Under Omani Law there is no clear definition of “Omani Product.” In practice for the purposes of considering a product as an Omani Product, many ministries including the Ministry of Commerce and Industry (“MOCI”) looks into a product’s (a) origin and manufacture; and (b) outsourcing prior to classifying the product as an “Omani Product.”
Thursday, November 20, 2014
The signing, in 1980, of the Unified Agreement on the Investment of Arab Capital in the Arab States (the “Agreement”) was an attempt by MENA countries to set up a regional and enforceable investment regime that would encourage nationals in the wealthy Arab States to invest in the region’s poorer countries. The purpose behind such signing was to strengthen overall Arab development and Arab economic integration.
Monday, November 10, 2014
In evaluating a prospective investment in a collective investment vehicle, an investor should consider how such vehicle’s offering terms align not only with such investor’s commercial and risk profile, but also how such terms align with the terms offered in the broader international funds industry. This article provides an overview of current developments and market trends in the international funds industry that we have identified in connection with advising our clients on their investment activities.
Monday, November 3, 2014
The Civil Transactions Law (the “Code”), enacted pursuant to Royal Decree 29 of 2013, and having come into force in Oman on August 13, 2013, is a codification of Omani (and to some degree Egyptian) jurisprudence, as developed over past decades. The Code contains a section on “Muqawala” (a contract to make a thing, or perform a task) which impacts directly on construction activities in Oman and is the focus of this article.
Wednesday, October 29, 2014
RD 49/14 establishes the Public Authority for Mining
On September 22, 2014, RD 49/14 established the Public Authority for Mining (“Authority”) and its system. The Authority shall be affiliated with the MOCI and shall act as a legal entity with full authority and eligibility to own, manage, and dispense fixed and movable funds. The Royal Decree is effective from the date of its issuance.
Monday, October 27, 2014
Oman’s Electronic Transactions Law (promulgated by RD 69/08, as amended) (the “ETL”) governs electronic contractual agreements. The ETL shall apply to parties who agree to conduct their transactions electronically. Such consent by the parties is inferred from their conduct. Electronic transactions are contractual agreements that are “entered into or executed totally or partially through electronic records.”
This article briefly covers the fundamental principles of the ETL and how it may affect any contractual agreement entered into electronically.
Thursday, October 23, 2014
Whilst registering a limited liability company (“LLC”) in Oman, clients often enquire about the upside of incorporating an LLC with higher capital and how does the grade specified by the MOCI benefit the LLC.
Monday, October 13, 2014
The Sultanate of Oman recently issued a new Omani Nationality Law (RD 38/14) (“New Law”) which replaces the earlier Omani Nationality Regulatory Law promulgated by RD 3/83 (“Old Law”).
Tuesday, October 7, 2014
Royal Decree 39/14 issued on August 12, 2014 introduces new regulatory requirements for insurance companies (“Royal Decree”).
Monday, September 29, 2014
Oman and Japan: Double Tax Treaty
Royal Decree 23/14 has ratified the convention between the governments of the Sultanate of Oman and Japan as on page 2 on the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income (the “Convention”). The Convention was signed earlier in the year on January 9, 2014.