Oman makes way for foreign investors with new incentives

Oman makes way for foreign investors with new incentives

The Ministry of Commerce, Industry and Investment Promotion in Oman takes measures to revitalize foreign investment.

The post Oman makes way for foreign investors with new incentives appeared first on The Arabian Stories News.Muscat: To enhance the attractiveness of Oman’s investment environment, the Ministry of Commerce, Industry, and Investment Promotion has initiated collaborative efforts with relevant authorities. The focus is on addressing challenges faced by foreign investors, with a strategic approach to simplifying processes and offering compelling incentives.

One key step is implementing reduced commercial registration fees for foreign investors, aligning their treatment with that of Omani investors. This move is coupled with the requirement that foreign investors employ at least one Omani worker, showcasing a commitment to local employment.

Furthermore, the ministry has introduced a range of incentives and facilities to encourage foreign investors to establish projects that contribute to the national economy. These include exemptions from corporate taxes for up to 30 years, waivers on import and re-export duties, and launching an investor residency program. The residency program is a notable initiative to attract high-quality foreign investments by offering residency to investors and their families for 5 to 10 years, subject to extension.

The ministry also emphasizes the importance of obtaining