Servcorp Bahrain, a major provider of serviced office solutions, has launched a virtual office to help entrepreneurs who are planning to set up businesses in the region.

A virtual office in Bahrain provides all the benefits that come with having personal office space, without the cost, responsibility and commitment of actually managing this space, thus providing a start-up with the freedom of being able to work remotely yet having a base when needed, said a statement from Servcorp.

The company will be offering business solutions to help these entrepreneurs to step in this prospective market, without having to bear huge overheads.

Bahrain’s rapid economic growth over the past years has undoubtedly boosted startups and young enterprises, while opening wide horizons for large companies to develop and expand their operations in the Middle East.

According to Servcorp, the economic stability plays a major role in encouraging foreign investments in the country. Due to this open economy, a large number of foreign companies have entered Bahrain and the on-going economic growth keeps attracting new domestic and foreign investors.

According to the UNCTAD World Investment Report, total foreign direct investment into Bahrain in 2013 amounted to $989 million, which is an increase of 11 per cent on 2012, outdoing global average growth of nine per cent.

The Bahrain Economic Quarterly (BEQ) report, issued by the EDB, revealed that second quarter GDP growth reached 3.2 per cent compared to the first quarter. The Kingdom experienced economic year-on-year growth of 5.6 per cent in Q2 2014.

Due to the business-friendly environment, entrepreneurs who wish to set up a business in Manama will benefit from various incentives, said the statement from Servcorp.

New laws directed at creating a favorable business environment have already been issued, and existing laws are constantly being reviewed and modernised, it stated.

The new commercial companies law such as brevity of legal forms of companies, retaining minimum limit of capital, more clarity and transparency as regards to foreign ownership of Bahraini companies.

The new law reduces some powers of the Ministry and the Minister in interfering in affairs of companies down to a minimum in order to carry out the necessary monitoring of their business in addition to simplification of financial reporting requirements, the adoption of modern conferencing media and obliging companies with the principles of corporate governance, said the company.

Starting a business through a virtual office from Servcorp enables a business to benefit from all the perquisites of a fully managed and equipped office at a low cost making it an ideal solution to enter new markets, it stated.
 
With this move, the businesses will also have a premium address - Servcorp Bahrain's office at The Bahrain Financial Harbour, located in the heart of the business hub of capital Manama, said the company.

In addition to the prestigious address, the virtual office solution provides a dedicated local telephone number and bilingual receptionist to manage all incoming calls as well as a complete range of IT solutions and access to fully equipped day suites and meeting rooms in 140 locations worldwide, it added.-TradeArabia News Service