MoCI issues 7,758 industrial licenses through Invest Easy portal

Business Saturday 23/November/2019 16:32 PM
By: Times News Service
MoCI issues 7,758 industrial licenses through Invest Easy portal

Muscat: The number of industrial licenses of various categories registered through 'Invest Easy' portal from the beginning of January till the end of October this year was 7,758.
The Ministry of Commerce and Industry (MoCI) said that during this period 7,262 licenses were issued for industrial projects with an investment cost of less than OMR5,000, 110 licenses for industrial projects with an investment cost of OMR5,000 to OMR50,000 and 55 licenses for the projects with an investment value of OMR50,000 to OMR100,000 during the same period of this year. Similarly, there were 129 licenses issued for the industrial projects with investment costs ranging between OMR100,000 and OMR500,000. The number of licenses given to the industrial projects with investments of more than OMR500,000 was 202.
Ibtisam bint Mohammad Al Alwiyah, Secretary of the Industrial Registration in the Ministry of Commerce and Industry, said that the electronic service for industrial licensing was started to make the procedure swift for the business sector, particularly those related to industries in the Sultanate. This also makes the task easier for investors and male and female entrepreneurs as it saves their time and efforts. This approach would help in making the Sultanate a destination for setting up commercial and investment projects.
She said that the process of approving the industrial licenses starts with the filing of application through ‘Invest Easy’ portal. Then the site of the industry, its activities, products, tools and equipment, production capacity, unit of measurement and name of the establishment is verified. Then the feasibility of the project is studied. She pointed out that there were certain related authorities which have a role in issuing the licenses. The file goes to them for approval within 30 days. After that, the industrial licenses are issued. These licenses have a validity of three years.
When the investor starts the project and begins the work, he or she applies for updating the data regarding the actual date when the production started. That too through Invest Easy portal. When the date of the licenses expires, then an application for its renewal has to be filed through the same system on a prescribed form. After that, a team visits the industry and verifies the data of the production.