Dialogue between Gov’t and Traders Sets Controls on Establishment of Foreign Companies and “Flexible Work Permits”: BCCI Vice President
2019-03-16 - 11:00 p
Bahrain Mirror: Vice President of the Bahrain's Chamber of Commerce and Industry (BCCI), Khalid Najaibi, told local Al-Bilad newspaper that there are new controls that will be most likely announced within two months, concerning commercial records and licenses for foreign companies, in addition to the limiting of consequences of Flexible Work permits, and what is known as the "free visa", as well as setting controls on external cash transfers of foreigners.
"Two working groups with the Ministry of Industry and Commerce and the Labor Market Regulatory Authority are preparing to make recommendations to the government in two months," Najaibi said in a statement.
"Progress has been made and proposals have been prepared," Najaibi told the Al-Bilad newspaper, but preferred not to go into details.
"We have formed a working team with the Ministry of Commerce on foreign property and its impact on the national economy. We have started studying the issue and we have gone a long way in this, especially the establishment of more controls when granting records to avoid the negative impact on the economy."
"A second working group has been formed with the Labor Market Regulatory Authority (LMRA) to discuss the topics of flexible visa, free visa, and money transfers abroad and set controls on them," he added.
"Consultation companies have been hired to work with us and help us, and we have come a long way to date. We expect in a month and a half or two months at most to come up with a final vision on these issues," Najaibi noted.
He further pointed out that the increase in commercial records after the reduction of capital controls is a concern for the Chamber, and that these topics will be included in the study.
Najaibi also referred to "external cash transfers of foreigners, which must be regulated."
"We want foreign investment, but there must be controls so that companies inject funds into the economy, create new jobs, and transfer technology to the domestic market," he said.
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