On Jun. 13, BHR MOIC issued decision re commercial register firms.
BHR MOIC issued Decision 43 of 2024 concerning payments for transactions of commercial establishments; required these firms to open a specific bank account.
Overview
Commercial establishments must open a bank account with a licensed financial institution; if the establishment has multiple branches, one account is sufficient for all.
Transactions may only be conducted through the specified bank account.
Establishments listed in commercial register must provide electronic payment service.
Effectiveness
This decision is effective six months after its publication in the official gazette.
Existing establishments must comply with decision within 6 months of effectiveness.
Nov. 2024 Implementation Phase 1
On Nov. 24, 2024, BHR MOIC announced start date of phase one for implementation of Decision 34/2024 for new commercial establishments, starting Dec. 13, 2024.
The second phase, applicable to existing establishments, commences Jun. 13, 2024.
