Commerce ministry exerts efforts to improve investment environment in Oman

Commerce ministry exerts efforts to improve investment environment in Oman

Muscat: The Ministry of Commerce, Industry and Investment Promotion (MoCIIP) is actively working on collaborations with relevant entities to improve the investment environment in the Sultanate of Oman by overcoming challenges facing foreign investors, defined by law as any natural or legal non-Omani entity establishing an investment project in Oman.

To further enhance the investment environment in Oman, the MoCIIP has begun implementing the Council of Ministers’ decision to reduce commercial registration fees for foreign investors and treat them similarly to Omani investors, with the requirement of employing at least one Omani employee as a minimum, in addition to providing incentives and facilitations for foreign investors to encourage them to establish various projects that contribute to the national economy and promote economic activity.

Oman’s investment sector witnessed numerous facilitations and streamlined procedures for investors. This includes allowing foreign investors to invest and own 100%, investing in over 1700 commercial and industrial activities via Oman Business Platform, reducing and merging 836 government services, exempting investors from minimum capital requirements, providing lands and properties needed for investment projects, tax exemptions for up to 30 years, abolishing import or re-export fees, and launching the Investor Residency Program initiative to attract high-quality foreign investments. This program