Manama: A new centre will help foreign investors, including those with existing businesses in Bahrain, to reinvest their profits in the economy.
The facility will open at Bahrain Chamber of Commerce and Industry (BCCI), Sanabis, as a one-stop shop for businessmen to complete procedures relating to immigration, Labour Market Regulatory Authority fees and other requirements.
BCCI chairman Khalid Almoayyed announced the plan during a forum yesterday attended by more than 200 businessmen, including a visiting Pakistani delegation.
“It is important for us to create opportunities in Bahrain for investors to highlight the recent deregulation policies and need for diversification of business operations in Bahrain,” he said.
“We want people living in the country or abroad to believe in Bahrain.
“In order to support them, a new centre to assist foreign investors and local businessmen will be opened at BCCI to help reinvest profits in the country.”
The Reinvest in Bahrain event was organised by BCCI’s Bahrain Asian Traders Committee (BATC).
Committee chairman Mohammed Sajid said the idea was to encourage investors to seek further opportunities in Bahrain rather than sending money abroad.
“There is no need to invest outside Bahrain as we have best laws, no taxation on profits and businessmen get access to GCC market,” said Mr Sajid.
“Special counters will be set up at the new centre to help investors, including those in Bahrain who have difficulty completing online applications related to their business activities.”
The meeting yesterday was attended by officials from the Industry, Commerce and Tourism Ministry, Economic Development Board and diplomats from 17 countries.
Mr Sajid revealed that a new arbitration body within BCCI had already started to resolve business disputes.
“We have requested the Justice, Islamic Affairs and Endowments Ministry to have a special court for businessmen to fast-track their cases as it is a lengthy process,” he said.
“The new court has a mandate to announce its decision within one month to the parties concerned and has started to deal with some cases.”
He added most business disputes were related to dud cheques and called for special cheques to be issued to businessmen, which would result in legal action if payments were not cleared within one month.
“We have received several complaints related to dud cheques and the entire process could take over a year with the person not receiving single fils during this time,” he said.
“If there can be special cheques introduced that will guarantee payment within a month, it will help several businesses.”
Another suggestion during the meeting was to introduce a privilege card for foreign investors, giving them access to premium services at government institutions.
sandy@gdn.com.bh
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