Muscat: The Ministry of Commerce, Industry and Investment Promotion (MOCIIP) issued a clarification on what is being circulated on social media about the liquidation of a number of commercial establishments.
MOCIIP would like to clarify that the increase in the number of companies’ liquidating at the present is a result of the benifits from facilities provided by the ministry, a period of six months for companies wishing to merge their various commercial activities and for a period of one year for companies wishing to liquidate their records. These facilities began in June 15, 2021 within the framework of the efforts made by the ministry to address and facilitate multiple commercial records and its negative repercussions on the economic aspects and to also allow establishments to correct their conditions and liquidate expired and inactive companies.
The ministry affirms that publishing the announcement in the Official Gazette is a binding legal procedure to end transactions and preserve the rights of others. It is considered a normal procedure to keep pace with global economic changes and technological developments that require the restructuring and development of institutions in line with the requirements of current developments.
The statistics in the ministry indicate an increase in the number of new commercial records, as their number during the period from January 1 to July 25, 2021 reached 10,934 compared to the same period in 2020, which amounted to 7,910.