MoCIIP to licence accredited offices to process investment applications

MUSCAT, NOV 20

Adding to Oman’s business and investment-friendly environment, the Ministry of Commerce, Industry and Investment Promotion (MOCIIP) has issued a new Ministerial Decision that supports the establishment of accredited offices to process applications from local and international investors.

Ministerial Decision 574/2022 sets out guidelines for Omani entrepreneurs seeking a license to set up and operate such agencies. It also outlines the scope of services that such licensed agencies can provide, encompassing applications for approvals, permits and license for investment project. The overall goal is to enhance Oman’s investment appeal, support the country’s economic diversification and open up employment opportunities for Omanis.

To this end, the Ministry recently organized an introductory workshop to acquaint the private sector with the features of the new initiative. During the workshop, the draft regulations and the conditions and procedures contained therein were discussed.

Companies seeking a license to set up an accredited office must satisfy a number of criteria. They should exist and operate under the provisions of the Commercial Companies Law, have the requisite professional competence and reputation to provide such services, have qualified personnel with at least five years of relevant experience on their rolls, be well-versed with at least one international foreign language, and have the financial resources to provide such services.

Applications for an Accredited Office licence may be submitted to the Ministry’s Investment Services Centre, along with the supporting documentation. Licenses will be issued for a period of three years, renewable for a similar period.

The Investment Services Centre has been tasked with determining the fees that Accredited Offices may charge for the services rendered under this initiative. The centre will also oversee the overall performance of the licensed offices.

Since the launch of the Ministry’s Invest Easy portal a year ago, as many as 18,726 applications have been processed to date.