Friday 27 / September / 2024
Muscat: The Ministry of Commerce, Industry and Investment Promotion has issued recommendations to clamp down on unethical practices such as hidden trade and prevent companies from registering under multiple names.
A team from the ministry tasked with studying these practices had “worked over a period of two months to analyse a number of existing legislative frameworks, laws and procedures related to this, and proposed improvements in line with current requirements.
“This would help make illegal the practices of hidden trade and companies holding multiple commercial registrations,” added MOCI in a statement. “In the spirit of working jointly with the private sector, a number of meetings with businessmen and companies were held, to help identify the challenges they face.
“This would also help them overcome obstacles in a way that ensures government procedures are being followed, while providing quick and fair solutions,” the ministry went on to say.
“Proposals were also received from groups specialising in how these practices impacted society, which stressed the importance of community partnership in the functioning of the ministry.”
A number of representatives from various public and private sector bodies were involved in these meetings, including the Ministry of Commerce, Industry and Investment Promotion, the Ministry of Interior, the Ministry of Economy, the Ministry of Labour, the Ministry of Finance, the Royal Oman Police, Muscat Municipality, Dhofar Municipality, the Oman Chamber of Commerce and Industry and the Small and Medium Enterprises Development Authority.
“The tasks of the work team included reviewing the mechanisms and controls regulating multiple commercial registrations, monitoring private institutions to ensure correct business practices, and following up with companies to make sure they provide adequate housing for expatriate workers,” said the MOCIIP.
“This also included meetings with the private sector, related organisations and the concerned authorities to discuss their views over reducing the practice of multiple commercial registration and the cancellation of lease contracts for commercial stores, as well as their consequences, as well as finding ways to ensure companies in the country follow the correct Omanisation practices,” said the statement.
This latest meeting of the working group, which was formed under Ministerial Decision No. 183/2020, was chaired by Qais bin Mohammed bin Moosa Al Yusuf, the Minister of Commerce, Industry and Investment Promotion, in the presence of Dr. Saleh bin Said bin Salim Masan, Undersecretary for Commerce and Industry at the Ministry of Commerce, Industry and Investment Promotion, the Undersecretary of the Ministry of Economy, the Undersecretary of the Ministry of Labour, the President of Oman Chamber of Commerce and Industry, and a number of representatives of the authorities associated with such practices.
