Muscat: The Ministry of Commerce and Industry has suspended dealings with 100 foreign investment companies after they failed to comply with foreign investment regulations and laws.
Mubarak Mohammed Al Dohani, Director General of the Directorate of General Commerce at the Ministry of Commerce and Industry explained that because the Ministry has invested in speeding up the procedures for registering companies and licensing activities through Invest Easy, many government bodies now have tighter control over these companies and how they comply with the terms and conditions of foreign investment companies.
The Sultanate is looking for real foreign investment that brings added value to the country. Field visits by the ministry to these companies show that some do not comply with the regulations of Foreign Investment law and do not exercise the licensed activity.
According to Al Dohani, because of the field visits, the Ministry gains more insight into the work and activities carried out by the company and may view its final budgets, financial status and accounting statements, as well as lease contracts and licences.
In addition, companies must disclose social insurance and manpower details for all Omani and foreign employees as well as salary costs.
The Director General of Commerce pointed out that the number of foreign investment companies in the Sultanate had reached 10,392 by the end of 2018.
The Ministry continues to provide electronic services facilities to all local and foreign companies to attract investments to the Sultanate, enabling the investor to complete transactions electronically without the need for attendance at the Ministry.