Muscat: More than 10 articles of a decision have been issued by the Ministry of Commerce, Industry and Investment Promotion (CIIP) simplifying investment procedures and facilitating investors.
His Excellency Qais bin Mohammed bin Musa Al-Youssef, Minister of Commerce, Industry and Investment Promotion, issued Ministerial Resolution No. 361/2023 regarding simplifying investment procedures and facilitating investors.
According to what was monitored by Times of Oman, the first article of the decision in the matter of simplifying investment procedures and facilitating investors, stipulates the attached provisions that include 11 articles.
The articles of the provisions stipulated that the investment services centre in the ministry, through its affiliated investment in Oman lounge, undertakes the task of completing investor procedures easily and smoothly, by issuing the necessary approvals, permits and licences for investment projects, and providing necessary data and information for it.
It also included submitting quarterly reports to the Minister about the work, including - In particular - 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, if any.
In addition, it is also permissible, by a decision of the Minister, to allocate some places in the centre to companies and institutions of the sector to provide their services to investors, such as telecommunications companies, banks and financing companies, in exchange for a monthly rent, the amount of which is to be determined according to the controls issued by a decision of the Minister, after coordination with the Ministry of Finance.
