Government team, BCCI discuss CR fees

A key meeting was held today to discuss the fees levied on the commercial registers. Industry, Commerce and Tourism Minister Zayed bin Rashid Al-Zayani chaired the meeting, in the presence of Bahrain Chamber of Commerce and Industry (BCCI) members.

The meeting was convened in a bid to reach a consensual agreement on the CR fees, which will take effect in September. Alzayani hailed the directives of His Royal Highness Prime Minister Prince Khalifa bin Salman Al-Khalifa, lauding his keenness on the business and investment interests. 
In a press conference held at the ministry’s headquarters at the Bahrain Financial Harbour, he said that initiatives and proposals were discussed to streamline the implementation of the CR fees on September 22. "The planned CR fees are still under study with BCC officials", he said, adding that other meetings would be held to reach a consensual agreement. 
He defended the planned CR fees, saying that they will not cause the bankruptcy of any businesses, contrary to online allegations which blow things out of proportion. Citing official statistics, he said that the number of CRs which will pay annual fees ranging from BD25 to BD1000 make up 75% of the overall number of commercial registers. 
He said that the number of new registers topped 61, 000 in 2016, with overall capitals exceeding BD2.2 billion, an increase of 160%. The minister stressed the importance of the law on bankruptcy which will be issued soon to protect entrepreneurs and owners of small and intermediate enterprises (SMEs)

source:Bna