi Arabia.
What more can help to make your startup’s dent in the Bahrain market now?
Bring out your brand personality: There may be thousands of brands which may be already doing your dream business in Bahrain. You have to focus on your USP. What makes you the most unique in your industry? Are all your competitors using the same cliché messages and taking financial advisory consulting from just anyone. You have to ace the market, telling the world how your brand is most suitable to your target audience and Bahrain’s culture. For getting right on the laws, Boston Brooks is always here to help you.
The simple idea is to focus on what is it that makes you stand apart? This uniqueness is going to make you visible amidst your competitors. Viewers will be curious to know what the bottle contains and try to understand your product
- Listen with Precision: The dynamic, fast and immediate nature of today’s communications means that your communications strategy must be able to adapt and evolve. See what works and what doesn’t and change – and do it a breakneck speed! While you take company formation services from Boston Brooks, we will guide you about how the system works in Bahrain. Through the same guidelines, try to understand the market and the people to ensure you know the place’s nerves.
However, despite connectivity and access to data breaking down borders and making the world a global village, startup founders still need to tailor and localise communications for their target market to speak to their audience in a way that ignites, excites and drives consumer behaviour.
So, if you are looking for a way to communicate your new offering in Bahrain, Boston Brooks can be the best place to keep you in order. You will be able to deal with the laws and get through the set-up stage with supreme ease and trust. The brand has been in the industry for more than three decades, and this experience definitely counts. We have seen the transition of land, people, business market and customer’s preference – We have known the laws before, and we know them now! Therefore, it would be best to let us take the driving seat and set out on the road of success in Bahrain.