The Omani Government has recently showcased an increasing interest in the development and support of Small and Medium Enterprises (“SME”). The initiative is in compliance with His Majesty’s directive to support and develop SME as “the future engines for the growth of Oman’s economy”. A new Royal Decree was issued on the 31st of May 2013 setting up a separate entity in charge of SME - the Public Authority for Small and Medium Enterprises.
Wednesday, July 31, 2013
The Public Authority for Small and Medium Enterprises: The Future Engines for the Growth of Oman's Economy
Tuesday, July 23, 2013
Insurance Contracts Under Oman Law - No Payment, No Cover?
Previous posts have dealt with the relevant regulations relating to the conduct of insurance business in the Sultanate of Oman.
The terms of the actual contracts of insurance entered into require specific consideration, particularly with regard to liability in circumstances of non-performance of those terms and subsequent termination.
Wednesday, July 17, 2013
Important Updates - Civil Transactions Law
On the 6th of May 2013, RD 29/2013 promulgated the Civil Transactions Law (the ”Civil Code”), which now governs almost every aspect of Omani day-to-day transactions. The Civil Code is the base plate of Omani Civil Law and its provisions will apply both where there is no specific law to the contrary, and where specific legislation is silent on the matter in question. However, where the Civil Code does not cover certain matters, the Omani courts are directed to apply the rules and principles of Islamic Jurisprudence (Fiqh) in their judgments.
Friday, July 12, 2013
The Courts of the Dubai International Financial Centre (The DIFC Courts) - Jurisdiction and Relevance of the Dispute Resolution in the Wider Middle East Region
Article 5 of Law No. 12 of 2004 on the Judicial Authority of the DIFC Courts was amended in October 2011 by Dubai Law No. 16 of 2011, which means that parties from anywhere in the world now have the choice to ‘opt in’ to the DIFC Court’s jurisdiction for resolution of disputes in commercial and civil matters.
Wednesday, July 10, 2013
Free Zones in Oman - An Overview
As the free zones/special economic zones in Oman continue to grow and attract foreign as well as local investors, we thought of doing an overview of the free zones – their incentives and limitations.
Monday, July 8, 2013
Internal Auditors - Role and Functions
The Commercial Companies Law makes it mandatory for various forms of companies to have auditors. While the appointment of an external auditor is mandated in respect of a limited liability company if the company has ten or more partners or a capital of over OMR 50,000 or if the partners representing at least one-fifth of the capital require it, joint stock companies are generally required to have both external and internal auditors.
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