SMEs to enjoy 50 pc reduction in service fees: OPAZ

BUSINESS REPORTER

MUSCAT: The Public Authority for Special Economic Zones and Free Zones (OPAZ) approved a decision to extend the 50 per cent reduction of the fees for the services provided in the Special Economic Zone at Duqm (SEZAD) to SMEs.

The reduced fee will apply for the next five years until March 20, 2027, according to the decision published in the Official Gazette on Monday, August 1, 2022.

The decision explained that the 50 per cent reduction of the fees for the services provided by OPAZ targets small and medium enterprises operating in special economic zones and free zones, affiliated with the authority, provided that they are wholly owned by Omanis, and that they are registered with the Small and Medium Enterprises Development Authority.

Dr Said bin Khalifa al Tuirshi (pictured), In-Charge of Managing the Business Development Sector at the Public Authority for Special Economic Zones and Free Zones (OPAZ), confirmed that this decision comes within the framework of the authority’s effort to create a stimulating investment environment for entrepreneurs and present their various business opportunities due to the growth witnessed in the special economic and free zones.

The decision will benefit businesspersons and owners of commercial buildings located within SEZAD as this package of facilities will boost the business and demand for these buildings.

Further, it will meet the needs of residents, workers and visitors to the zone for various services, he added.

Al Tuirshi said that OPAZ last month issued a decision reducing the registration fees for registration services in the commercial registry and licenses to practice some economic activities, including over 130 activities in SEZAD.

He added that the fees for operating the activities have been reduced from RO 550 to RO 5, while the registration and renewal fees for registering a local company or individual establishment in the commercial registry or registering its branch has become RO 30.

As for the registration and renewal fees for a joint Omani company or registering its branch the fees has been reduced to RO 40 instead of RO1,000 , with the aim of facilitating and enabling the business and investment environment and supporting small and medium enterprises or service providers operating within the borders of the zones of different services.

The Public Authority for Special Economic Zones and Free Zones (OPAZ) seeks to provide the best advantages, incentives, and facilities, to create a stimulating business environment that enables SMEs to benefit from, and to facilitate OPAZ one-stop shop procedures to ensure efficiency and speed of its systems to serve all zones.