Located between Shaikh Khalifa Bin Salman Port, Muharraq and 5 km away from Bahrain International Airport, Bahrain International Investment Park (BIIP) is designed to attract high quality foreign direct investment in Bahrain and export-oriented domestic products. It has been strategically placed to attract value-added projects which will help in creating quality local employment and wealth in the world-class environment. BIIP is not a free zone as the businesses located in the area operate from within the GCC market enabling seamless cross-border regional promotion of their products and services. Bahrain International Investment Park is an ideal location for large manufacturing operations, medical technology, electronics and material, and food process. They are also led by export services like insurance claims, administration, software, and information system.
BENEFITS OF SETTING UP A BUSINESS IN BIIP
- 0% personal and corporate tax
- 100% foreign ownership for companies in Industry, Technology, Healthcare, Education, Training and International Services
- 100% repatriation of capital
- No recruitment restrictions
- Duty-free access to the GCC market
- Exemption from import duties on both raw materials and equipment
HOW TO SET UP A BUSINESS IN BIIP?
Setting up a business in Bahrain in hassle-free as there isn’t much to do once you have a proper business plan ready. There are a few stages involved in the application process:
1. Application Form
An investor can get an application form online from the official website of BIIP. They have to fill the complete form and submit the same along with a business plan for the project approval. A special committee in BIIP Bahrain has been established within the Ministry of Industry, Commerce, and Tourism to make recommendations to the Minister on all applications for land on the Park. The BIIP Committee meets on a frequent basis and can be convened at short notice if necessary. Once the Minister has approved the Committee’s recommendations the BIIP writes to the company informing them of the decision. The decision can be approved, waitlisted, or rejected based on the authentication, innovation, and scope for development in the business plan.
2. Project Approval
Once the project has been approved by the BIIP committee the next step involves organizing a site survey. A special team will be set up to visit the survey where the project will be initiated. The team will also make an Environmental Assessment of the project after which the payment of administration fee by the investors shall be made.
3. Industrial License
The first Industrial License is granted one month after filling the application form. And the final Industrial License is granted immediately after fulfillment of all the necessary requirements and obtaining approvals.
After the applicant gets an Industrial License, a lease agreement will be signed. Once the lease has been signed, the company must then proceed to obtain a building permit to commence construction.
DOCUMENTS REQUIRED FOR SETTING UP A BUSINESS IN BIIP
Stage 1 of the application process involves the submission of the following documents:
- A completed BIIP application form
- A preliminary industrial license
- A copy of the applicant’s CPR/passport
- An outline business plan
- Preliminary site development plan
WHY SET UP A COMPANY IN BIIP?
Bahrain Investment Park is popular because it is cheaper than most other free zones in the UAE, operates 24 hours a day, and has easy access to various facilities which makes it an ideal place for company registration in Bahrain. Some of the top global companies located in BIIP are Alstom, American Express, Kintetsu Japan, Thyrocare Laboratories India, and TUV Nord Germany. As a facility for direct foreign investment, BIIP offers a tax-free site with stamp duty exemptions to the GCC and other Arab markets. Although BIIP is not a Free Zone, products manufactured in Bahrain and sold into GCC are free of import duties (i.e. provides a 5% margin). This exclusive Middle East business park, with its advanced facilities and special customs services, offers businesses an unsurpassed base with direct connectivity to the very heart of regional markets.
What’s more, you have a one-stop-shop in BIIP which facilitates investors by assisting them through the application process up to the point that they sign the lease agreement and secure a building permit to construct the project.
If you are looking for setting up a business in Bahrain, we at Business Setup Worldwide are here to help you make the process hassle-free. Contact us today and avail our set of services which includes company formation, registration, accounting and bookkeeping, and company secretarial services.