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Tue 29 Oct 2019 02:27 PM

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Bahrain launches fast-track process in bid to attract more start-ups

Bahrain Economic Development Board says new service includes fast-tracked entry process which will cover residency, visa requirements and business registration

Bahrain launches fast-track process in bid to attract more start-ups

The initiative will also enable start-ups to access the broader MENA region markets using Bahrain as their launchpad.

The Bahrain Economic Development Board (EDB), the investment promotion agency for the kingdom, has announced a fast-track set-up process for start-ups globally looking to launch in Bahrain.

The initiative will also enable start-ups to access the broader MENA region markets using Bahrain as their launchpad, EDB said in a statement.

The announcement was made prior to the annual technology conference Web Summit 2019.

The new set-up process is a free service offered through a dedicated concierge, and includes a fast-tracked entry process which will cover residency, visa requirements and business registration plus guidance from Bahrain's incubators and accelerators, as well as access to their networks and programmes and access to grants and financial support.

The initiative will allow businesses and start-ups to benefit from the full ecosystem in Bahrain, which boasts operating costs up to 40 percent lower than its neighbours and one of the region's most highly skilled local workforces, EDB added.

Pakiza Abdulrahman, manager of business development - start-ups at Bahrain EDB said: "International start-ups can benefit hugely from the entrepreneurial support structure in Bahrain – offering access to capital, talent and new markets. With a hassle-free approach to setting up businesses in Bahrain, there is no better base to scale across the growing $1.5 trillion Gulf market."

Michael Cunningham, senior vice president of partnerships at the Web Summit said: "We're glad to see startup initiatives like that of the Bahrain Economic Development Board. It will be great that start-ups present at this year's Web Summit will be able to benefit from their efforts."