50% fee reduction for SMEs in special economic, free zones

50% fee reduction for SMEs in special economic, free zones

Muscat – The Public Authority for Special Economic Zones and Free Zones (OPAZ) announced on Tuesday that it is offering 50% reduction in fees for services offered to small and medium sized enterprises (SMEs). OPAZ announced its decision at a press conference, specifying the fees for over 80 services provided in its affiliated zones. As part of the decision, SMEs will be offered a 50% reduction in fees for these services. The move marks a crucial step towards streamlining operations, enhancing procedures and expediting business activities. ‘It showcases OPAZ’s unwavering commitment to bolstering the local investment and business environment, stimulating economic growth, attracting foreign investments, supporting SMEs, as well as the broader business sector. The reduction and unification of fees for services and activities within OPAZ-supervised zones demonstrate our dedication to harmonising and simplifying processes, reducing challenges for investors and promoting competitiveness of the investment landscape in Oman,’ OPAZ stated in a press release. The objective of this initiative is to complement national efforts in economic diversification and maximise the role of SMEs in establishing projects that contribute significantly to the local economy. ‘These projects generate employment opportunities, foster innovation, promote sustainable economic development and ensure financial stability within the