Oman: Fast Track Initiative Launched to Attract Foreign Investment

Al Sharkalawsat, 16 January 2022: Oman’s Trade, Industry and Investment Promotion Ministry has launched a Fast Track initiative as part of the Invest in Oman programme.

It is aimed at speeding up the process of completing and finishing various investment projects.

It is also aimed at improving the business environment and attracting more foreign investment to the Sultanate.

The first phase of the initiative will focus on investment projects in the renewable energy sector, industry and mining, tourism, logistical services and food security.

Elsewhere, the Chairman of the Trade and Industry Chamber added the Chamber is working on establishing closed joint stock companies to develop and improve the promising economic sector across the Sultanate. For full story, click here.

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Oman: New Online Investment Licensing Service Launched

Times of Oman, 16 December 2021: Oman’s Commerce, Industry and Investment Promotion Ministry has announced it has launched a new service for companies covered by the Foreign Capital Investment Law.

The investment licensing service will be available online via the Invest Easy portal.

It will allow all companies who are subject to the Foreign Capital Investment Law to obtain licenses for their projects through self-service or service centres.

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Oman: Central Bank Issues Prizes on Deposit Accounts Circular

Atheer, 10 December 2021: Oman’s Central Bank has issued a Circular to banks authorised to operate in the Sultanate on awarding prizes to deposit accounts.

A similar Circular was issued in March 2009.

The Central Bank has decided to withdraw the prize scheme linked to deposit savings from 1 January next year.

Banks should develop appropriate plans for savings deposits and refine their money management strategies to ensure reasonable interest rates and profits are paid to depositors, without raising the interest rate on loans. For full story, click here.

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Oman: Crowdfunding Rule Changes Announced

Times of Oman, 21 November 2021: Oman’s Capital Market Authority has announced crowdfunding rule changes.

They have been approved as part of amendments to the Implementing Regulations to the Capital Market Law.

Under the amendments, licensing companies cannot specialise in managing crowdfunding platforms if their capital is less than 25,000 Riyals.

Companies wanting to engage in activities will be exempt from licensing fees of 155,000 Rials until January 2023. The aim is to stimulate the establishment of platforms and support owners of SMEs.

Licensed companies will have to provide an electronic system which allows four types of financing. These are donation, rewards, contribution to ownership and debt instruments.

Those operating these platforms will have to display all disclosures issued by the applicants for financing on the same platform.

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Oman: Amphibious Aircraft Approved

Times of Oman, 26 October 2021: Oman’s Civil Aviation Authority has announced amphibious aircraft can establish themselves and operate in the Sultanate.

They will be used by Musandam Airlines and Unified Power for Investments companies.

Investors wanting to establish and operate amphibious aircraft should submit their applications including, among other requirements, a detailed offer which should be attached to the application. This should include an economic feasibility study, the company’s business plan and evidence of financial ability. Additional reporting from Atheer on 26 October 2021. For full story, click here.

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Oman: Motor Insurance Law Amendments Approved

Oman’s Sultan has approved amendments to the Sultanate’s Motor Insurance Law.

They have issued Oman Sultani Decree No. 53/2021 to amend Oman Sultani Decree No. 34/1994.

Anything which contradicts or contravenes with the Decree will be repealed.

It will be published in the Official Gazette and come into force the day after it is published.

The Sultan also approved Oman Sultani Decree No. 54/2021 to implement the GCC Unified Law (System) on Combating Commercial Deception.

When it is being implemented, specific phrases will have specific meanings.

The Authority will mean the Consumer Protection Authority;

The Minister will mean the official tasked with implementing the Decree. This will be the Chairman of the Consumer Protection Authority.

Employees designated as Judicial Inspectors will mean employees of the specialist Authority and the Ministries of Commerce, Industry and Investment Promotion, Agriculture, Fisheries and Water Resources, Health and other relevant departments in line with the laws and Sultani Decrees awarding these officials the designation or mission of judicial inspection for crimes stated in the Decree which relate to their employment role and responsibilities.

The Decree complements Oman Sultani Decree No. 84/2008 (the Food Security Law). Anything which contradicts or contravenes it will be repealed.

It will be published in the Official Gazette and come into force the day after it is published.

The Sultan approved Oman Sultani Decree No. 55/2021 ratifying the agreement on establishing the GCC Accreditation Centre and Annex-1 as well. It will be published in the Official Gazette and come into force on its issued date.

Finally, they approved Oman Sultani Decree No. 56/2021 ratifying the agreement between Oman and the GCC Secretariat General relating to the headquarters of the GCC Statistical Centre. The agreement was signed in Muscat in June 2021.

It will be published in the Official Gazette and come into force on its issued date.

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Oman: New Regulations issued to Stop Money Laundering in Real Estate Sector

Times of Oman, 1 August 2021: A new decision issued by the Ministry of Housing and Urban Planning has ruled that real estate firms and developers in Oman will need to make sure they do not accept funding for projects from questionable or dubious sources.

Issued by the Minister for Housing and Urban Planning, the decision aims to combat money laundering. Real estate firms, brokerage houses and developers will bear responsibility for accepting funds which were acquired through money laundering, or other dubious sources.

As part of the regulation, employees must be trained to detect suspicious transactions and the activities associated with them. An effective audit system must also be introduced to verify compliance with external and internal control processes, and policies put in place to act as a deterrent to using laundered funds to finance economic activities. Risk assessment procedures must be documented and regularly updated so that companies are familiar with the latest standards required from them. Procedures must be drafted in writing, so that they can be submitted to the proper government organisations when needed.

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Oman: Cashless Payment Option to be Mandatory from 2022

Times of Oman, 26 July 2021: Commercial facilities in Oman will be required to provide electronic payment facilities to their customers, starting from 1 January 2022.

According to the Ministry of Commerce, Industry and Investment Promotion, the reform is designed to help achieve a digital transformation in the Sultanate under Oman Vision 2040. In the first stage, electronic payment will be needed for all activities in industrial areas, complexes, commercial centres, gift markets, for food sales, gold and silver sales, in restaurants and for cafes, electronics, building materials, and tobacco sales.

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Oman: GCC Tax Agreements Ratified

Oman’s Sultan has issued two Sultani Decrees ratifying GCC tax agreements.

Oman Sultani Decree No. 50/2021 ratifies the 2016 GCC Unified Agreement on VAT.

The relevant departments have to deposit the ratification document in line with the agreement.

Oman Sultani Decree No. 51/2021 ratifies the 2016 GCC Unified Agreement on Excise Tax.

The relevant departments have to deposit the ratification document in line with the agreement.

Both Decrees will be published in the Official Gazette and come into force on their issued date.

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