Sovereign Trust Consultancy (Bahrain) WLL is set to launch the Sovereign Business Hub, a new incubator that is designed to increase the successful development of new businesses, job creation and employment in specific sectors that are aligned with the Kingdom of Bahrain’s areas of opportunity.
Approval in principle for the Sovereign Business Hub was received from the Ministry of Industry & Commerce (MOIC) at the end of September, enabling work to get underway on construction and fitting out the physical space. It is scheduled to open in November.
Our aim is to inspire, motivate and incubate small businesses and start-ups with innovative products and services in Bahrain by providing a platform for entrepreneurship and a centre of excellence for business collaboration. This will lead to job creation, economic diversification and technological commercialisation in Bahrain, while encouraging business retention in the Bahraini community and enabling Bahrain-based firms to have a regional and global impact.
Bahrain is one of the most open economies in the Middle East and North Africa (MENA) region and is well positioned to provide investors and start-ups access to regional and international markets. Government efforts focus on encouraging foreign direct investment (FDI) in the manufacturing, logistics, information and communications technology (ICT), financial services, tourism, health and education sectors.
Bahrain maintains a business-friendly approach to attracting foreign investment and aims to foster a greater role for the private sector to promote economic growth. In most sectors, Bahrain permits 100% foreign ownership of a business or branch office and has no tax on corporate income, personal income, wealth, capital gains, withholding or inheritance. Bahrain has no restrictions on repatriation of capital, profits or dividends.
The Sovereign Business Hub is seeking entrepreneurs and start-ups that want to embrace the ‘incubator’ model, which is designed to:
- Build a positive space in Bahrain to incubate and support innovative ideas to promote employment
- Create opportunities promoting job and wealth creation for aspiring entrepreneurs and start-ups in Bahrain
- Offer necessary support and facilities for start-ups and to promote technical ventures in Bahrain
- Provide the global network and exposure that so many entrepreneurs and start-ups desire but few can access, giving them the best opportunity to have a local, regional and global impact.
Sovereign will provide comprehensive advice and support to investors and start-ups to set up their operations in Bahrain in the right way. Bahrain offers a range of vehicles through which to do business – the choice will be governed by the nature and size of the business, as well as the requirements of the investors. All types of Bahraini company give the shareholders or the directors a Residence Permit in Bahrain.
Having set up and registered your company in Bahrain, the Sovereign Business Hub will provide start-ups with physical space, available on flexible terms, with advanced Information and Communications Technology (ICT) capacity.
In addition, the Hub offer access to business guidance, counselling and mentoring via a panel of successful and inspirational experts who are committed to sharing their knowledge and working with entrepreneurs towards developing strategies for success.
The Hub will also provide workshops and programmes for vocational and technical skills training and development, together with regular networking and marketing events and assistance with business planning.
Sovereign Trust Consultancy (Bahrain) will further provide the administrative support to maximise opportunities and achieve long-term sustainability, from full back-office solutions to assistance with tax and regulatory compliance. This includes PRO services, accountancy, human resources, pensions, insurance, obtaining local licences and residence permits, executive relocation and specialist tax advice.