The Kingdom of Bahrain has recently launched a new initiative known as the Golden Licence. This scheme offers a range of incentives, such as corporate income tax exemption for consolidated projects for five years, corporate income tax deferral during the investment period and personal income tax exemption for foreign employees.
In addition, interested parties will receive simplified assistance and services during the investment process. The launch of the Golden Licence is an important part of Bahrain's efforts to attract and retain investment, and its implementation will help projects achieve long-term success.
This new licence is part of Bahrain's strategy to provide a safe, secure, reliable and competitive business environment for companies.
The new licence is the result of the Government's efforts to attract foreign investment and foster the country's economic development. This measure seeks to increase Bahrain's attractiveness to new investors by providing them with greater flexibility and ease in establishing and operating their businesses in the country.
Benefits offered include the automatic granting of visas to foreign employees, tax exemptions and freedom to import and export products.
In addition, companies obtaining the Licence will also be able to access a variety of other facilities, such as financing, office rentals, accommodation and consultancy services.
Moreover, through the Licence, companies will be able to rely on the assistance of the Bahrain Investment Agency to help them connect with suppliers of products and services, as well as to find business partners.
This licence will also allow companies to access financial incentives, such as bank loans at preferential rates, business loan guarantees and exemption from import and export taxes. Companies with a Golden Licence will also enjoy additional benefits, such as exemption from property, transport and telecommunications taxes.
The Bahrain Investment Licence is a tax and economic reform introduced in 2021 by the Bahrain Council of Ministers. The licence offers local and international companies a number of incentives to invest in the country, such as integrated cooperation with various government departments, an account manager appointed by the Bahrain Economic Development Board, as well as the possible revision of existing laws or regulations where necessary and applicable.
This initiative is part of the Bahrain Economic Recovery Plan, led by Prince Salman bin Hamad al-Khalifa, Crown Prince and Prime Minister of Bahrain, and aims to attract investment and create jobs locally.
The Bahrain Economic Development Board (EDB) is the main driver of foreign direct investment in the country, working to attract investment from around the world to Bahrain and supporting initiatives that improve the investment climate.
EDB offers advice to outside companies wishing to establish business or invest in Bahrain, and also provides information and services to foreign investors to help them develop their businesses.
In addition, EDB is committed to the development of quality infrastructure, such as improved transportation, housing construction and energy modernisation, to create an attractive investment environment.
The EDB also strives to promote transparency in government and financial markets, as well as to promote investment in Bahrain's human resources industry, stressing that it is a vital part of economic development and is a key partner for investors seeking a secure and stable environment for their investments.
Source: Atalayar
