Foreign investors can set up companies in Oman remotely: MoCIIP

Foreign investors can set up companies in Oman remotely: MoCIIP

Muscat – In a major boost to the economy and to attract foreign investments, the Ministry of Commerce, Industry and Investment Promotion (MoCIIP) has announced that foreign investors can now set up companies in Oman remotely via the Oman Business Platform without the requirement for a residency card.

An official at MoCIIP said, “Foreign investors can start businesses in Oman remotely. Investors are allowed 100% ownership with no minimum capital requirement. Permits will be issued within a defined timeframe.” Investors are required to furnish Know Your Customer (KYC) details in order to begin investments.

The ministry official noted that the Oman Business Platform includes details of the requirements and licences for 2,500 economic activities before they start investing.

“The KYC service also features facial recognition to verify users. Foreign investors should visit the Oman Business Platform website (business.gov.om), log in and select the ‘Non-Citizens/Non-Residents’ option.

“Investors should fill in the required information and the ministry will verify the application and send the investor a password for authentication,” the official informed.

The decision was welcomed by many experts.

Nasser al Hosni, a businessman and economy analyst, told Muscat Daily, “The decision is an important step because it aims to stimulate the economy and attract the largest possible