Muscat: As many as 10,964 certificates of origin were registered at the Ministry of Commerce and Industry (MoCI) for domestic products exported to GCC countries and Arab states in 2016.
Talal bin Hamoud Al Balushi, Head of the Commercial Licence Department at the Ministry of Commerce and Industry, said the issuing of the certificates sped up clearance procedures. The exemption of customs taxes on goods is enough to encourage enterprise owners to purchase certificates of origin to take advantage of the privileges offered to them.
He added that Small and Medium Enterprises (SMEs) are interested in marketing and promoting their products in different countries, as do families and craftsmen who seek to take advantage of the features offered by the certificates of origin in countries in which there are agreements, as these categories are required to prove that these products are local by concerned authorities in the Sultanate, prior to being awarded a certificate of origin.
The Ministry, represented by the Commercial Enterprises Control Department, registered 51 Omani companies subject to the Foreign Investment Law, along with Omani joint stock companies with capital of OMR88,292,700 in 2016.
“The figure includes 43 closed joint stock companies whose capital stands at OMR71,367,700, and 8 companies subject to the Foreign Investment Law with capital of OMR16,925,000,” said Khalid bin Khamis Al Masrori, Head of the Commercial Enterprises Control Department at the Ministry of Commerce and Industry.
He added that 27 firms received administrative licences. These licences aim to encourage Omani and foreign investors to set up joint stock firms with capital not less than OMR500,000 each, with the exception of the holding companies, whose capital should not be less than OMR2 million each and whose promoters should not be fewer than three natural or juristic persons.