Bahrain 'Most Affordable for Financial Firms in GCC'
- Publish date: Thursday، 19 January 2023
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Bahrain is the most affordable country when it comes to the costs of operating a financial services business in the GCC with the kingdom offering savings of up to 27% according to KPMG’s Cost of Doing Business in the GCC 2022 report.
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The report measured the direct and indirect annual costs associated with operating a financial services institution in selected GCC regions: Dubai, Abu Dhabi, Saudi Arabia, and Bahrain.
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Direct costs, which are measured by looking at total costs related to business registration and licensing, commercial rental rates, workforce costs, telecom costs, Internet charges, electricity and water charges have resulted in the 27% annual cost advantage.
Annual commercial rent costs are 32% in Bahrain lower than the GCC average, and annual licensing fees are 58% lower than the GCC average.
Cost of Living
Bahrain was also ranked the most affordable GCC country in terms of the annual cost of living, 23% below the regional average, and is the most favorable jurisdiction with regard to the cost of education, accommodation costs, and domestic help remuneration.
Bahrain's direct and indirect living costs were 12% lower than the average of select GCC jurisdictions.
Companies in Bahrain also enjoy many tax benefits, with zero taxes on corporate income and capital gains.