Ahmed AlSawafiri, Founder, Startup MGZN
First is to make the licensing & registration process easy and efficient, this includes introducing a new type of Virtual CR which removes the address requirements (could be without expat labor), lower the 20K requirements for setting up WLL companies, have more branches (or perhaps have reps at Tamkeen branches) and most importantly make the whole registration process online and within few minutes. Saudi Arabia Ministry of Commerce launched a 180 seconds registration process few weeks ago! The second priority is to actively engage with startups and entrepreneurs over social media and even traditional media. Finally, introduce a resource portal; with all types of documents, contracts and templates.
Ehsan Alkooheji, General Manager, Kooheji Systems
It is vital to start implementing rules and regulations which are targeted towards startups. As far as the Ministry of Industry & Commerce is concerned, startups do not exist today. There is nothing to differentiate a “startup” from a “new business”. The minister can very easily start by admitting that startups are a new category of business, and from that concept work towards addressing their requirements, such as faster setup times, lower barriers to entry, and an initial grace period to avoid bureaucracy and support new creative businesses.
Eyad Ebrahim, Director, Web Avenue
In a word, Exports. The number of light manufacturing start-ups is increasing rapidly thanks to incubators and other initiatives, these start-ups must export to survive and expand so it is crucial to address the issues and difficulties in the process of exporting goods from Bahrain. Transporting good to the GCC through the King Fahad Bridge, for example, is a lengthy process that needlessly increases the cost of shipping thus affecting the already thin margins these start-ups are working with.
Wafa AlObaidat, Creative Director, Obai & Hill
An Important priority to address is how to position The Bahrain SME sector. With organizations such as a BDB and Tamkeen encouraging Bahrainis to start up businesses it is unclear what markets or industries are saturated and which need more support. It would be ideal to offer encouragement and support for untapped markets, and campaigns to highlight and encourage innovation, the ministry of trade and commerce can play a huge impactful role into the types of businesses that launch on a daily basis and specifically identify strategies to position us In a unique way compared to our neighbouring countries.
Yazin Alirhayim, Entrepreneur
Instead of sending a whole list of things, I’d rather just mention the most pressing priority: No physical address for online startups.
We’re in the 21st century. We shouldn’t be having this discussion.. it might have been considered risky 30 years ago .. but today, it’s business as usual in the majority of the developed world.
This is stifling innovation, and I’m having trouble seeing any – yes, any – benefit to this requirement.