The Bahraini government’s Ministry of Industry, Commerce, and Tourism (MoICT) has rolled out a new SMEs Registration System that comes loaded with several perks for enterprises of all sizes.
The new registration system classifies enterprises based on their size before issuing a classification certificate that can be used to access various benefits offered by the government.
Here’s a brief overview of all the important facts you need to know about MoICT’s new SMEs Online Registration System:
What exactly is MoICT’s SMEs Online Registration System?
The new system is an implementation of the Cabinet’s Resolution no. 2416-06 of 2017. Simply put, it is a registry for all small and medium enterprises operating in Bahrain.
It is also in tune with the five-year plan of the SMEs Development Board (SDB), as well as the government’s Vision 2030 roadmap that aims to build a knowledge-driven economy supported by non-oil sectors.
The core agenda of the new system is to the classification of micro, small and medium enterprises in accordance with Ministerial Resolution No. (229) of 2017. Additionally, the SMEs Online Registration System also compliments the Kingdom’s ongoing electronic transformation plan that aims to enhance the efficiency of all enterprises regardless of sectors by providing essential government services electronically.
Here’s how your startup will benefit from MoICT’s SMEs Online Registration System
It is worth noting here that SMEs currently collectively account for 98% of all enterprises in Bahrain. So, naturally, it makes sense for the government to find new ways to further empower these businesses.
The SMEs Online Registration System is an important part of that broader economic objective as it is inherently designed to boost the contribution of small and medium enterprises to the national GDP, while simultaneously helping them to create new jobs.
The “Classification Certificate” issued by the new system is completely free of cost and it offers all SMEs an advantage of 10% when participating in government tenders & auctions.
Not only that, the certificate also helps your small or medium enterprise to leverage Cabinet’s Resolution No. (2416-06) of 2017, which allocates a 20% share of the value of government procurements and tenders to SMEs.
On top of that, the classification certificate holding SMEs are also entitled to receive benefits from Export Bahrain, a national development plan that aims to make Bahrain a net exporter by helping eligible SMEs with greater access to international markets.
By becoming a part of Export Bahrain, your small or medium enterprise will also receive export finance and credit insurance, quality consultancy, as well as access to workshops for exporters and those wishing to export.
Other perks include:
- By registering in the new system, your business will be privy to various government-backed support programs dedicated to the SME sector.
- The new system adds your business to the largest database dedicated to SMEs in Bahrain. One big advantage of this is that you will be receiving instant alerts and notices about the latest news about the SME sector, as well as various programs aimed at the sector’s development.
- There will be a second phase of the system that will greatly enhance the data quality. This, among other things, will ensure a better mechanism for the government to extend the best possible service and support to your business.
You can find more information about the new system and apply by visiting the official MoICT portal here. For any additional info, feel free to reach out to StartUp Bahrain using any of our social media channels over at Instagram, Twitter, Facebook, and LinkedIn!