As a director, you will gain status and have a direct impact on the policy and strategy of a business. It is important to understand and comprehend the role and responsibility this position demands. This article sets out the scope of authority and duties of the board of directors (the “Board”) as well as outlines some procedural requirements that are required by Omani law such as appointment of directors and their liabilities in joint stock companies.
Thursday, April 2, 2015
Every joint stock company or limited liability company registered with the Ministry of Commerce and Industry (“MOCI”) in Oman is required to hold Annual General Meetings (“AGMs”) in compliance with the requirements provided under the Commercial Companies Law of Oman (“CCL”).
Monday, March 30, 2015
Introduction of the Unified Driving Licence
The unified driving licence was recently introduced across the Gulf Cooperation Council countries. The Royal Oman Police confirmed Oman will implement the unified driving licence in the Sultanate of Oman from 1 January 2015.
There has been no change to the process and procedures of obtaining a driving licence in Oman. The only change has been to the actual licence itself which now includes the GCC logo.
Monday, March 23, 2015
In this penultimate installment of our managing contract risk series we explore how best to develop and implement risk mitigation strategies when entering into and performing procurement contracts.
Monday, March 16, 2015
Companies contemplating Mergers and Acquisitions (M&A) understand the need to avoid acquiring potential legal and financial liabilities. While there may be significant financial and strategic benefits in an acquisition it also brings risks that need to be identified and analysed. Due diligence is used to identify deal breakers, set negotiation parameters and assess risks. Undisclosed risks and hidden liabilities are buried in most acquisitions and may be difficult to detect if a comprehensive due diligence has not been carried out.
Wednesday, March 11, 2015
Duqm is currently subject to one of the most ambitious infrastructure developments to have taken place in the Sultanate of Oman. The focus on this article is to provide an overview of the investment opportunities and incentives to investing in the Duqm Free Zone.
Monday, March 9, 2015
Lawyers are often asked to advise client entities about their registered capital requirements. In Oman, most companies without foreign shareholding can be established with a registered capital of just RO 20,000. The minimum capital requirement varies depending on the type of the company, the shareholding pattern, name and activities. For example, Omani companies, regardless of whether these are limited liability or joint stock companies, require a minimum capital of RO 500,000 if they have ‘Oman’ in their name and RO 2 Million if they are established as a ‘holding’ company. Similarly, limited liability companies with up to 70% foreign shareholding generally need a minimum capital of RO 150,000.
Monday, March 2, 2015
Raya Al Harthy
Curtis is pleased to announce that Raya Al Harthy has been promoted to an associate in the Litigation Department after completing two years of training with the firm’s Oman office. Raya is a qualified lawyer in the Sultanate of Oman, and obtained her LLB at the American University of Cyprus, before earning her LLM at the University of Leeds.
Zuhaira Al Sulaimani
Curtis is pleased to announce that Zuhaira Al Sulaimani has joined the Corporate Department of the firm’s Oman office as an associate, having completed two years of training. A qualified lawyer in the Sultanate of Oman, Zuhaira obtained her LLB at the La Trobe University and earned both her MA and BA Business Law degrees at Monash University, Australia.
Curtis is pleased to announce that Malcolm Abaza has joined the International Corporate Department in the firm’s Oman office as a Senior Associate. Malcolm’s practice area extends to advising clients on a range of corporate, banking and Islamic finance matters.
Wednesday, February 25, 2015
The Capital Market Law (“Capital Market Law”) was amended on 10 November 2014 by way of Royal Decree 59 of 2014 (“Amending Law”). The Amending Law came into effect on the date of issue.
The Amending Law amends Articles 7(b), 12, 13, 17 (second paragraph), 52(2), 60, 63 A(3), 64, 65, 66, 67 and 68. The Amending Law has also added two new Articles – 68(bis) and 72. This article aims to highlight the significant amendments brought to the Capital Market Law.