Bahrain to Enforce New Payment Rules for Businesses Starting December 13

TDT | By Ashen Tharaka

Email : editor@newsofbahrain.com

The Ministry of Industry and Commerce has announced the rollout of new payment regulations for commercial transactions under Decision No. (43) of 2024, set to begin with its first phase on Friday, December 13, 2024. This phase will apply to newly established businesses.

The initiative aims to enhance financial transparency and regulate transactions across all commercial establishments in Bahrain, including those registered under virtual platforms like Sijili. The decision mandates businesses to open a dedicated commercial bank account for all transactions and implement electronic payment options such as Central Bank of Bahrain-approved platforms, Point of Sale (POS) devices, or electronic payment gateways.

His Excellency Abdullah bin Adel Fakhro, Minister of Industry and Commerce, highlighted the decision’s alignment with Bahrain’s economic modernization and technological advancements. He described it as a critical step toward improving business efficiency, promoting digital transformation, and creating a safer, more reliable financial system.

"This decision supports the development of a competitive business environment locally and internationally," said Minister Fakhro. "It ensures that businesses manage finances transparently by requiring the exclusive use of commercial accounts for transactions, eliminating personal accounts from business dealings."

The decision will be implemented in two phases:

Phase One starts December 13, 2024, for new businesses.

Phase Two begins June 13, 2025, for existing businesses, which will be given a six-month grace period to comply.
Authorities urge businesses to prepare for these changes, which are expected to strengthen Bahrain’s position as a hub for transparent and efficient commerce while supporting the Kingdom’s broader digital and economic goals.