On Sunday, Oman’s Sultan Haitham Bin Tarik issued a Royal Decree stating that citizenship has been given to 30 expats.
In Oman, since the beginning of this year, citizenship is being given to third batch of expats. In March and February this year, Sultan Haitham granted citizenship to 39 expats and 157 expats respectively thereby Omani nationality was given to the expats living in the country.
How to get Omani citizenship
Fulfilling the requirements of the Citizenship Law of Oman, citizenship will be given to Omani expats who have been living for more than 20 years. The expats should abide with the procedure and required set of documents should be submitted. The Ministry of Internal Affairs takes the final decision on giving citizenship.
Before becoming eligible for citizenship, the expats must meet certain criteria. According to the Ministry of Interior, the expats have to file an application costing OMR600, while OMR300 has to be paid by the spouses or previous spouses of Omani citizens. Proofs relating to their residence and work place in Oman as well as nil legal cases against them have to be submitted. A medical certificate proving that they do not have communicable diseases also needs to be presented.
The application cost for Omani citizenship will be OMR600, while the cost of application for an expat wife, widow, or divorcee of an Omani citizen, underaged child of an Omani woman will be OMR300, says Executive regulation 92/2019 released by the ministry. Application cost for giving up or returning back Omani citizenship will be OMR200
The ministry has to be informed if anyone gains Omani citizenship in order to receive an Omani passport as well as must remain a resident of Oman for a long term.
“Within six months, the ministry should be visited by anyone who receive the Omani citizenship to complete the procedures required for an Omani passport for him and automatically sanctioned to underage children.” states Article 16 of the law.
Arabic language exam or an interview in Arabic at the ministry has to be undergone by the expats who begin this procedure. Upon failure in exam, after six months the expats can repeat it upto four attempts.
After gaining citizenship, during the first 10 years new Oman citizens will not be able to spend more than six months outside the country at a go, unless the Ministry of Interior gives the permission to the expats.
Where to apply?
Sultanate’s Ministry of Interior provides the people with application for Omani citizenship.
In Oman, an Omani LLC is the most frequently used business entity for foreigners who wish to do business in Oman for trading and manufacturing various business activities. To start a business in Oman, you should go through the setup process by the Omani authorities. The Oman company registration process are stated as follows:
The Reservation of Name
The Ministry of Commerce and Industry (MCI) must first approve the name of your company. Under the Omani law, a new company should not have the same name as the existing company. The MCI do require a higher starting share capital for the companies with certain words, such as “Oman”, in their name.
MCI Application
MCI application involves preparing and submitting the following documents as stated below:
The Foreign Shareholder Documents
Each shareholder having a corporate entity must substantially provide their constitutional documents, board resolution, certificate of incorporation, and power of attorney
Omani Shareholder Documents
Every shareholder must provide certificate of registration for the company, an MCI computer printout, authorized signatory form, Oman Chamber of Commerce and Industry (OCCI) certificate and shareholders’ resolution.
A constitutive contract along with an authorized signatory form, frames a part of the constitutional documents of an LLC.
Bank Certificate
The bank certificate is obtained from a bank in Oman and it uses as evidence of compliance with the LLC’s capital requirements
The OCCI Registration
The essential step of the registration process is mainly obtained immediately after the MCI completes the registration examination of your registered company and thereby approve the certificate.
Other types of Approvals
Approvals depending on the LLC’s intends on business activities, and further governmental approvals may be required accordingly.
Post-Registration
Once the LLC registration gets approved and you get all the necessary Certificates from the Ministry, you need to organize and obtain the below documents as follows :
A municipality license for the registration.
Tax registration of the company.
Registration with the Ministry of Manpower for applying for visas and labour clearances.
The Registration of business with the Royal Oman Police.
Import or export license that depends on the nature of the business
Industrial, Environmental, other essential permits and licenses, depending on the nature of the business are required.
Located at the south-east of the Arabic Peninsula Sultanate of Oman is the gate to the Arabian Gulf through the Strait of Hurmuz connecting to the Arabian Sea. One-third of petrol traded by sea passes through the Strait of Hurmuz, making it an important place in the world for international trade.
The Sultanate has a coastline of 2,092 Km open towards the Indian Ocean. This enables the establishment of free and industrial zones in cities along the coast as well for other countries, presenting Oman as a secure place for investment. Oil and gas are the main source of income for the Oman government. Besides this, Oman is developing in the sectors of fishing, mining, tourism, manufacturing, logistics, other sources of income as well as encourages foreign investors to invest in these fields.
The Oman government has been making huge investments in the public transportation network that includes a railway project to connect Oman with other GCC member states providing an option for the movement of goods and people between the Gulf states.
Oman has an increasing number of international agreements like FTA and WTO agreements with the United States. The additional FTA is negotiated with the European Union for contributing to the enhancement of the legal framework to invest in Oman. The agreements provide incentives to investors from countries to those agreements having lower tax rates, customs exemptions, and similar treatment to put these investors on par with nationals.
Here we outline the various structures and corporate forms for setting up the business in Oman that depends on products or services the business offers. Two main options for investors to start the business are: mainland Oman and the free zones of Oman.
The Legal structures
Three main legal structures are available to companies that provide a direct and indirect business presence in Oman. For a direct perspective, it comes through a sole proprietorship or a corporate entity. From an indirect perspective, business gets carried out through commercial agents.
The Sole Proprietorship
A sole proprietorship has a simple business method where an individual trades on his account under a trade license issued in his name. This type of business entity is said as 'establishment' beside the company and the sole proprietor is liable to the full extent of his assets for the liabilities of the business. The establishment does not have an independent legal entity from that of the owner.
The Omani nationals and the nationals of GCC countries are permitted to form sole proprietorships in Oman. The practice has arisen in recent years, where an Omani national obtains the trade license for a sole proprietorship and leases to expatriates who take the management functions of the business and retain all profits. This kind of arrangement is not recommended as it is unlawful and problems arise if the business relationship between the parties break down.
A legal holder of the license has 100% liability for debts about a third party, they don't know about private arrangement. The procedure for establishing a sole proprietorship is by applying the relevant documents to the One-Stop-Shop at the Ministry of Commerce and Industry. Here the Chamber of Commerce and the Municipality would have representation to issue relevant licenses with the main trade license issued by the Ministry of Commerce and Industry.
The Corporate Forms
Several legal forms are available for establishing a business presence in Oman. Overview of various corporate vehicles are available to set up in Oman along with certain comparative features of each that are based on the provisions of the Commercial Companies Law, Sultani Decree number 4/1964, as amended, the primary law governing corporate entities:
You have to apply with relevant documents to the One-Stop-Shop at the Ministry of Commerce and Municipality with representation to issue relevant licenses like the main trade license issued by the Ministry of Commerce and Industry.
The corporate forms: It has various legal corporate forms available for the establishment of a business presence in Oman. Overview of various corporate vehicles are available to set up in Oman and comparative features of each that are based on the provisions of the Commercial Companies Law and Sultani Decree number 4/ 1947 as the primary law governing corporate entities:
The personal name
The company must be confined to the relationship between the partners and would not be effective towards third parties. The existence of such a company is restricted to the arrangement between the partners and not to be made known to third parties. The arrangement would essentially be a partnership. Every partner who conducts the business will do in his name and would not declare the interest of other partners. The liability of partners who conduct business is unlimited, related to the liabilities of the company. When the liability of other partners is disclosed, the venture will be treated for every purpose as a general partnership.
The joint participation ventures seems popular with foreign companies who wish to set up in Oman on a short-term basis for carrying a specific project. They are formed when there is some participation by the government bodies. No registration formalities are needed for this type of company, as it does not have a distinct legal entity.
The Joint Stock Company
The Joint Stock Company (JSC) is governed by Commercial Companies Law (CCL), which defines a JSC as a " company whose capital is divided into equal value negotiable shares." The shareholder's liability gets limited to the paying of the value of shares that have subscribed, which is answerable for the debts of the company on the extent of the nominal value of shares to which he has subscribed. The JSC can be closed or public by the Commercial Companies Law (CCL).
The Public Joint Stock Company (PJSC)
The PJSC is similar to the public limited company in the United Kingdom. Based on CCL, the shareholders of PJSC are liable to the value of their shares in the capital of the company. The nominal value of each share of a PJSC must be less than 100 Baiza and not more than OMR 1, the minimum share capital requirement is OMR 2 million for a general company. The OMR 20 million for a banking entity and OMR 5 million for the insurance company.
The Closed Joint Stock Company
The closed joint-stock company is the same as a PJSC with differences like:
The minimum capital requirement is OMR 500,000.
Shares of a closed joint-stock company can't be offered to the public.
Shares of a closed joint-stock company are listed on the third market, while the shares of a PJSC are listed on the primary market.
The lower capital requirement of OMR is 500,000, and the closed joint-stock companies are popular with foreign investors. The procedures for setting up a closed joint-stock company are similar to a PJSC.
The Limited Liability Company (LLC)
The LLC is governed by the CCL. The LLCs seem to be a popular and suitable method of establishing business in Oman by foreign investors. LLCs are similar to private limited liability companies in the United Kingdom. The intended business has insurance, banking and investment activities conducted on behalf of third parties.
An LLC is not legally permitted to practise these activities. A PSJC must be established in this case. The CCL defines LLC as a company with a limited liability. The number of partners should not exceed forty and should not be less than two. Each partner must be liable to the extent of his share in the capital. The partners participation must not be represented by negotiable certificates.
The following steps about an LLC:
The public subscription for raising capital is not permitted
The foreign partner is permitted to own a maximum of 70 per cent of the capital of the company and the day-to-day management of the company may be vested in a foreign manager
The managers would be one or more of the partners or other parties that includes foreigners
National partners often play no part in the operations of the company and would give the foreign partner a power of attorney authorizing him to vote in the general assembly on behalf of matters permitted by CCL
It provides in the Memorandum (called the Constitutive Contract under CCL), the profit and losses will be shared in a ratio different from the share capital ratio
Appoint an auditor who are accredited in Oman
The auditor must be appointed by the general assembly (the meeting of all the shareholders of the company).
The Holding Company
The holding companies are not popular due to the high capital requirement and structure which is OMR 2,000,000.
The objects of a holding company should include the following:
managing subsidiary companies, or participation in the management of other companies which has shares
investment of its funds in bonds, shares, and securities
the provision of guarantees, loans and funding to its subsidiary, other companies and holding of trademarks, patents, concessions and other incorporeal rights, the exploration and the leasing out of the same to its subsidiary and other companies.
The rules are issued by the Ministry of Commerce and Industry, which regulates holding companies and their subsidiaries. The foreign investors don't choose the legal form during their initial investment until the business develops and there is a requirement to include one from the mentioned points.
The Branch Office of a Foreign Company
The popular way for foreign companies is to benefit from 100% foreign ownership and establish a branch office of the parent company.
The initiation of Foreign Capital Investment Law by Sultani Decree number 102/94, contains provisions that regulate the establishment of branch offices of foreign companies in Oman.
The branch office is legally part of an extension to its parent company; it does not have a legal identity from its parent company.
The name of a branch office is the same as that of the company of which it is a part. To establish a branch of a foreign company, the foreign company must have a contract with one of the government entities or companies wholly owned by the government.
The foreign company should provide an undertaking with the registration documents, that stipulates to bear the liabilities of the branch and the acts of its manager of the branch.
Usually the branch period is limited to the period of the project that is sufficient for its execution in Oman, and that is not permitted to carry out any other type of work for any third parties.
Activities of the branch must be similar to the activities of its parent company and it is not permitted to carry out any other activity until approved first by the parent company and then registered with the Ministry of Commerce and Industry.
The Representative Offices of Foreign Companies
The representative offices are governed by the Representative Office Regulatory Law, initiated by the ministerial decision number 22/2000. The representative office of a foreign company is legally distinct from a branch office of a foreign company, which is permitted to promote its parent company’s activities.
If the parent company deals in the sale and production of certain products and opens a representative office in Oman, the office will be able to market and promote the sale and production of such products and facilitate contracts in Oman, distinct from conducting the sale and production themselves.
It is noted that in addition to the mentioned limitations, representative offices have other restrictions that are not allowed to obtain credit facilities or put forward offers.
To establish a representative office in Oman, the parent company should provide a certified copy of the articles of association, authorization for the manager of the representative office and a certified copy of the commercial registration certificate to manage the office and a letter of undertaking to bear all liabilities of the office.
The Commercial Agents Foreign companies would trade in Oman through importers and traders. Such arrangements are not well suited to continuous, high volume trading.
The overseas manufacturers or traders wishing to import goods into Oman in large quantities and regularly can appoint a local trader or commercial agent through the establishment of a commercial agency.
The commercial agencies are registered in the commercial agency register maintained by the Ministry of Commerce and Industry.
The Registered Commercial Agent
The Registered Commercial Agency is defined by the Commercial Agency Law, Sultani Decree number 26/1977 as amended, (Agency Law), “the agreement by which a merchandise or a commercial company undertakes to promote or sell a product or provide services either his, or it's capacity as an agent or a representative or a mediator on behalf of the supplier or the principal in consideration to a commission or profit”. This would apply in particular.
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Oman is a wise choice if you’re planning to start setting up a business. Its many qualities will only make your business cross extensive bridges. The country provides favourable grounds to build upon - such as its well-equipped infrastructure and guarantee of security. Business owners can access many international networks and can enjoy the privileges of being in a tax-free zone.
Like in any other Gulf Cooperation Council (GCC) states, one has to adhere to a set of rules and complete necessary formalities to begin the incorporation of a business, regardless of the size and nature of the business.
Here are the steps that need to be followed
Reserving a company name
In order to begin the process and reserve a name for the company, an application needs to be filled and submitted to the Ministry of Commerce and Industry (MCI), while adhering to the Omani Law.
Putting together Incorporation Documents
After reserving the company name and getting it approved, one needs to create the constitutive contract and shareholder documents. This process remains incomplete unless an authorized signatory form and bank certificate are not obtained and submitted to the MCI.
Registering with the Omani Chamber of Commerce and Industry
Registering with the OCCI ensures that the business will yield to all commercial terms necessary for a corporate in Oman.
Getting Governmental Departments Approval
Keeping in mind the type of business owned, one will have to follow several procedures for approval by the government departments.
Tax registration
Municipality licence
Import/export licence, if required
Industrial, environmental and other permits and licenses
Registration with the Royal Oman Police
Registration with the Ministry of Manpower, to file for labour clearances and visas
Getting a Company Seal
A company seal refers to a logo. Getting a logo designed means having something to represent it by. A logo should incorporate the voice of the company.
While all these steps need to be followed, the business owner needs several documents to register a company in Oman:
The business owner needs a company registration form, along with valid Ids of all the shareholders. Authorized signatory form needs to be produced with names and signatures, and it needs to be approved. Finally, the company statutes, OCCI affiliation certificate and the certificate proving the initial bank deposit as capital need to be kept in hand.
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Oman is a country on the Arabian Peninsula coastline and occupies a strategically important position at the start of the Persian Gulf. Oman is a diverse economy, but relies heavily on oil exploration.
Basic Requirement For Starting a Business in Oman
Starting a business in Oman is a complex and financially dangerous, so local knowledge is important. You should also consult a good lawyer from the beginning. An experienced attorney will guide you through the registration complexity and his help is essential to protecting your interests. This applies whether you open a modest shop or a major business. As is the case with the entire world, there are informal businesses in the area, but if there is a problem or torn, there is no legal means. Those who want to start a business in Oman should consider three main considerations.
You should be familiar with the area. Be prepared to conduct extensive research in the field of business in which you wish to conduct business. There must be a viable business plan that includes research on market conditions, competition and forecast results. You should be prepared to find the investments you need through your own resources or bank, and in other ways than applying locally, especially if you are new to the region and not performing. A reliable plan can attract local support, perhaps government support.
By law, you have a local partner with a lot of interest, so you should be able to control your business. Local partners, whether companies or individuals, do not need to contribute or financially participate in venture investments. Just like self-employment, there are many ways to reward your partner. However, in order to encourage foreign investment, some states are currently reviewing local partner requirements.
When a business is registered, it must show that the amount of investment in the Department of Commerce is significant. The amount required varies from state to state and is considered a guarantee of debt, but you can withdraw money soon!
Importance of Sponsor to Start a Business in Oman
Strong sponsors or employers are official great weapons, and observing his skillful negotiations can be an enlightening experience. But authorities are usually helpful and are not difficult unless there is a good reason. Having a polite attitude and patience will make working in this area easier. Ask for advice, you will respect the person you asked for, and you will find that Arabs are kind and helpful. Hiring foreign employees is an expensive exercise for employers, including hiring consultant fees, legal costs, and travel costs. As a result, few employers are serious about treating their employees and putting their investment at risk, and the vast majority of foreigners have flourished in Oman for many years.
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Muscat: The Chairman of Oman Chamber of Commerce and Industry (OCCI), and President of the National Chamber of Commerce have signed a Memorandum of Understanding (MoU) between in Sri Lanka.
The OCCI said in a statement that the Oman Chamber of Commerce and Industry, on the sidelines of the Oman-Sri Lanka Business Forum signed a MoU with the National Chamber of Commerce in the Republic of Sri Lanka aiming to contribute for enhancement of volume of commercial cooperation and development of network of communication between business owners in the two countries.
In addition OCCI stated that His Excellency Ridha Al Saleh, Chairman of the Chamber’s Board of Directors, representing the Oman Chamber of Commerce and Industry, and His Excellency Nandika Buddhipala, President of the National Chamber of Commerce in Sri Lanka, representing the Sri Lankan Chamber, and in the presence of His Excellency Omar Libby, Amir Ajwad, the Ambassador of the Democratic Socialist Republic of Sri Lanka accredited to the Sultanate signed the MoU.
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If you are looking to start a business in Oman, then you have arrived at correct place. Here you will get detailed information regarding how to start a business in Oman. The only thing you have to do is read the full content thoroughly. Oman is an Arab country located in the southwestern part of the Asian continent. Muscat is the largest city of Oman. Oman shares borders with five countries, which are Saudi Arabia, UAE, Yemen, Iran and Pakistan. Oman Arabic is the official language of Oman.
Oman is classified as a high-income economy despite the fact that it is not an oil producing country like its oil-rich neighbors. Living standards in Oman are higher than in other countries in the region. Oil and natural gas reserves are limited, but the oil and natural gas sector still makes the largest contribution to gross domestic product. Agric sector that produces grain, lime vegetables, and dates, is another major source of income in Oman. Recently, the government of Oman is improving how to open the tourism sector to investors.
Oman is a relatively easy place, as shown by Korea's favorable ranking in international business research. In particular, Oman ranked 71st out of 190 countries in the World Bank's business convenience rankings in 2018. Good support for factors like tax payment and business start-up. The former pattern of doing business in Oman mainly deals with other exclusive patterns in familiar and westernized business situations, but is likely to have a clear Arabic business flavor.
A Brief of Oman business culture
It is important to understand that arrogance is more free than neighboring countries, but remains an Islamic state. Foreigners should always be sensitive and respectful of the great influence these religious beliefs have on ordinary social life. Expatriates must never deny the belief of Islam or its chief Mohamed. Oman's business culture is generally Arabic in that it focuses on personal relationships among business associates. Omani businessmen always choose to work with someone they know and trust. Expatriates need to be patient in their initial meetings with new Omani business partners. It takes a lot of time to get to know each other before the actual business is discussed. Falling in arrogance is undesirable. Long-term and personal business relationships in Oman are worth your time and energy.
Tips for Starting a Business in Oman
Try to build a personal and serious relationship with Omani business associates
You will go a long way in dealing with business stakeholders, so learn some basic Arabic words even with a few words and phrases.
Do not shy, weaken or insult anyone during a business meeting. In the western world, this will gain more fame, while in the Arab world it will spoil the possibility of forming good business relationships.
Respect and observe the Islamic culture and traditions.
Do not forget that in Oman, the line between professional and private life is often blurred. Family disturbances are expected during business meetings.
Oman has caught the attention of international investors. Investors take into account a wide range of parameters and finally make their first step towards registering a company in Oman.
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The Omani LLC is the commonly used business entity for foreigners to do business in Oman, to manufacture business activities and various trading. For starting a business in Oman, you need to go through the process set by the Omani authorities. The company registration process of Oman is as follows:
The Name Reservation Process Before Registration
The company name is approved by the Ministry of Commerce and Industry. Based on the Omani law, a new company should not have the same name as the existing company. The MCI needs a higher starting share capital for companies with certain words as "Oman" in their name.
The MCI Application
It involves preparing and submitting the following documents:
The Foreign Shareholder Documents for Registering Company in Oman
If a corporate entity, each shareholder should provide it's board resolution, constitutional documents, certificate of incorporation and power of attorney.
The Omani Shareholder Documents
Every shareholder should provide a certificate of registration, MCI computer printout, authorized signatory form, Oman Chamber of Commerce and Industry certificate and shareholder's resolution.
Must have the authorized signatory form and constitutive contract forms a part of the constitutional documents of the LLC.
The Bank Certificate
The Bank Certificate is obtained from a bank in Oman, that is used as evidence of compliance with the LLC's capital requirements.
The OCCI Registration
The important step in the registration process is the OCCI Registration. It is immediately obtained after the MCI completes the registration examination of your company and approves the certificate.
Approvals
The approvals that depend on the LLC's intended business activities further requires government approvals.
The Steps for Post-Registration Process
When the LLC registration gets approved, and you obtain all the necessary certificates from the Ministry, you need to organize them:
The municipality license
The Tax registration
Register with the Royal Oman police
Register with the Ministry of Manpower, to apply for labor clearances and visas
Export or Import license, depending on the nature of the business
The Environmental, Industrial and other permits and licenses, depending on the nature of the business
The List of Documents Required to Set Up an LLC in Oman
Application forms that must be submitted to the MCI
The copy of passport or identity cards of shareholders
The copy of passport or identity cards of all intended authorized signatories
The approved authorized signatory form, with names and sample signatures of each authorized signatory reproduced
The standard company registration forms, including constitutive contract and articles of association
The application for specific licenses depending on the company’s activities
The certificate of initial capital deposit from the bank
Lease Agreement for Company Registration in Oman
The company lease agreement
The company statutes including memorandum and articles of incorporation
The certificate of chamber of Commerce and Industry affiliation
Top 7 Business Opportunities in Oman: Oman has a high index on the free state for investment. Strategically located, Oman can be a link to routes between Asia and Africa. It is also a gateway to the Arab world. These factors, along with a progressive economy and investor-friendly business environment, Oman is the optimal choice to start a new business. Under the Oman vision 2040, many industries are booming with new opportunities.
Travel and Tourism
Oman is a beautiful country, with beaches and deserts. It is also one of the safest and friendliest countries for travel, especially for women. The tourism industry is booming and despite small setbacks in uncertain times, it has great potential and is a very profitable business in the long run. It is a low-cost investment opportunity.
Manufacturing
Oman is a top importer for many products. Now, they want to manufacture products in their country rather than importing it, reducing dependency on oil exports. Investors are actively encouraged to invest in themanufacturing industry of Oman.
Technology
Oman looks to improve on the digital technology front and with a 2030 digital vision plan and Oman tech fund to invest. Oman has opportunities for technology-based startups that have a clear vision and plan.
Logistics
Transportation and Logistics have been identified as a potential substantial contributor to the GDP. As such, the Oman government is taking steps to provide global facilities, extensive roadway and railways system and connect for faster logistics solutions. You can tap this market for your new business.
Mining
With Oman’s focus on oil, other rich resources like gold, silver, nickel, zinc and other minerals have been left untapped. The government is offering great opportunities in mining various natural resources. They want investors with exploration expertise, processing technology and other related opportunities.
Restaurants and bar
Restaurants are a sound investment in Oman. Opening a restaurant that serves different cuisine are all welcome. It is a good business opportunity with good ROI. Also, alcohol consumption is legal only in licensed places like hotels, restaurants and bar in Oman. If you serve alcohol in your restaurant, you have a better chance of making money.
Retail shop
Set up a retail shop, popular choices are electronics and home appliances, and perfume stores. Deal in commodities that are very popular with the local consumer and set up your business in a great location.
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Oman implements the new Foreign Capital Investment Law that came into effect in early January 2020, which allows the foreign investors to open businesses with full ownership and would not stipulate the Share Capital requirement.
Ministry of Commerce and Industry enforcement of the new Foreign Capital Investment Law, promulgate the Royal Decree No. 50/2019 holds a handful of incentives and this benefits the foreign investors by removing the previous mandatory appointment of Local Omani for business registrations in Oman.
A big leap taken by the Government with a clear vision, fortified the country’s economic development to attract more foreign investors leading towards further investment opportunities in the future.
The Chief Executive Officer of the Smart Portal of Investment, Dr. Youssef bin Hamad Al Baloushi, stated: “There can be no doubt that investment in general and foreign investment in particular is very important for any development process. Countries would compete to attract such investments as it renders lots of advantages and solutions.”
Dr. Youssef bin Hamad Al Baloushi also mentioned: “In regards to the Sultanate, there is an urgent need for accelerating the pace to attract and encourage domestic and foreign investment. It is required due to the current growth stage. The infrastructure can be in a high level of readiness. Now there is the legislation at hand that helps the transition to a new model to reap the fruits of huge investments. This also maximizes the benefits. The Sultanate is one of the nations with lots of natural resources. Needs and priorities of development have been radically changed from the beginning of the Renaissance until now. The Sultanate adapts to the changes within a short period. This has all the resources, ingredients and readiness to change and move to a sustainable stage where all will work, produce and get all sorts of benefits.”
With the translation services, manpower offices, rehabilitation centre, tailoring of garments, car cleaning services along with other 32 business activities stay under the Negative list that needs the involvement of a Local Omani. Investors have an array of business activities as they are eligible for 100% ownership to choose from.
More clarity with specific provisions of the new Foreign Capital Investment Law will be released in the coming months once the Executive Regulations have finalized and made public.
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