Free Trade Agreements (FTAs) are the most amazing contractual devices that bind international entities to collaborate for optimal business processes. These are spread across the globe in multiple locations. Some regions are known to promote the free trade idea ardently. The Middle East is one of the top supporters of free trade zone examples.
Here, you get a brief overview of free trade zones in the Bahrain region with the updated list. You will also get to know details on how the adoption of digital service solutions, especially software, can contribute to the growth of your business in Bahrain’s free trade zones.
The Significance of Free Trade Zones in the Middle East
Free trade zones are crucial techniques in the marketplace establishment and business domain that the Middle Eastern countries exhibit for improving the business potential. They are significant for a country to build and maintain essential business relationships with the aid of personalized solution services. The concept of free trade zone benefits helps create a sense of coordination and collaboration between parties undergoing business partnerships.
When you consider the case of Bahrain, even the whole country can be seen as one broad free zone, owing to its ambitious business scaling opportunity presence and diverse range of industries. The idea of specialized free zones in the country cannot be understated because of the welcome note it presents to foreign investments and professionals. Global businesses possess a tendency to promote these options.
The concept of a free zone is easy to manage in Bahrain and other Middle East countries. Some of the factors facilitating this feature are top-notch infrastructure, cost efficiency, ease of compliance/regulations, and probability of customized incentives. We will see more about the merits and features of Bahrain’s free zones in the next section.
List of Bahrain’s Free Trade Zones
The updated list of free trade zones where you can apply the HR management software Bahrain is as follows:
- Bahrain International Investment Park (BIIP)
Located in the Salman Industrial City on Muharraq Island, BIIP is located near two other free trade zones. It will strategically improve the spot’s potential to excel in business activities. The advantage of this zone is that it also gets the treatment of a mainland operations hub according to Bahrain laws and policies. It will enable the companies at BIIP to progress well in the GCC marketplaces with their best feet forward. The area is equally approachable for large enterprises, mid-level companies, and smaller firms.
- Bahrain Logistics Zone (BLZ)
Located near BIIP, Bahrain Logistics Zone denotes a high-end logistics center with incredible infrastructure and sipping facilities. It can handle any quantity of supply chain and freight-forwarding activities with ease. Apart from the above functions, BLZ can help deliver excellent storage and warehousing features. The financial investment in this area is also sufficient, with minimal risk scenarios. You may receive strategic consulting services from this area irrespective of the size or standard of your business model.
- Bahrain International Airport (BIA)
Established in 1927, the Bahrain International Airport (BIA) is a significant and popular aviation hub amongst the GCC countries and the whole of the Middle East. The facility upgrade in this section is commendable and deserves special mention for optimum infrastructure provisions. The documentation and agreement features required to carry out this feature are minimal, aiding in fast and active execution. Owing to its financial and cultural status, BIA is presumed to progress in the support offerings for businesses seeking free trade zone operations.
- Bahrain Investment Wharf (BIW)
The remaining two are not up there with the above three free trade zones. But these are capable of promoting valuable assistance to businesses by acting as special free zones in the Kingdom of Bahrain. The first space is Bahrain Investment Wharf – an industrial investment park – operating in hybrid mode. Both private and public entities combine to create a partnership model that runs this operations model. BIW covers business operations ranging from real estate to information technology.
- Sheikh Khalifa bin Salman Port (KBSP)
The other option under the special free zones, Sheikh Khalifa bin Salman Port, is strategically located near the BIIP and drives home the idea of a transshipment hub with premium potential. Known as KBSP, this space is more cost-efficient and creates a formidable option for carrier and logistics services. KBSP is rapidly expanding with options for businesses in Bahrain to connect with other markets in the Middle East at optimum communications levels and with zero barriers.
Some of the primary advantages that your business can receive if you form a company in any of Bahrain’s free trade zones are listed below.
- There is no need to hire staff members to manage an office in the free zone space.
- You have the option to go for 100% foreign stakeholders for your business shares.
- The import-export domain does not cover duty taxation.
- You may access free Government-owned land in the initial business setup time.
- Features like logistics, supply chain, warehousing, immigration policies, and customs clearance are easier to manage in a free trade zone.
- The incorporation time is less, with flexible options to fulfill licensing requirements.
- In Bahrain’s free zone, the steps to set up your company are simple and easy to understand.
Detailing the Importance of Digital Solutions to Create Optimum Business Opportunities in Free Trade Zones
When you plan and start operations in a free trade zone, the number one prerequisite for your company to excel is a digital platform for carrying out operations. Irrespective of the business type or model, you may need the capable support of automated solutions to manage your organization unit in the free trade zone.
- The level of operational performance should be done in a streamlined manner and workflow. Digital transformation is the key to observing that level of consistency in operations.
- When a foreign company or international corporation tries to step foot into a new region for their business ventures, they need maximum support for features like ease of implementation and resource management. Digital solutions can effectively take care of this.
- Compliance and safety regulations management becomes easier with the application of digital technology. It will ensure the possibility of companies in a free trade zone to thrive at better rates by reducing errors related to the system operations and performance.
- Once the digital infrastructure is set up to provide a holistic operations management process, database tracking and documentation become easy.
- Region-specific improvements and priority tasks can be completed with the capable support of a dedicated digital suite. For example, the functioning of a free trade zone in Dubai will be different from that of Bahrain’s free zone ecosystem.
- Capital management and investment strategies can be constantly monitored and supported using the value of digital interactions.
- Digital services are necessary to build world-class business processes and solutions. It will attract further investment schemes and financial opportunities.
- The end-to-end process of a business unit – from company registration to target audience scaling – can be completed with the assistance of digital innovations.
- You can integrate your firm with any online resource type that occurs either as part of the region’s principles or as part of the company’s external/internal operations modules.
How Can Artify 360 Contribute to the Performance of Companies in Free Trade Zones?
Out of numerous digitized solutions that you can use to manage the company functioning in free trade zones, the most productive model is a software product or platform. It is the vital commodity that assists you in dominating the business brand that represents your organization’s vision and validates market positioning. We want to introduce to you Artify 360 HR payroll software in Bahrain, which deals with the provision of core software modules and processes to support your organized digital functioning in the region’s free trade zones.
The technical aspect of software support is feasibly supported by the Artify HR software system’s internal team. You may also go for personalized or custom interactions within the SaaS model to develop a certified operations service with a minimum guarantee. With proven expertise in the Bahrain region, Artify cloud HR software involves modules that already cater to businesses vying for a competitive market spot in the free trade zones. You can learn more about the potential service support for free zone company models by reaching out to the corresponding team.