New Payment Rules for Bahrain’s Businesses Begin Next Month
- Publish date: Monday، 25 November 2024
Bahrain to Launch New Payment Regulations for Businesses Starting December 2024
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Bahrain’s Ministry of Industry and Commerce has announced a major update in payment regulations that will affect commercial transactions across the Kingdom. Starting Friday, December 13, 2024, newly established businesses will be required to comply with Decision No. (43) of 2024, marking the first phase of a two-part initiative aimed at modernizing Bahrain's business landscape.
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What the New Rules Involve
The new regulation mandates all businesses to open dedicated commercial bank accounts for conducting transactions. This includes businesses registered on virtual platforms like Sijili, and will require them to use electronic payment methods approved by the Central Bank of Bahrain. These methods include Point of Sale (POS) systems, electronic payment gateways, and other approved digital payment options.
The goal of these changes is to improve financial transparency and streamline transactions, ensuring a safer and more efficient system for businesses and consumers alike.
Read More: How to Get a Visa for Bahrain
Timeline for Implementation
The new payment regulations will be rolled out in two phases:
- Phase One: Beginning December 13, 2024, new businesses must adhere to these rules from the outset.
- Phase Two: Existing businesses will have until June 13, 2025, to comply, with a six-month grace period to make the necessary adjustments.
Preparing for the Changes
With these new regulations set to come into effect in December, businesses are urged to prepare ahead of time to ensure compliance. The changes are expected to strengthen Bahrain’s position as a leading hub for transparent, efficient commerce, while also supporting the nation’s ongoing economic and digital goals.