TOUGHER regulations for granting commercial registrations (CRs) to foreign nationals could be introduced, if MPs have their way.
Expatriates applying for a CR or branch licence may have to demonstrate the viability of their business plans, according to a proposal by five legislators, led by Parliament services committee chairwoman MP Jalila Al Sayed.
They have called on the Industry and Commerce Ministry to intensify monitoring of business activities that register high participation from foreign investors.
A comprehensive study has also been urged into the reasons behind the mushrooming of expat entrepreneurs in the local market.
Parliament’s financial and economic affairs committee, chaired by MP Ahmed Al Salloom, has supported the proposal, stressing the need to protect Bahrainis’ interests in the labour market and ensure fair competition.
Ms Al Sayed highlighted the need to stop foreign investors from ‘exploiting loopholes, if any, in the current system’, which, she claimed, would give them an unfair advantage over talented Bahraini entrepreneurs.
“We are not against foreign investment, but it must align with Bahrain’s economic goals and the rights of its citizens,” said Ms Al Sayed.
“Our primary concern is ensuring that Bahraini businesses are not sidelined or subjected to unfair competition due to unchecked foreign entry into the market,” she added.
“This is about ensuring sustainable growth for Bahrain.
“We must support our citizens and empower them to thrive in a fair and competitive market while maintaining Bahrain’s reputation as a hub for investment.”
Mr Al Salloom echoed these sentiments, claiming that the surge in foreign businesses had indeed created challenges for local entrepreneurs.
“Many Bahraini business owners are struggling to compete with foreign investors who often have access to cheaper labour and resources,” he claimed.
“It is imperative that we create a balanced market that prioritises citizens without stifling foreign investments.
“Foreign nationals applying for a commercial registration or branch licence must demonstrate the feasibility and viability of their business plans.
“The government must also intensify monitoring of activities dominated by foreign entrepreneurs to ensure compliance with regulations and prevent unfair practices.
“This proposal aims to strike a balance between fostering foreign investments and protecting Bahraini businesses,” said Mr Al Salloom, who is a Bahrain Chamber board member and chairman of the Small and Medium Enterprises Development Society.
“We must ensure that our economic policies are aligned with the long-term development of Bahrain and its people.”
mohammed@gdnmedia.bh
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