[DUBAI] Bahrain on Thursday announced measures to make the island kingdom the fastest place in the Gulf Cooperation Council to start a business, as countries in the region seek to attract more investments.
The plan "will reduce the complexity of the commercial registration and licensing procedures for all local and foreign investors," according to an e-mailed statement.
Crown Prince Salman bin Hamad Al Khalifa said the initiative is "among a package of business reforms that are the largest Bahrain has seen in over 40 years," according to the statement.
The plunge in global commodity prices is prompting Gulf Arab monarchies to cut spending and seek alternatives to revenue from oil and gas exports. The Bahraini plan includes an online commercial registration portal that eliminates the need for paperwork.