15 new closed joint stock companies founded in 2020

Business Saturday 10/July/2021 16:08 PM
By: Times News Service
15 new closed joint stock companies founded in 2020

Muscat: Licenses have been issued for founding 15 new Omani closed joint-stock companies in 2020 with total issued capitals reaching OMR65.79 million, according to the Ministry of Commerce, Industry and Investment Promotion (MoCIIP).

The number of Omani closed joint stock companies stood at 396 companies in 2020 with an aggregate issued capital of OMR8.49 billion, the MoCIIP said in a statement on Saturday.

The Statistics Department of the ministry further clarified that the number of companies subject to the foreign investment law till the end of 2020, reached 14,021 companies, with a capital of OMR5.58 billion.

The ministry in the statement pointed out that, the number of companies registered under the Foreign Capital Investment Law during the past year, reached 1,414, with a capital of OMR188 million, where 1,522 electronic transaction requests were completed through the Invest Easy portal until the end of December 2020.

The Foreign Capital Investment Law permits the investor to found a company in one of the permitted activities by owning its entire capital without stipulating a minimum capital for the company, provided that the foreign investor shall adhere to the submitted timetable of implementing the investment project, which will be approved in accordance to a study economic feasibility without any non-approved fundamental modifications to the investment project.