Bahrain: A decree that allows foreign companies to set up businesses in the country without Bahraini partners cleared its final hurdle yesterday.
The Shura Council unanimously approved the Royal decree, which amends the Companies Law and allows foreign organisations to have 100 per cent ownership of businesses. It was issued by His Majesty King Hamad during the National Assembly’s recess in October and was passed yesterday after council members received an explanation on the benefits of the new rule from Industry, Commerce and Tourism Minister Zayed Al Zayani during their weekly session. Under the decree, foreign companies will be allowed to practise businesses that were previously owned by Bahrainis only, while easing the establishment of shelf corporations that will be offered to foreign investors.
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