MUSCAT, APRIL 3
The number of One-Person Companies (OPC) registered via the Invest Easy portal of the Ministry of Commerce, Industry and Investment Promotion has soared to 5,063 companies as of 2021-end, reflecting the growing popularity of this new legal structure among entrepreneurs.
According to the Ministry, this number represents a hefty 112.6 per cent increase over the total number of 2,381 OPCs registered by end-2020. This spike underscores that Omani entrepreneurs took advantage of the pandemic period to set up One-Person Companies to engage in business or provide services, it pointed out.
The new Commercial Companies Law issued by Royal Decree 18/2019 approved the registration of One-Person Companies as a new legal form of companies. It represents a new type of commercial company, based on the limited liability company format, with its capital fully owned by one natural or juristic person. However, a natural person may not establish more than one limited liability company in one person’s name.
The regulations specify that this type of company should be managed by the owner of the capital. They may appoint one or more managers to represent the company before the judiciary and others and will be responsible for managing it on behalf of the owner. The company’s capital should be more than RO 50,000. One-Person Companies are treated similar to limited liability companies.
For the convenience of new investors, registration of one-person companies can be done electronically through the “Invest Easy” portal.