Times of Oman, 4 April 2022: Oman’s Commerce, Industry and Investment Promotion Ministry has announced they have approved amendments to the Implementing Regulations to the Sultanate’s Foreign Capital Investment Law.
They have issued Oman Ministerial Decision No. 306/2022 to this effect.
Under the amendments, individuals, institutions and companies from inside or outside Oman can market investment opportunities in the country.
Article 1 of Oman Ministerial Decision No. 306/2022, states Article 5 of Oman Ministerial Decision No. 72/2020 will be amended to read ‘The Ministry may give licence to individuals, institutions and companies from inside or outside the Sultanate of Oman to market investment opportunities, attract investors and encourage them to invest in the Sultanate of Oman, in accordance with the rules to be determined by a decision of the Minister’.
It goes on to state Article 7 of Oman Ministerial Decision No. 72/2020 will be amended to read ‘The foreign investor or his representative may entrust one of the offices licenced by the Ministry to examine the investment licence application, and the requests for obtaining approvals, permits or licences necessary to establish the investment project, to indicate the extent to which they fulfil all the conditions and requirements legally prescribed for issuance. A certificate is issued to that by the office, which is valid and acceptable to the centre for a period of six months from the date of its issuance. However, the centre has the right to object to what is stated in this certificate, within 10 days from the date of its submission, and the objection must be justified’.
These offices may submit these applications to the Centre on the investor’s behalf and follow up on their completion.
A separate Ministerial Decision will be issued to specify the conditions and procedures for licensing these applications’ approval and their work mechanism as well as determining their obligations. Also reported in Atheer on 3 April 2022. For full story, click here.
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