Bahrain to ease foreign investment curbs
Manama, June 17, 2014
Restrictions on establishing companies in Bahrain will be waived as the government seeks more foreign investment.
The Shura Council has voted in favour of amendments to the companies' law which was proposed by Industry and Commerce Minister Dr Hassan Fakhro, said a report in the Gulf Daily News (GDN), our sister publication.
The amendments, which will be referred to His Majesty King Hamad, will give minority shareholders a say in the company's board, and all shareholders will have the right to deputise anyone to represent them on the board.
They also give the minister concerned power to determine if the company is being run properly and take necessary action to correct its path.
"We want companies opening here to operate with ease and the amendments presented are modern and take all international legislation into account - even stretch beyond to take future changes into consideration," said council financial and economic affairs committee chairman Khalid Al Maskati.
The council also approved a new law that compensates people whose cars were damaged or whose relatives were killed by anonymous, unregistered or uninsured vehicles.
It will be referred to parliament to vote on the changes.
The council also approved an amendment to the set-up law of the Labour Market Regulatory Authority that criminalises employers submitting false documents to hire expatriate workers. - TradeArabia News Service