The Bahrain Economic Development Board (EDB) will start a fast-track process for setting up startups for all new businesses looking to benfit from Bahrain’s environment and ecosystem. The process is free and according to a source from PRNewsWire it 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 and access to grants and financial support”.
The Bahraini ecosystem costs 40% lower than that of neighboring countries while still offering some of the most progressive infrastructure in the MENA region. 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”.