People decide to move for various reasons. Sometimes it’s because of marriage, or the arrival of children, and sometimes people move to change their surroundings. But the most common reason behind the decision to move is finances. People are always looking for ways to improve their living standard, be it through lower costs of living, or a better salary. Named the world’s fastest-growing financial center in 2008, Bahrain offers many business opportunities for foreigners. If you are planning to conduct import/export activities in Bahrain you must first find a reliable company that is familiar with Bahrain customs clearance. Anyway, Bahrain has a diverse and thriving market, and we are going to use this short article to inform you about business opportunities in Bahrain after a relocation. Stay with us to find out what you can expect, and to learn about the most developed industries.
Before you do anything else you should find a reliable logistics partner
If you are selling your products in different countries and markets that means you probably won’t be able to control every aspect of your business model. The best example of this is the transportation phase. Your goods will be in the hands of your logistics partners. With that being said, if you want that your company grows and develops it is essential that you hire reliable logistics companies in Bahrain. So, what are the traits of quality logistics companies:
- Quality website. Every reliable logistics company must have a dedicated website with all relevant info about their business listed there.
- Good reviews. Check out the customer feedback sections and read the comments of other users.
- Financial stability. This is an important parameter; your partners must be solvent if you wish to avoid delays in payments.
- Tradition. How long does the company exist?
- Variety of services. If the company provides a wide array of different services that means they are an experienced company.
- Customers support. They should be available to their customers 24 hours a day.
Construction business opportunities in Bahrain after a relocation
Interested in shipping goods to Bahrain? Well, you should know that Bahrain was at the crossing of important trading routes since ancient times. The Kingdom mainly exports petroleum and oil-based products but has many opportunities for small businesses. Let’s see some of the most popular:
- Construction. All that surplus coming from oil trade must be invested somewhere. You just have to take a look at Manama’s skyline and you can see where it goes. Bahrain has an ever-growing construction market, and many world-famous companies operate here.
- Real Estate. The developed construction industry translates to many opportunities for freelance real estate agents and companies. With many ongoing real state projects currently ongoing and as many in the process of planning, Bahrain presents a true gold mine for real estate agents.
- Interior Design. This is yet another industry closely connected with the massive construction business. Quality interior designers are very valuable in Bahrain, so if you decide to move here on a permanent basis you should know that it will pay off.
Other small business opportunities on Bahrain after a relocation
Ever since the Kingdom of Bahrain started to expand its economy to non-oil sectors, many great opportunities for small businesses emerged. The constriction certainly leads the way, but what about some other sectors?
- Restaurants. Given the fact that Bahrain is a very popular tourist destination, catering is always a great idea for a business. Furthermore, more than half of Bahrain’s population are expats who work and live here. This means that the culinary scene in Bahrain is rich and diverse.
- Events Planning. Given the fact that multinational companies often organize openings, celebrations, and conferences, there is a lot of work for quality event planners.
- Cleaning Services. Many big hotels, restaurants, and companies that are located here are always in search of quality cleaning services.
- Financial Consultancy. The banking sector is also on the rise in Bahrain, so if you have competences for giving financial advice, this could be an opportunity for you.
Get familiar with import and exports statistics to learn about business opportunities in Bahrain after a relocation
In order to make correct decisions considering investments, you must be familiar with the economic background of the country. With that being said, let’s see the main exports of Bahrain:
- Refined petroleum ($3.2B)
- Raw aluminum ($1.52B)
- Iron ore ($981M)
- Aluminum wire ($743M)
- Crude Petroleum ($499M)
As you can see, the economy of Bahrain is heavily dependent on oil and natural gas exports, followed by Aluminum and aluminum-based products. Let’s now see what are the main imports of the Kingdom of Bahrain:
- Food. Since only 2.9% of the land is arable, Bahrain relies heavily on imported food for its constantly-growing population. If you plan on importing food, you should learn more about cold chain services.
- Crude oil. A large share of the country’s refined petroleum products is made from imported crude oil that accounts to 51% of total imports.
- Cars and vehicles. Given the high living standard in Bahrain, it comes as no surprise that expensive automobile brands have a high share in the country’s total imports.
- Workforce. Like we already pointed out more than half of Bahrain’s population are foreigners, which means that workforce is a very important import.
Last, but not least, there is no personal income tax in Bahrain, and the Kingdom is generally a country which is open to creating a unique fast-growing economy that is open for all nationalities to create business opportunities. These were some of the most attractive business opportunities in Bahrain after a relocation, but there are many other thriving sectors to choose from. It’s entirely up to you and your competences. We hope that our article will be helpful to you, and good luck.