Muscat – With company establishment now taking just 4–5 days, compared to around ten days in some neighbouring countries, Oman has emerged as one of the region’s most competitive destinations for business startups. The process has been streamlined to four main procedures, requires no minimum capital and licensing fees capped at 3% of average income, a sharp contrast to up to 17% elsewhere in the region.

These measures highlight Oman’s ongoing reforms to create a dynamic, investor-friendly business environment aligned with the goals of Vision 2040. The country’s regulatory and digital transformation has improved transparency, efficiency and accessibility for local and foreign investors.

Company registration is facilitated through the Oman Business Platform, operated by the Ministry of Commerce, Industry and Investment Promotion (MoCIIP). The platform integrates more than 50 electronic services and links 17 government entities, allowing investors to complete procedures online – from trade name reservation to licensing and registration. Since its launch in 2021, the platform has issued over 1.26mn licences, with 89% activities licensed automatically and a 76.5% digital service rate.

According to Mubarak Mohammed al Dohani, Director General of Planning at MoCIIP, these efforts are part of the broader National Programme for the Development of the Private Sector and Foreign Trade (Nazdaher). Aligned with Vision 2040, the efforts aim to make the private sector the main driver of economic growth by simplifying procedures, enhancing legislation and improving the investment ecosystem.

Nazdaher focuses on four priority areas – boosting the competitiveness of Omani companies, strengthening trade agreements, developing local value chains, and empowering the private sector in economic decision-making. It currently oversees 15 key projects across tourism, manufacturing, mining, food security and aviation.

Oman’s special economic and free zones play a vital role in this transformation. Dr Said Khalifa al Quraini, from the Public Authority for Special Economic Zones and Free Zones, noted that these zones offer investors 100% foreign ownership, tax and customs exemptions of up to 30 years, reduced land rents, and integrated digital services through a single electronic window.

Efforts are also focused on empowering national talent and aligning education outputs with market needs. The Ministry of Labour has introduced wage subsidies, on-the-job training and employment-support programmes to enhance Omani participation in the private sector, ensuring a sustainable and skilled workforce to drive the nation’s economic diversification and competitiveness.

© Apex Press and Publishing Provided by SyndiGate Media Inc. (Syndigate.info).