New incentives for investments

MANAMA: Major new incentives are being proposed to attract investments in Bahrain, it was revealed yesterday.

They are part of a new law being discussed by parliament’s financial and economic affairs committee, its chairman Ahmed Al Salloom said.

Eighteen economic sectors and activities have been identified for potential investors under the proposed law, Mr Al Salloom, who is also Bahrain Chamber of Commerce and Industry board member, said.

The law proposes incentives like measures to protect investments, tax benefits and visa facilities.

The aim is to target projects worth between BD250,000 and BD1 million.

It also features benefits in line with international agreements signed by Bahrain on encouraging and protecting investments.

The new law proposed to guarantee confidentiality of the investor’s projects, protect investment initiatives and allow investors to insure their businesses with a national or foreign insurance firm.

Foreign investors will also be able to take their capital out in case their projects are liquidated, pending compliance with customs and fiscal regulations.

Exempt

The draft law exempts investors’ equipment and machinery from any direct or indirect taxes and fees, Mr Salloom said.

Investors will, however, commit to use the imported equipment for the designated project for at least one year.

Foreign investors and their non-Bahrain employees will be granted residence visas and have their entry facilitated.

Source: http://www.gdnonline.com/Details/872933/New-incentives-for-investments