Bahrain to Fast-track Setup Process for Global Startups

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LISBON, Portugal Oct. 29, 2019 /PRNewswire=KYODO JBN/ --

The Bahrain Economic Development Board (EDB) – the investment promotion agency

for the Kingdom of Bahrain in partnership with Web Summit - announced today a

fast-track setup process for startups globally looking to take advantage of the

business environment and startup ecosystem in Bahrain. The initiative will also

enable startups to access the broader MENA region markets with the

hyper-connected Kingdom of Bahrain as their launchpad.

The announcement was made prior to the leading annual technology conference Web

Summit 2019, which will be attended by a high-level delegation from Team

Bahrain to include; the EDB, Tamkeem (Bahrain Labour Fund), Bahrain Chamber of

Commerce and Industry, Bahraini startups and accelerators. International

startups and related entities interested in learning more about Bahrain startup

ecosystem, and the benefits Bahrain has to offer, are encouraged to visit the

Bahrain EDB stand - no. E359, pavilion 3 - where a team will be on hand for the

duration of the summit (November 5 – 7) to answer any questions.

The fast-track setup process is a free service offered through a dedicated

concierge, and includes:

- 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

The initiative will allow businesses and startups to benefit from the full

ecosystem in Bahrain, which boasts operating costs up to 40% lower than its

neighbours, one of the region's most highly skilled local workforces and some

of the most advanced soft infrastructure in MENA. Sitting at the nexus of the

Middle East, the Kingdom offers a convenient springboard into the wider region

opportunity, including its largest market, Saudi Arabia.

Commenting on this announcement, Ms. Pakiza Abdulrahman, Manager of Business

Development - Startups at Bahrain EDB 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."

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

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."

In recent years, Bahrain has expended considerable resources diversifying away

from a previous focus on hydrocarbons. It now enjoys a burgeoning and

increasingly dynamic digital economy; a maturing tech community; and a rapidly

growing FinTech ecosystem. The Kingdom's pioneering, agile and flexible

regulatory framework allows it to regulate emerging technologies – such as open

banking and cryptocurrencies – in a way other jurisdictions simply cannot.

Thanks to this, Bahrain has earned a reputation as the region's de facto

test-bed for cutting edge technologies.

About Bahrain Economic Development Board

The Bahrain Economic Development Board (EDB) is an investment promotion agency

with overall responsibility for attracting investment into the Kingdom and

supporting initiatives that enhance the investment climate.

The EDB works with the government and both current and prospective investors,

in order to ensure that Bahrain's investment climate is attractive, to

communicate the key strengths, and to identify where opportunities exist for

further economic growth through investment.

The EDB focuses on several economic sectors that capitalise on Bahrain's

competitive advantages and provide significant investment opportunities. These

sectors include financial services, manufacturing, ICT, tourism, logistics and

transport.

For more information on the Bahrain EDB visit www.bahrainedb.com; for

information about Bahrain visit www.bahrain.com.

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Source: Bahrain Economic Development Board