Oman: New Real Beneficiary Regulations Issued

Shabiba, 6 August 2023: Oman Ministerial Decision No. 424/2023 which issues the regulation of procedures for establishing a real beneficiary has been issued.

The Ministry of Commerce, Industry and Investment Promotion (MoCIIP) has issued new regulations to strengthen the country’s anti-money laundering (AML) and countering the financing of terrorism (CFT) regime.

The decision also repeals the regulation organising procedures for identifying real beneficiaries issued by Oman Ministerial Resolution No. 630/2022.

The new decision defines a real beneficiary as a natural person who owns or exercises final effective control directly or indirectly over an entity.

The new decision requires commercial companies to create a special register called the “Real Beneficiary Register” which includes data on the real beneficiaries of partners and shareholders who own at least 25% of the company’s shares. Those who fail to comply with this requirement could be subject to a range of penalties including a written warning, administrative fine of 1,000 Rials, or suspension from the commercial register for up to three months.

The data in the register must also be updated, and a real resident person must be designated to carry out the task of coordinating with the Ministry and the competent authorities to provide this information and data.

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Oman: New Decision on Commercial Concealment

Atheer, 30 July 2023: Oman Ministerial Decision No. 312/2023 on combating commercial concealment has been issued.

The decision comes into force after 90 days from the date its publication on 30t October 2023.

The law includes a definition of concealed trade which is defined as enabling any person to engage in an activity that the laws and royal decrees in force in the Sultanate of Oman do not allow them to practice, whether for their own account or in partnership with others.

The decision stipulates that the Ministry shall encourage citizens and residents by any means and urge them to contribute to limiting and reporting cases of concealed trade.

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Oman: Changes on Bounced Cheques being Considered

Oman Daily Observer, 30 July 2023: According to the Oman Central Bank, authorities in Oman are considering a change to the approach on bounced cheques.

Authorities are considering whether to allow partial fulfilment of bounced cheques where there are insufficient amounts in the drawer’s account to cover the full amount on the cheque. The Central Bank noted in its recently issued Financial Stability 2023 Report that methods which would allow the maximum possible cheque value to be collected in the simplest and fastest way were being looked into. Bounced cheques have been reducing with the increased use in electronic transactions. In 2022, 387,000 cheques bounced in Oman (which accounted for 10.3% of cheques) compared with 399,000 in the year 2018.

According to the Omani Central Bank, some other countries have already begun to partially fulfill bounced cheques to the amount available in the drawer’s account.

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Oman: Unified Contracts Initiative

Oman Daily Observer, 25 July 2023: A new Oman Labour Law, Oman Sultani Decree No. 53/2023 has been issued.

The law repeals and replaces Oman Sultani Decree No. 35/2003. It reaffirms that employment is an intrinsic right for Omanis and states no other are allowed to work in the country except in accordance with the laws and related decisions. It underlines the importance of employers having a plan for localisation which is published in their workplace and website. They will also be required to produce a report on Omani workers including their salaries, gender and information on job vacancies. Employers must also have a plan on appointing and training Omanis for leadership roles.

Joint Dialogue Committee will be established which will examine proposals for regulating the labour market.

It contains provisions on working hours, leave, salaries, employment of young people, and occupational health and safety. It also covers the settlement of labour disputes, trade unions and penalties.

A number of provisions have been put in place to support women workers including the allocation of an hour a day for child care, a 98 day maternity leave provision, and the right to take unpaid leave for up to a year for childcare reasons.

There is also now seven day paternity leave and a 15 day caregiver leave – where an employee needs to accompany a patient. Sick leave levels have also been increased.

In workplaces with more than 25 workers, a special rest place must be provided for women.

Employees will be entitled to up to 182 days sick leave, subject to certain conditions. Full pay will be given for the first day to the 21st day; 75 per cent of salary for 22nd to 35th; 50 per cent for 36th to 70th; and 35 per cent for 71st to 182nd day.

Workplaces in specific sectors will be able to be organised in such a way that is unique to the conditions of that sector. Employers will also be allowed to let their employees work temporarily for another employer.

The law allows non-Omani employees’ employment to be terminated if this is in order to facilitate Omanisation and the employee replacing them is an Omani. There are also provisions on termination of an employee who fails to achieve required productivity levels. Employers are required to put an appraisal system in place.

Fifteen days of study leave will be granted to employees enrolled in schools, institutes, or universities.

Female Muslim workers will also be entitled to 130 days of leave in case of their husband’s death; while a non-Muslim woman would be granted 14 days.

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Oman: Unified Contracts Initiative

Oman Daily Observer, 23 July 2023: The General Directorate of Studies and Development at the Consumer Protection Authority (CPA) has launched Unified Contracts Initiative for several sectors in Oman to improve consumer services.

The initiative focuses on aluminium workshops, kitchens, and electrical and electronic goods. The aim is to better define the rights of suppliers and consumers during and after the purchasing process, and provide consumer safety. It is hoped the initiative will help fight fraud, limit negative practices, reduce consumer complaints. The first phase of the initiative will include drafting, approving and renewing contracts. The second phase will involve applying contracts to commercial establishments.

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Oman: Internet of Things Permit Granted

Oman Daily Observer, 17 July 2023: The Oman Telecommunications Regulatory Authority has issued a new permit to provide Internet of Things services to beneficiaries.

The permit has been issued to the Future Cities Company (Tadoom) which specialises in smart city solutions using the Internet of Things and artificial intelligence. Using the permit Tadoom will be able to provide various Internet of Things applications including utility management, smart meters, irrigation and agriculture applications and parking management.

The Internet of Things is regulated under Oman Resolution No. 93/2022. IoT services in Oman cannot be provided without a permit from the Oman Telecommunications Regulatory Authority.

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Oman: Platform for Companies Information Launched

Alroya, 5 July 2023: Oman’s Small and Medium Enterprises Development Authority has partnered with the Royal Oman Police to introduce the “Information Plus” electronic information system on the authority’s website.

This digital platform serves as a comprehensive resource, offering details on companies, establishments, their locations, activities, population information, and economic activities.

The primary objective of this new system is to promote the use of open data and make it accessible to small and medium enterprise owners who are interested in launching their own ventures. The system aims to support these entrepreneurs in finding relevant information and making informed decisions to drive their business success.

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Oman: Central Bank Issues Financial Stability Index

Alwatan, 3 July 2023: The Central Bank of Oman has issued an index to measure the private compound financial stability with the aim of capturing a full idea of the financial situation locally to help the decision makers and concerned parties by providing them valuable information.

The index uses measurements of 1 to 5 to indicate the level of stability of five components including the banking stability, the regulatory risks, the debts sustainability, the currency stability and the capital markets.

These details will be available to the public annually.

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Oman: Fees for Private Economic Zones Services Amended

Atheer, 18 June 2023: The Chairman of Oman’s Private Economic Zones and Free Zones General Authority has issued Oman Decision 163-2023/1/2/1152, which establishes the fees for the services provided by the authority to these zones.

The decision incorporates a comprehensive list of fees and states that in the absence of specific provisions for a particular service mentioned in this list, the authority must levy the same fees imposed by the competent authorities as outlined in the relevant laws and regulations.

For small and medium establishments, these fees will be reduced by 50 per cent.

In case of delays in payment, a penalty amounting to 5 per cent of the outstanding fee will be imposed for every 30-day period following the due date, beginning after thirty days from when these fees become payable.

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