Muscat, The Ministry of Commerce, Industry and Investment Promotion issued Ministerial Decision No. 574/2022 promulgating the “Bylaw on Regulating Offices for Endorsement of Foreign Investors’ Applications.
The bylaw seeks to establish an investment-attractive climate by facilitating procedures on obtaining approvals, permits and licenses for investment projects. It also aims to attract quality investments that contribute to the growth of the domestic product, besides creating employment opportunities.
The bylaw will help boost the national economy, enhance economic diversification sectors in line with Oman Vision 2040, bearing in mind all security, legal, social and economic dimensions.
As many as 18,726 applications to receive investment licenses were submitted via “InvestEasy” portal between 17 November 2021 and 9 November 2022, according to the Ministry.
The Ministry’s Investment Services Centre will draft the pertinent regulations and forward them to the Minister.
According to the Bylaw, applicants for investment licenses are required to take the form of an Omani firms, in accordance with the provisions of the Commercial Companies Law. The applicants should have professional competence, good reputation, investment specialized human resources having not less than 5 years of experience and capable of interacting with full competence in a foreign language. The applicants should have financial solvency necessary to practice the profession of accreditation offices.
According to the Ministry, the period of license is three years, renewable for similar durations, provided that the renewal application is submitted in the form prepared for this no later than 60 days prior to the expiry of the license period for licensing.
In the event that the license application or the license renewal application does not fulfil the conditions and requirements stipulated in the regulation of the foreign investor’s endorsement offices, the Investment Services Centre shall notify the applicants of the missing parts in their applications. It will grant them a grace period of not more than 30 days from the date of the notification to complete the formalities.
The Centre shall also examine the license applications and clear them within a maximum period of 60 days from the date of meeting all conditions and requirements stipulated in the regulations of the Bylaw. Once the set period elapses without comment, the applications are deemed appropriate and accepted.
Source: Oman News Agency