Muscat: Qais bin Mohammed al Yousuf, Minister of Commerce, Industry and Investment Promotion (MOCIIP) has issued a decision amending some provisions of the executive regulations of the Foreign Capital Investment Law.
The first article of the decision stipulates 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 50/2019 and executive regulations of the Foreign Capital Investment Law issued by Ministerial Resolution 72/2020
Article one
The texts of Articles 5 and 7 the executive regulations of the Foreign Capital Investment Law shall be replaced by the following two texts:
Article (5)
The ministry may license individuals, institutions, and companies inside or outside the Sultanate of Oman to market investment opportunities, attract investors and encourage them to invest in the Sultanate of Oman, in accordance with the rules to be determined by a decision of the Minister.
Article (7)
The foreign investor or his representative may entrust one of the offices licensed by the ministry to examine the investment license 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’ approval 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 to the Center, completing the examination of applications in a timely manner, and maintaining confidentiality data, information, and documents related to it.
The second article of the decision stipulated its publication in the Official Gazette, and it shall come into force from the day following the date of its publication.