Did you know that Bahrain ranks number one in MENA (the Middle East and North Africa) for offering an outstanding balance between work and lifestyle? Thanks to its strategic location, business-friendly government, and top-quality workforce, among other advantages, many foreign investors have gone ahead with starting a business in Bahrain and have benefited exponentially.
Just like other countries in the Gulf region, Bahrain does not impose any corporate tax on expats. Additionally, the government offers easy access to Saudi Arabia and other areas in the Gulf.
According to the World Bank, Bahrain carried out the most number of business reforms in 2019. The country’s government aligns with regulators to pave the way for a business-friendly environment. The time to invest in a Bahrain business is now.
Any entrepreneur hoping to set up a company in Bahrain must equip themselves with the investor VISA. This article will take you through the necessary steps of starting a business in Bahrain.
How Does the Investor VISA in Bahrain Work?
The Bahrain immigration law has mandated investor VISA for anyone who owns a business in the kingdom of Bahrain. There are two types of VISA in Bahrain:
- Investor VISA
- Businessman VISA
Expats will need to get the stamp of approval from the Ministry of Industry and Commerce and Tourism and NPRA (Nationality, Passports, and Residence Affairs). The LMRA (Labour Market Regulatory Authority) in Bahrain will issue the investor’s VISA.
You can get your hands on a lucrative VISA by starting a business in Bahrain. The country allows full foreign ownership for more than a whopping 350 different types of companies. Once you get the VISA, you can conduct business without any hassle. VISA holders also enjoy multiple entries sans any restrictions and easy access to other desirable countries in the Gulf.
Are you wondering about how to start a business in Bahrain and attaining an Investor VISA? The next bit of information will come as a relief to many as the kingdom imposes zero restrictions on the investment amount. Interested entrepreneurs can even get their hands on a VISA with an investment of BHD 1.
What Documents Will You Need?
Investors must keep the following documents handy if they don’t want to run into any trouble while acquiring an Investor VISA. These documents include:
- Passport Copy
- Commercial Registration Certificate
- Medical Certificate (Eligible for cases out of the kingdom of Bahrain)
Investor VISA Fees in 2021
Once you get your hands on an Investor VISA for business purposes, you will have to pay a yearly fee of BHD 172. This fee covers both the Basic Health Care and LMRA charges. You can acquire the Investor VISA for one year and two years.
You can renew your VISA in Bahrain over six months, one year, or two years and the fees will vary accordingly. The total costs for the renewal periods of six months, a year, and two years are BHD 86, BHD 172, and BHD 344, respectively.
The monthly charge for the Investor VISA is 5 BHD.
What Are the Benefits of Doing Business in Bahrain?
Here are the significant reasons why setting up a business in Bahrain is a good idea:
●Absence of Personal or Corporate Tax
Taxes are significantly detrimental to the income of entrepreneurs and employees, which is why the kingdom of Bahrain has done away with personal or corporate taxes. It means that you get to take a more significant portion of your income home with you!
●Advanced Communication and Transportation Infrastructure
Bahrain is a modern state which is equipped with top-quality transport and communication features. Moreover, the kingdom enjoys a strategic location and offers easy access to Saudi Arabia, the largest market and economy in the Gulf region.
●Relaxation in Business Activities
The kingdom of Bahrain wishes to boost its business infrastructure and has warranted 100% foreign ownership for several business activities across all sectors.
●No Minimum Capital Requirements
Thanks to reduced minimum capital requirements, it has become effortless for entrepreneurs to set up a Bahrain business. Moreover, there is no fixed profit requirement either, which means that you can earn as much as your business endeavours make.
●Easy Business Registration
In its pursuance of a business-friendly environment, the government has paved the way for Similar. It is an online portal that streamlines all necessary business-related functions. From licensing to registration, you can take care of everything in no time with the help of the online portal.
●Low VISA Fees
The kingdom of Bahrain has dramatically simplified the application process and reduced VISA fees exponentially to welcome foreign investments in more significant numbers.
When you launch a business in Bahrain, you will conduct all the necessary functions in a relaxed environment. The absence of personal taxes and business-friendly laws make the country the perfect pick for foreign investors. So what are you waiting for then? Get in touch with us today to realize your business dreams!