Rising as a business oasis, Bahrain seems to attract the eyes of international business people and institutions. Named by the American Heritage Foundation as the world's most liberal economy for the fourth consecutive year, and described by famous business and finance magazines as being the center of business excellence for key international players, Bahrain emerges as a pre-eminent business center for the Middle East region.
It has succeeded in the past years in hosting global businesses after it has proved to be a successful hub for banking. While in the past, Bahrain used to require foreign companies to have sponsorships as is required by other GCC countries, yet now many companies have been relieved from the local shareholding requirement. This is particularly relevant in the insurance sector where foreign companies can operate freely. Moreover deregulation in the Agency Law allowed competition to prosper by opening the door for non-agents to engage in business.
Thus, realizing the need to become a hub for business in this global economy, Bahrain has taken major and successful steps in liberalization of its business legislation making it a model for Middle Eastern countries