“Industry”: 1,713 virtual records complied with the commercial bank account decision

Right-hand shape

The Ministry of Industry and Trade revealed the commitment of 1,713 virtual registries out of 2,050 active virtual registries in the Kingdom to implement the payment decision for commercial transactions for commercial establishments, which requires all commercial establishments registered in the commercial registry to use their own commercial bank account to conduct all financial and commercial transactions.

According to Resolution No. 43 of 2024, all existing and new commercial establishments must open a commercial bank account with one of the banks licensed in the Kingdom of Bahrain, in addition to the necessity of providing one of the electronic payment methods, such as electronic payment systems, point-of-sale (POS) devices, or electronic payment gateways. The decision aims to ensure the separation of personal funds from commercial funds, and to make business owners aware of the importance of shifting towards regulated financial transactions and facilitating compliance with modern commercial laws, which It enhances the business environment and guarantees consumer rights, according to a previous statement by the Director of the Ministry’s Registration Department, Badr Farid Al-Saad.

The stages of implementing the ministerial decision were subject to a timetable, as it was issued and its gradual implementation began in coordination with the relevant authorities on June 13, 2024, and then the first phase was completed for commercial establishments, including registering commercial bank accounts and providing electronic payment services in December 2024. Last April, the Ministry of Industry and Commerce called on all commercial establishments in the Kingdom of Bahrain to take the initiative in correcting the conditions of their commercial establishments in compliance with the provisions of Resolution No. (43) for the year 2024, and the second phase of full implementation of the decision was completed last June, for commercial establishments and entered into the central system.

Out of 2,520 virtual commercial registries, 1,713 registries have committed to implementing the decision.