More than 10300 Foreign Investment Companies in the Sultanate

The Ministry has suspended 100 of foreign investment companies and stopped dealing with them in all the bodies associated with Invest Easy, for failing to comply with foreign investment regulations and laws in order to adjust their situation.

Mubarak Mohammed Al Dohani, Director General of the Directorate of General Commerce at the Ministry of Commerce and Industry said that during the previous period, the Ministry has made many facilities speeding up the procedures for registering companies and licensing activities through Invest Easy and the link with many government bodies with the tightening Control over these companies to see how they are complying with the terms and conditions of foreign investment companies. The Sultanate is looking for real foreign investment that brings added value to the Sultanate. Field visits by the ministry to these companies show that some companies do not comply with the regulations of Foreign Investment law and did not exercise the licensed activity.

Mubarak Al Dohani assured that the Ministry during the field visits, is aware of the work and activities carried out by the company and to view its final budgets, financial status, accounting statements, lease contracts, licenses for effective activities, disclosure of social insurance and manpower disclosure for all Omani and foreign employees in addition to the disclosure of the salary transfer for employees.

The Director General of Commerce pointed out that the number of foreign investment companies in the Sultanate has reached 10392 until the end of 2018. The Ministry continues to provide facilities to all local and foreign companies to attract investments to the Sultanate and transfer its services to electronic services, enabling the investor to complete transactions electronically without attendance to the Ministry.

The ministry invites foreign investment companies to adjust their situation and not to exploit the provided facilities.

Source: Ministry of Commerce and Industry

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