Friday 26 / April / 2024
Muscat: Providing investors with five-and ten-year investor residency visas allows them to stay longer in the country and enables their businesses to grow in the long-term, according to a recent recipient of the long-stay investor visa.
Alternative energy solutions
Yogendra Singh Katiyar, the founder of We Network LLC, a company specialising in telecommunications, IT, and alternative energy solutions, founded his organisation in 2011 in Oman, and has expanded his operations across the Middle East, Southeast Asia, and Indian subcontinent.
“It’s been a great initiative from the government to issue long-term visas for investors,” said Katiyar. “This will help Oman grow economically and make use of technology, blended with the skill and dexterity of capable people. It will also help both socially, and in terms of infrastructure development.
“I hope that Oman’s latest residency programme attracts and promotes qualitative investments that contribute to the growth of the country’s GDP and support its national economy,” he added. “The country seeks to boost localisation of industries, transfer of advanced technologies and modern techniques, and promote economic diversification.
“Once new foreign investment companies set up operations in Oman, a handsome amount of foreign investment comes into the country, and this will create new employment opportunities,” he explained. “We are looking forward to seeing Oman in 10 years’ time, as one of the best Middle East countries with access to sophisticated operations, while appreciating the efforts of investors.”
Oman’s Ministry of Commerce, Industry and Investment Promotion (MOCIIP) recently announced that they had provided long-term investor residency cards to 217 people, since the launch of the Investor Residency Programme in October 2017.
142 people were given 10-year investor visas, 73 were issued visas lasting for five years, and two cards were given to investors above retirement age. The programme grants foreign investors and retirees the right to long-term residency over a five or 10-year span. It also supports integrative efforts to enhance the investment environment, promote economic diversification, and attract quality investments
“Such a set up would attract any foreign investor to hatch their ideas with a great amount of optimism and diligent entrepreneurship,” said Katiyar. “I have been offered all sorts of investors’ assistance, and hassle-free establishment of my firm with easy terms and conditions.”
Other positive knock-on effects of the Investor Residency Programme include providing employment and skills to young Omanis. As an investor operating out of Knowledge Oasis Muscat, which was set up to encourage investments in tech and education, Yogendra also received plenty of incentives from Madayn, the Public Establishment for Industrial Estates.
These include 100 percent foreign ownership, excellent network opportunities, collaborative environment, favourable Omanisation percentages, good facilities, excellent communication partner channels, robust and diversifying economy, legal transparency, and an investor-friendly environment. As an eligible tenant, We Network was also able to bid for government tenders.
Katiyar welcomed government initiatives to encourage more investment, saying that it helped him to make sure he was offering the same standards of service across all of the countries in which he has set up operations.
“We have many plans on the anvil to expand our business domain across various parts of Oman in the coming years, having seen things prospering as we continue to exit the COVID-19 pandemic,” he said. “We have our establishments in India and the United Arab Emirates with accumulated business plans and strategies.
“We have plans to improve upon and execute in Oman, especially in the area of communication technology in the coming years,” he added. “Government authorities in Oman are keen to collaborate with investors and businesses to help this country flourish. The young generation can come forward with vision and enthusiasm, as there are a plethora of ideas that will thrive here.
“New investors can explore many areas, such as artificial intelligence, machine learning, hospitality, education, tourism, and healthcare, all of which can be made more productive and expansive in the country,” said Katiyar.
MOCIIP also provided guidelines for investors to obtain long-term investor residency.
“A request to benefit from the programme is submitted to the investment services centre of the ministry via the website that connects all concerned authorities,” said the ministry, as reported by Oman News Agency. “The centre evaluates the application, determines the type of investment required, and approves that application within one month from the date of application.”
Investors who obtain residency are eligible for many incentives and privileges previously announced by MOCIIP.
