Registration of one person company begins

Business Tuesday 11/June/2019 16:37 PM
By: Times News Service
Registration of one person company begins

Muscat: The Ministry of Commerce and Industry has started registering the one-person company approved by the new Commercial Companies Law issued by the Royal Decree No. 18/2019, through the "Invest Easy" system.
This service was launched to facilitate procedures for the investors and the completion of transactions easily and conveniently, in addition to the 88 electronic services provided by the system.
Said bin Juma Al Salmani, Commercial Register Secretary at the Ministry of Commerce and Industry, said that one-person company is one of the new trading companies, a limited liability company whose capital is fully owned by one natural or legal person.
He added that the natural person may not establish more than a one-person limited liability company and a limited liability company established by one person may not establish a one-person limited liability company.
He added that the law also does not stipulate specific capital for the establishment of a one-person company.
He pointed out that these types of companies are managed by the owner of the capital and may appoint one or more directors to represent them before the courts and others and be responsible for managing them before of the owner. The owner of the company shall not be liable for the liabilities except for the amount of capital allocated to them.
He added that the appointment of an auditor shall be required in case the capital of the company is more than OMR50,000 and the company of the same person shall be treated as the limited liability company.
The investor can set up his company through self-service by entering the "Invest Easy" portal, choosing a new business registration service, choosing the legal form of one-person company, filling all required data in the system, signing the transaction and paying the fees electronically.