Qais bin Mohammed al Yousuf, Minister of Commerce, Industry and Investment Promotion (MoCIIP), has issued a decision allowing individuals or institutions from the Sultanate of Oman and abroad to play a role in marketing investment opportunities. Prior to Sunday’s decision, this role was limited to ministry’s employees.
The decision amended some provisions of the executive regulations of the Foreign Capital Investment Law.
The first article of the decision stipulated replacing the two texts of Articles 5 and 7 of the executive regulations of the Foreign Capital Investment Law, which was issued by Royal Decree No 50/2019 and executive regulations of the Foreign Capital Investment Law issued by Ministerial Resolution No 72/2020.
The article stated that the ministry might grant licence to individuals, institutions and companies in the Sultanate of Oman and abroad to market investment opportunities, attract investors and encourage them to invest in the country in accordance with the rules to be determined by a decision of the minister.
The amended text of Article 7 stated that the foreign investor or his representative might entrust one of the offices licensed by the ministry to examine the investment licence application and request obtaining approvals, permits, or licenses necessary to establish the investment project to indicate the extent to which they meet all the conditions and requirements of the issued certificates established by law.
A decision of the minister shall specify the conditions and procedures for licensing these applications for setting up these offices and their mechanism of work, determining their obligations, in particular obligations related to due diligence in the exercise of their work, verifying the accuracy and validity of data, information and documents submitted, completing the examination of applications in a timely manner, maintaining confidentiality data, information and documents related to it.
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