Manama : In the implementation of Resolution (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 resloution goes into effect on December 13, and it includes new commercial establishments.
The resloution aims to enhance transparency and regulate financial transactions for all commercial establishments in the Kingdom, 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.
Abdulla bin Adel Fakhro, Minister of Industry and Commerce, affirmed that the reloution aligns with the economic and technological developments in the Kingdom, and is an important step to enhance the efficiency of commercial establishments and support digital transformation. He added that the resloution will contribute to raising the level of transparency and providing a safer and more reliable financial environment.
The minister underscored 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, to enhances transparency in money management and provide a comprehensive view of financial conditions.
The resloution will enter into force in two phases: the first begins on December 13 and includes new commercial establishments, while the second phase begins on June 13, 2025, to include existing establishments, so that this category is given six months to reconcile their situations with the requirements of the resloution.
For more information, visit the Ministry’s website https://www.sijilat.bh or call the free number: 80008001.
