Bahrain has launched a fast-track setup process for fintech startups to attract more businesses to the country.

The Bahrain Economic Development Board (EDB) – the investment promotion agency for the Kingdom of Bahrain – in partnership with Web Summit, has launched the initiative in a bid to attract more tech companies and create a hyper-connected kingdom that serves as a launchpad for the broader MENA region.

The initiative was announced ahead of Web Summit 2019, Lisbon, an annual technology conference, which will be attended by a high-level delegation from Team Bahrain, including the EDB, Tamkeem (Bahrain Labour Fund), Bahrain Chamber of Commerce and Industry, Bahraini startups and accelerators.

Fast-tracked entry, incubators, accelerators and grants

The EDB says the new fast-track services will be free, offered through a dedicated concierge, and include:

• A fast-tracked entry process which will cover residency, visa requirements and business registration
• Guidance from Bahrain’s incubators and accelerators, as well as access to their networks and programmes that will provide businesses with the connections they need to grow and expand
• Access to grants and financial support

According to the EDB, operating costs in Bahrain can be up to 40% lower than neighbouring countries, and the kingdom boasts one of the most highly skilled workforces in the region, along with some of the most advanced soft infrastructure in MENA.

Discussing the initiative, Manager of Business Development – Startups at Bahrain EDB, Ms. Pakiza Abdulrahman, said:

“International startups can benefit hugely from the entrepreneurial support structure in Bahrain – offering access to capital, talent and new markets. With a hassle-free approach to setting up businesses in Bahrain, there is no better base to scale across the growing $1.5 trillion Gulf market.”

While Senior Vice President of Partnerships at the Web Summit, Michael Cunningham, said:

“We’re glad to see startup initiatives like that of the Bahrain Economic Development Board. It will be great that startups present at this year’s Web Summit will be able to benefit from their efforts.”

Emerging Tech Hubs

Bahrain, like other nations in the region, has been investing significant resources in diversifying its economy away from hydrocarbons, with an increasing focus on the digital sector. As we have reported previously, the kingdom’s progressive regulatory framework allows it to accommodate emerging technologies, including open banking and cryptocurrencies, positioning it as an emerging fintech hub.

At the end of July we reported that Rain, the Bahrain-based cryptocurrency exchange, made history as the first exchange to receive a regulatory license in the Middle East (read more).

AYO.NEWS says:

The Gulf region is turning into something of a hotbed of emerging technologies, and Bahrain has some stiff competition, particularly from the United Arab Emirates (see BLOCKCHAIN RISING: UNITED ARAB EMIRATES). Both countries have demonstrated their ability to very quickly embrace new technologies, and their willingness to invest serious resources to attract business – a sharp contrast to some of the bigger, more sluggish countries out there.

AYO.NEWS says features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited.