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Muscat - From now, there will no need for a minimum capital to start a business in Oman, said a statement released by the Ministry of Commerce and Industry. Except for the joint stock companies (JSC), the regulation is applicable to all types of companies, and they need not submit any proof or documents related to this requirement, the statement said. It also states that the ministry requires companies to submit their annual report four months after the end of the financial year. Currently, the minimum capital required to start a business in Oman is RO 150,000. The new initiatives will help enhance Oman's competitiveness as a leading investment destination and improve its ranking in terms of Ease of Doing business.
Buthaina Mohammed Saif al Kindi, head of commercial information section, Ministry of Commerce and Industry, had earlier told the Observer that investors, however, will continue to need an Omani partner, except for few sectors or businesses which have been already specified. The government's Easy Investment project has already made rapid strides under which companies can form a commercial registration online. "It may be noted that that to improve Oman's position in the 'Ease of Doing Business' rankings, the ministry has initiated several measures, including the Invest Easy one-stop window for all government clearances," Dileesh Suseelan, consultant, ITA on 'Ease of Doing Business in Oman,' recently told the Observer.
© Oman Daily Observer 2016
