House of Representatives' Committee Recommends Stricter Controls on Foreign Business Licenses
TDT | Manama
Email: mail@newsofbahrain.com
A parliamentary committee has put forth a recommendation for stricter regulations concerning the issuance of business licenses and branch permits to foreign entities. This initiative arises from a proposal submitted by MPs Jalila Al Sayed, Dr Hesham Al Asheeri, Mohsen Al Asbol, Hassan Bukhmas, and Hassan Ebrahim, who have expressed concerns over the perceived unfair competition posed by foreign businesses within the Bahraini market.
Chaired by MP Ahmed Al Saloom, the Financial and Economic Affairs of the House of Representatives' comprehensive report articulates significant worries regarding national interests, stressing the urgent need to address the growing competition from foreign entities that may undermine local businesses and job opportunities for Bahraini nationals.
Chaired by MP Ahmed Al Saloom, the Financial and Economic Affairs of the House of Representatives' comprehensive report articulates significant worries regarding national interests, stressing the urgent need to address the growing competition from foreign entities that may undermine local businesses and job opportunities for Bahraini nationals.
To this end, the MPs' proposal advocates for a thorough investigation into the factors contributing to the increasing presence of foreigners in the workforce, alongside the development of practical solutions to mitigate this trend.
Specifically, the proposal targets instances where foreign businesses are granted licenses or permitted to open branches without clear economic justification or where they engage in activities that diverge from their stated commercial purposes. The committee has urged the Ministry of Industry and Commerce to implement stricter oversight and controls to tackle these issues effectively.
Minister of Industry and Commerce Abdullah Fakhro earlier last year provided insight during a parliamentary session into the current business landscape in Bahrain, revealing that approximately 16% of the 83,000 active registered businesses are wholly owned by non-Bahrainis, which translates to around 13,000 foreign-owned enterprises. He further highlighted that over 70,000 registered businesses in Bahrain include at least one Bahraini partner, underscoring the collaborative nature of the business environment.
As of mid-February 2024, the statistics reflect a total of 83,877 active business licenses and 2,911 inactive but licensed businesses.
Specifically, the proposal targets instances where foreign businesses are granted licenses or permitted to open branches without clear economic justification or where they engage in activities that diverge from their stated commercial purposes. The committee has urged the Ministry of Industry and Commerce to implement stricter oversight and controls to tackle these issues effectively.
Minister of Industry and Commerce Abdullah Fakhro earlier last year provided insight during a parliamentary session into the current business landscape in Bahrain, revealing that approximately 16% of the 83,000 active registered businesses are wholly owned by non-Bahrainis, which translates to around 13,000 foreign-owned enterprises. He further highlighted that over 70,000 registered businesses in Bahrain include at least one Bahraini partner, underscoring the collaborative nature of the business environment.
As of mid-February 2024, the statistics reflect a total of 83,877 active business licenses and 2,911 inactive but licensed businesses.
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