In implementation of Resolution No. (43) of 2024 regarding payments related to commercial transactions of commercial establishments, the Ministry of Industry and Commerce announced that the first phase of the decision goes into effect on Friday, December 13, and it includes new commercial establishments.

The decision aims to enhance transparency and regulate financial transactions for all commercial establishments in the Kingdom of Bahrain, including virtual shops registered in (Sijili), and stipulates that all commercial establishments are required to open a commercial bank account for their commercial transactions, and provide electronic payment services that include e-payment platforms approved by the Central Bank of Bahrain, point of sale (POS) machines, or e-portals.

His Excellency Mr. Abdulla bin Adel Fakhro, Minister of Industry and Commerce, affirmed that the decision aligns with the economic and technological developments in the Kingdom of Bahrain, and is an important step to enhance the efficiency of commercial establishments and support digital transformation, as the decision will contribute to raising the level of transparency and providing a safer and more reliable financial environment.

His Excellency stressed the need to abide by the resolution, as it contributes to the development of the business environment and supports enhancing competitiveness locally and internationally, pointing out that the resolution is not only limited to opening a commercial bank account, but also obliges establishments to exclusively use this account for all their financial transactions, in order to enhances transparency in money management and provide a comprehensive view of financial conditions. 

The decision will enter into force in two phases: the first begins on December 13, 2024 and includes new commercial establishments, while the second phase begins on June 13, 2025 to include existing establishments, so that this category is given a period of six months to reconcile their situations with the requirements of the decision.

For more information, visit the Ministry's website https://www.sijilat.bh or call on the free number: 80008001.