Provide documents during transfer, sale of shares: Ministry

Muscat: The Ministry of Commerce and Industry said that the companies and institutions who want to transfer or sell their shares in any company or institution must submit lease contracts, municipal licenses, bank statements of all institutions and companies owned by the seller and buyer as well as latest financial statements of companies which have completed one year from the date of registration.
Khalid bin Khamis Al Masrouri, Director of the Department of Audit and Control of Commercial Establishments at the Ministry of Commerce and Industry, said that the ministry wanted to control hidden trade and selling of commercial registrations. It is also trying to get information about the active companies.
He said that it was recently revealed that many owners of the commercial registrations register more than one entity and later sell it without any commercial activity to get expatriate workers and let them go anywhere in the country.
Al Masrouri said that the ministry was continuously monitoring the owners of these commercial registrations, and giving them an opportunity to adjust their positions either by submitting the required documents or cancelling their commercial registrations if they are an individual institution or dissolve and liquidate it if they are companies.
The Ministry of Commerce and Industry has urged all institutions and companies to take measures to transfer or sell shares in any company or institutions by producing documents which prove their validity and activity and show that they are owned by the same people.