Thursday 28 / November / 2024
MUSCAT: The stimulus package that offered discounted commercial registry fees to foreign investors in the Sultanate of Oman from early 2021, due to the impact of the coronavirus pandemic, ended on December 31, 2022.
A senior official from the Ministry of Commerce, Industry and Investment Promotion (MOCIIP) told Times of Oman that the fee for commercial registry and licence from the Oman Chamber of Commerce (OCCI) and Industry for foreign investors has gone back to pre-COVID days.
It may be mentioned that during the pandemic, foreign investors were offered a discounted fee of OMR96 instead of the regular OMR3,000 for opening a commercial register and getting a licence from the OCCI.
The official said: “The rumour that is going around that the fees have been hiked from January 1, 2023, is incorrect. The stimulus package that was offered to foreign investors due to the pandemic was introduced from March 9, 2021 and was due to expire on December 31, 2022. The fees now charged are according to the pre-COVID days.”
The official, who requested anonymity, said: “As part of the economic stimulus plan, the foreign investors were given the same benefits as provided to Omani businessmen in the commercial registry fees if they were investing in one of the economic diversification activities that were approved in the tenth five-year plan, which was limited to approximately 1,106 economic activities. A total of 70 activities are prohibited for the foreign investors. A lot of foreign investors renewed their commercial records during the permit period, by paying a fee of OMR96 until the end of 2022. Once the economic stimulus plan ended, the fees were restored to pre-COVID days.”
The economic stimulus plan was approved by the Council of Ministers. It was based on five pillars – reduction in taxes and fees, improving the business and investment environment, support to small and medium enterprises, labour market and employment incentives, and ease in banking and loans procurement.
The aim was to mitigate the impact of COVID-19 on the national economy by presenting a set of measures and initiatives aimed at supporting economic recovery efforts, enhancing the performance of economic activities and attracting foreign investments.
The official also said that it is untrue that Omani businessmen pay more than foreign investors. “The financial fees for opening or renewing a commercial registry depend on the capital in the commercial registry. While the Ministry of Commerce, Industry and Investment Promotion (MOCIP), charges a certain fee that ranges between OMR60-64, the fees charged by the OCCI for obtaining licence is separate from the ministry.”
The official stressed that when the government approved the economic diversification plan, it was targeting economic diversification activities, namely the logistics sector, the tourism sector, the transportation sector, the manufacturing sector, the agricultural and fisheries sector.
