MANAMA: The Kingdom of Bahrain on Monday launched incubator and accelerator initiative aims at developing the entrepreneurial environment by promoting innovation to push national economic growth in the Kingdom.
Zayed Al Zayani, the Minister of Industry, Commerce and Tourism told a Press conference and highlighted the salient features of the initiative saying that the initiative was a result of the Government’s support and guidance for the SMEs sector.
“Through this innovative project, Ministry of Industry, Commerce and Tourism will help to develop activities through a new electronic service for the new business activity “Incubators/Accelerators” within Commercial Registration Portal “Sijilat.”
“The launch of this new e-service comes under the slogan “Incubation … embrace … growth” due to the active role played by incubators / accelerators activity in supporting small businesses during the incubation period especially in the launching stage,” he said, adding that the activity was conceived in coordination between the Ministry of Industry, Commerce and Tourism, the Ministry of Works, Municipal Affairs, and Urban Planning and Bahrain Economic Development Board,” the Minister told the reporters.
The license of this activity is required to obtain an approval of the Ministry of Works, Municipal Affairs and Urban Planning in regard to activity site.
The Ministry of Industry, Commerce and Tourism, Directorate of SMEs Development, will verify the size of the building allocated to incubators / accelerators activity to determine its absorptive capacity.
The Ministry register the start-up companies and companies on the address of the incubators / accelerators activity without the need for approval by other parties.
“Under the initiative 100% ownership for incubators / accelerators activity, for all nationalities, thus giving full ownership for Bahrainis, GCC and foreigners. Incubators / accelerators activity limited to commercial companies without commercial institutions and the registration fees imposed is similar to those imposed on other companies of various types and according to the laws in force in the Ministry of Industry, Commerce and Tourism. Third-party financing activities require the approval of the Central Bank of Bahrain. Every emerging company listed under incubators / accelerators activity allowed to recruit only two foreign workers without investors or founders.
“The incubation period of start-up companies is two years in incubators / accelerators activity with the possibility of renewal for one year and one time only.