Bahrain’s Industry and Commerce Ministry has streamlined processes and procedures that will potentially allow commercial registrations (CRs) to be obtained within 40 minutes of submitting an application.

Speaking at a Press conference at the Bahrain Investors Centre (BIC) in Seef Mall yesterday, under-secretary for trade affairs Nader Almoayyed said the BIC has been created as a 'one-stop shop' for easing the starting of business enterprises and getting them registered, reported the Gulf Daily News, our sister publication.

Key changes made to the functioning of the BIC include increasing the number of registration staff and keeping the centres open on Saturdays starting next week, he said.

The ministry has also asked the government to inspect the centres through National Audit Office or any appropriate agency to monitor work.

Assistant under-secretary for domestic trade Hameed Rahma, who also addressed the Press, said from next year onwards it would be possible to submit applications, make payments and get approvals online.

Rahma said data compiled by the ministry showed that at the end of last year, there were 51,000 active individual CRs and another 21,000 companies.

"This implies an increase of 10 per cent from the previous year. We have also calculated that $51.4 billion has been injected into the economy since the start of CRs," he said.

The BIC will also include presence of most of the relevant government agencies that grant approvals and licences for various business activities.

The entities are: Ministry of Justice - Documentation, Municipalities - all provinces, General Directorate of Nationality and Passports, Culture Ministry, Information Affairs Authority, General Directorate of Civil Defence, Criminal Investigation Department, Labour Market Regulatory Authority, Electricity and Water Authority, Health Ministry and Customs Affairs.

The officials said the ministry was keen to overcome all obstacles to attracting foreign investment and do everything possible to encourage investors.

Periodic reviews of the processes and procedures of commercial licences will be done in order to provide better service for the investors in co-ordination with all government agencies through a committee chaired by Industry and Commerce Minister Dr Hassan Fakhro. – TradeArabia News Service