Bahrain, the smallest oil producing country in the Arabian Gulf, introduced the Golden License with these two goals in mind. The golden license was first announced last April. After this golden license was granted to many companies.
In the first week of last June, golden license was given to five companies that have invested more than 1.4 billion dollars in the country.
The government offers various benefits to local and international companies that get a golden license. Government services such as land allotment and approval of building permits to initiate projects and prepare infrastructure will be generous and simple. There will also be support from the Bahrain Development Bank and Labor Fund Tamkeen, which provides financial assistance to businesses.
Other benefits include integrated collaboration with various government departments, service of a designated account manager from the Economic Development Board of Bahrain, guidance and legal assistance on existing laws and regulations applicable to the company’s operations.
Companies investing in strategic sectors will receive a Golden License, creating more than 500 jobs in Bahrain. Or companies with an investment value of more than $50 million are also eligible for this license. This license will help in safe operation and expansion of the companies.
The government initially issued licenses to local and international companies including Citi, Eagle Hills Diyar, Infracorp, Saudi Telecom and Whampoa Group to start new projects or expand their operations in the country.
The country aims to create employment opportunities for more than 20,000 natives by next year. Bahrain has been implementing several projects in the past few years aimed at improving the financial sector. The economy grew by 4.9 percent last year. This is the highest rate since 2013.