The report also found that the average cost of living in Bahrain is $51,252 a year.
The cost of setting up a business in Bahrain is up to 35 percent cheaper compared to the rest of the Gulf region, according to a KPMG report.
The report said Bahrain leads on a wide range of metrics including commercial rents up to four times lower, and staff costs that can be up to 60 percent below its neighbours.
It added that the benefits of doing business in Bahrain are not just restricted to certain geographical areas or free zones.
It also highlighted that utility costs in Bahrain are up to 70 percent less than some other countries in the region, while application fees to gain approval as a financial business are also lower.
Dalal Buhejji, senior manager of financial services, Bahrain Economic Development Board, hailed the report, saying: "Financial services is undergoing a period of systemic change globally as FinTech continues to exponentially disrupt traditional banking services.
And Bahrain is at the forefront of cutting-edge financial technology products and services, making it an important hub for the financial services industry. A highly competitive cost of doing business is complemented by several other sector-leading developments."
The report also found that the average cost of living is $51,252 a year, below figures seen elsewhere in the region, while education fees can be up to 50 percent less expensive in Bahrain.
Source: Arabian Business