Oman mandates Omani employees in foreign investor companies from April 2024

Oman mandates Omani employees in foreign investor companies from April 2024

The Ministry of Commerce, Industry and Investment Promotion is set to enforce a new policy requiring foreign investors to employ at least one Omani citizen in their commercial ventures within one year of initiating operations.

The post Oman mandates Omani employees in foreign investor companies from April 2024 appeared first on The Arabian Stories News.MUSCAT : According to Engineer Ammar bin Sulaiman Al Kharousi, Director General of the Investment Services Center at the Ministry of Commerce, Industry and Investment Promotion, the decision follows a series of initiatives aimed at enhancing the investment environment in Oman. These initiatives include reducing commercial registration fees for foreign investors and treating them on par with Omani investors, provided they employ at least one Omani employee.

The Ministry had previously announced the reduction of fees for foreign investment companies and the obligation to hire an Omani employee in June 2023. The new mandate specifies that foreign investors must employ an Omani citizen within one year of establishing their commercial registry in Oman and register them with the General Authority for Social Insurance.

Starting April 1, 2024, the Ministry will implement an administrative obligation on the Oman Business Platform, prohibiting transactions for foreign investor companies that still need to