Under the CCL, all Omani joint stock companies are required to have an auditor review
their accounts.
Tuesday, May 21, 2013
When Having an Auditor is Required for an Omani LLC
Tuesday, May 14, 2013
Remuneration of Directors
In recent times, the Western corporate world has witnessed ‘shareholder spring’ spurred by growing investor concern that many companies’ executive and director pay and perquisites are excessively high and are not sufficiently justified by the performance of the companies. While investor reactions have ranged from non-existent to high-intensity depending on the company, the overall growing trend of examining executive pay more closely has brought the issue of executives’ and directors’ remuneration to centre stage. In that spirit, this article examines the rules around such remuneration in Oman.
Friday, May 10, 2013
Key Issues In Omani Labour Law
There are a number of important points of Oman labour law that we see frequently enough that we believe they are worth highlighting here.
Wednesday, May 8, 2013
Seller Representations in Real Estate Sale and Purchase Agreements
Oman’s growing demand for housing, continued focus on building tourism facilities, and strong overall economic conditions have driven the development of many new residential and commercial real estate projects in the Sultanate over the past few years. In today’s buoyant real estate market, it is as important as ever for buyers and sellers to understand the key terms of the sale and purchase agreements (“SPA”) through which real estate transactions are frequently carried out.
Tuesday, April 16, 2013
Mining Law - Possible Value Addition Requirements
The Government of the Sultanate of Oman's emphasis on diversification and increased role of the non- Oil and Gas sectors in the national economy has recently led to a focus on the mining industry in the country.
Thursday, April 11, 2013
Private Sector Minimum Wage for Omani Employees Set to Rise
In a piece of important news relevant to companies doing business in the Sultanate, it was recently announced in the local press that Oman’s Council of Ministers has decided to raise the minimum wage for Omani citizens employed in the private sector.
Monday, April 8, 2013
Reserve Funds for Omani Companies
To help ensure that Omani companies maintain a solid financial position and are able to withstand shocks to their businesses, the Commercial Companies Law contemplates varies types of legal reserve funds for companies.
Tuesday, April 2, 2013
Protecting Foreign Principals in 'Three-Way' Local Distribution Arrangements
Distribution agreements and commercial agency relationships are a common legal structure for doing business in Oman. Distribution agreements are particularly useful for selling locally within Oman goods or commodities that are produced abroad by a foreign company.
Thursday, March 21, 2013
Procedural Pitfalls to Avoid in Omani Litigation Cases
It is always important, when considering filing a court case in Oman, to attend to administrative pre-requisites so that there are no time delays in the process.
Wednesday, March 13, 2013
Shari'a-Compliant Investment Banking in the Sultanate of Oman
Investment banking activities and licensing requirements
The Islamic Banking Regulatory Framework (the “Framework”) for the Sultanate of Oman was adopted on 18 December 2012 pursuant to Circular 1B 1 of the CBO. In addition to establishing requirements and parameters for Islamic banks, Section 5 of the Framework addresses investment banking activities. These investment banking requirements and parameters are the subject of this article.
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