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The news comes even as Oman’s new foreign investment law aims to bring more investors from abroad into the country. The Ministry, however, wants to ensure that companies fulfil the purposes for which they have been set up.
A statement from the Ministry said, “The Ministry of Commerce and Industry has asked businessmen and investors to make their commercial establishments remain committed to the objectives for which they were actually set up, by taking measures of cancellation through legal procedures. They also need to take the measures of dissolution and liquidation for companies that have ended its commercial activities as per the rules.”
In part due to the Ministry encouraging more businesses to set up operations in Oman, 16 new closed Omani joint stock companies were given licenses between January and December 2019 by the Department of Audit and Control of Commercial Establishments. Their total capital investment was OMR20.36 million.
Al Masrouri went on to say, “The foreign capital investment law has helped in making the investment environment attractive for investors. It has made the situation more appropriate for investment, particularly at a time where there is competition among the countries of the world. For this, incentives, privileges and guarantees are offered to make foreign investments more stable in the Sultanate.
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