Ahmed AlSawafiri, Founder, Startup MGZN
First of all, the process of registration should be much simpler and faster and must be done online if we really want more people to take start. Second, Its not the Government’s responsibility if a business works or not, and accordingly, there should also be no minimum requirements for any activity, the market will decide if a business should survive or not. Finally, the Government and its companies should have clear regulations to prefer buying Bahraini made products and services (By Bahraini, I do not mean a Bahraini CR, but Bahraini people).
Ehsan AlKooheji, General Manager, Kooheji Systems
First, relax company formation laws to allow for commercial registrations to be obtained without a commercial address. A home address or PO box should be enough for home based businesses to register under, and an email address or website URL should be enough for Internet based business to register under. This “startup” CR will relieve the entrepenur from paying for an office they don’t need plus additional expenses such as municipality fees. Finally, remove any restrictions on access to capital and funding during incorporation. Specifically, cater for forming partnerships with non-Bahrainis, create angel investor laws, and introduce crowd-funding processes and regulations.
Eyad Ebrahim, Director, Web Avenue
The vast majority of startups fail, and should be allowed to learn from those failures. Bankruptcy protection rules (such as chapter 11 in the united states) effect the level of entreprenurial activity and foreign investment influx.
Quick liquidation procedures allow companies in destress to relocate assets and human resurces to other ventures or operations that could be profitable, this helps the investors retain value in the remaining assets and improve chances of a real recovery.
Wafa AlObaidat, Creative Director, Obai & Hill
If I could alter or remove any laws that would foster entrepreneurship it would be to remove the concept of the Commercial Registration. It is such an expensive start up cost that many emerging business owners might not be able to comply with and is such a burden at the beginning of your journey into business. I would also remove any cash pre requisites to have in your company account before adding an activity to your CR, these unrealistic pre requisites hinder the start up process, slows down innovation and really turns off the passionate entrepreneur.
Yazin Alirhayim, Entrepreneur
– Offices are no longer necessary for online businesses (Logic: 1, Office Retailers: 0).
– No requirement to register a business until you’ve exceeded X BD in revenue (allow room for validation).
– No capital requirements for WLL.
– While we’re at it, make the registration process completely online.
– No minimum age or education requirements (currently set at 18 years, and Bachelors/Masters degree for many activities).
– Banish bankruptcy laws: You can’t be jailed if your company goes bankrupt.