Friday 26 / July / 2024
Muscat: Individuals, institutions and companies from inside or outside the Sultanate of Oman can now market investment opportunities in the country.
The Ministry of Commerce, Industry and Investment Promotion (MoCIIP) has issued a ministerial decision No.306/2022 on amending some provisions of the executive regulations of the Foreign Capital Investment Law. The decision comes as follows:
The first article stipulated that the texts of Articles (5,7) of the executive regulations of the Foreign Capital Investment Law shall be replaced by the following two texts.
Article (5): The Ministry may give licence to individuals, institutions and companies from inside or outside the Sultanate of Oman to market investment opportunities, attract investors and encourage them to invest in the Sultanate of Oman, in accordance with the rules to be determined by a decision of the Minister.
Article (7): The foreign investor or his representative may entrust one of the offices licenced by the Ministry to examine the investment licence application, and the requests for obtaining approvals, permits or licences necessary to establish the investment project, to indicate the extent to which they fulfill all the conditions and requirements legally prescribed for issuance. A certificate is issued to that by the office, which is valid and acceptable to the centre for a period of six months from the date of its issuance. However, the centre has the right to object to what is stated in this certificate, within 10 days from the date of its submission, and the objection must be justified.
These offices may submit the aforementioned applications to the centre on behalf of the investor and follow up on their completion.
A decision of the Minister shall specify the conditions and procedures for licensing these applications’ approval and their mechanism of work and determining their obligations.
