362 Closed Joint Stock Companies till 2017

The number of new Omani closed joint stock companies established during last year reached (24) companies with an issued capital of RO46,627,363.

Abdullah bin Salim al-Araimi, Director of the Audit and Supervision Department of Commercial Establishments at the Ministry of Commerce and Industry, confirmed that the total number of Omani completely registered closed joint-stock companies increased from (340) companies with issued capital amounting to RO8,363.6 million until the end of 2016 to (362) companies with issued capital amounting to RO8,397.9 million until the end of last year, which are divided between commercial, service and industrial activities . He pointed out that this rise is due to the improvement of the working environment and stability of the investment climate in the Sultanate.

He pointed out that the number of companies’ subject to the law of foreign capital investment increased from (7.992) companies with capital amounted to RO3,486.2 million until the end of 2016 to (8811) companies with capital amounted to RO3,642.9 million until the end of last year. About (427) subject to the law of foreign capital investment were audited. Procedures for foreign investors to (360) companies subject to the law of foreign capital investment were completed and they were granted permanent investor residence. (720) letters addressed to Royal Oman Police (ROP) and the Manpower Ministry to complete those procedures.

He added that the number of applications and transactions, submitted through Invest Easy or the old system, that were financially completed in 2017 amounted to (1143) applications, in addition to (10.985) applications that were legally completed in 2017, in participation with the Secretariat of the Commercial Register and the financial solvency was studied manually for about (2640) investors for partners in companies subject to the law of foreign capital investment.

Source: Oman News Agency