Over 1000 companies in Oman apply for residency, investment cards renewal

Over 1000 companies in Oman apply for residency, investment cards renewal

Muscat: The number of commercial establishments that applied to renew investment and residency cards of foreign investors electronically during the period from June to December 2020 stood at 1,613, according to the Ministry of Commerce, Industry and Investment Promotion (MoCIIP).A statement issued online by the MoCIIP said: "This comes after the decision taken by the Ministry to stop the inspection visits of the joint work team to commercial establishments whose investment cards have expired, in line with the Covid-19 global pandemic.""Due to the expiry of the investment and residency cards of several investors, the MoCIIP has coordinated with concerned authorities to stop the work of the joint work team consisting of MoCIIP, ROP, and Ministry of Labour. It has also been decided to receive the applications electronically to facilitate procedures for renewing the investor card during this period of the pandemic without field visits."The Department of Auditing and Supervision of Commercial Establishments at the MoCIIP pointed out that the foreign capital investment law contributes to providing an attractive investment environment for investors and creating appropriate conditions for investment in light of international competition to attract investments by granting incentives, privileges and guarantees that contribute to the stability of foreign investments.