Bahrain Implements Unified Bank Account System for New Commercial Establishments

Bahrain, 12 December, 2024 : The Ministry of Industry and Commerce has announced the implementation of Resolution No. 43 of 2024, requiring new commercial establishments to open unified business bank accounts for financial transactions starting Friday, December 13, 2024. The move is part of efforts to enhance transparency and efficiency in Bahrain's financial and commercial systems.

Under the resolution, new establishments must conduct financial transactions through a unified account and offer e-payment options such as BenefitPay, POS devices, or e-portals. Existing establishments have until June 13, 2025, to comply with the new requirements.

HE Abdulla bin Adel Fakhro, Minister of Industry and Commerce, highlighted the decision's goal to improve financial management, foster digital payment adoption, and create a sustainable business environment.

For further details, visit the Ministry’s website 

Source : www.moic.gov.bh