Tuesday 16 / April / 2024
Muscat: To create a competitive and attractive business environment, the Ministry of Commerce, Industry and Investment Promotion MoCIIP, issued a decision for simplifying investment procedures for investors.
The ministerial decision no. (361/2023) stipulates that the Investment Services Centre at the Ministry of Commerce, Industry and Investment Promotion, through the Invest Oman Lounge, affiliated with the Investment Services Centre, will undertake the processes of completing all investor procedures smoothly to issue necessary approvals, Permits and licenses for investment projects, and provide necessary data and information for that.
The Investment Services Centre aims at facilitating and simplifying procedures for investors to reach the highest levels of competitiveness, increase strategic and local investments, and attract foreign investment to the national economy.
The Invest Oman lounge is a unified window to provide integrated services to investors. It is also a window for displaying investment opportunities that exceed OMR1 million to Omani, Gulf and foreign investors.
The decision defines the rules and system of work at the centre, provided that it includes measures to simplify and facilitate the procedures for registering companies, establishments, and investment projects, and issuing necessary approvals, permits and licenses to economic activities.
The Investment Services Centre must also submit quarterly reports to the Minister of Commerce, Industry and Investment Promotion on its work, including a detailed statement on the volume of transactions that have been completed, the extent of compliance with quality performance standards in providing services, and Proposals related to developing the service and ensuring transparency and good performance.
The decision stressed that a sufficient number of employees of government entities and private agencies associated with providing public services should be attached to the Investment Services Centre, to take charge of issuing approvals, permits and licenses that belong to these entities.
The representative of the competent authority at the Investment Services Centre shall have all the powers prescribed for the competent authority in the field of issuing approvals, permits and licenses that fall within the competence of the authority they represent, in accordance with the conditions stipulated in the laws and regulations and in accordance with the periods and procedures specified in the investment guide.
Representatives of the competent authorities are subject to the administrative supervision of the Ministry of Commerce, Industry, and Investment Promotion, throughout their working periods at the centre, and they must abide by the rules and regulations of work at the centre.
Private sector
The decision indicated that some places in the center can be allocated to private sector companies and entities to provide their services to investors, such as telecommunications companies, banks and finance companies, provided that they adhere to secure electronic connectivity with government agencies within a maximum period. of 90 days, in order to exchange requests, data, documents, approvals, permits and special licences.
The decision specified that the issuance of the necessary approvals, permits and licenses for investment projects, and the allocation of land and real estate for them, be either by the automatic licensing system, which is the investment project obtaining approval, permit or license by notifying the center on the form prepared for that, or by the prior licensing system, which is the investment project obtaining approval or permission, or a license from the competent authority before starting the activity, as determined by the investment guide.
The fees charged by the Ministry for the services provided through the Center shall be determined by a decision of the Minister of Commerce, Industry and Investment Promotion, after the approval of the Ministry of Finance.
The second article stressed on the cancellation of whatever contradicts this decision and its attached provisions, or contradicts them. The third article confirmed that the decision will be in force the day following the date of its publishing in the Official Gazette.
