Tuesday, August 20, 2013

Important Legal Updates

Establishing Public Authority for Development of SME

A new Royal Decree No. 36/2013 has been issued to establish the Public Authority for the development of Small and Meduim Sized Enterprises and issuing its regulations. Please refer to our article for further information on this Royal Decree.

Executive Regulations to the Law of State Flag, Emblem and Anthem

The Diwan of Royal Court pursant to its Decision No. 29 of 2013 has issued the Executive Regulations to the Law of State Flag, Emblem and Anthem. The Executive Regulations have been issued pursuant to the Law of State Flag, Emblem, and Anthem (promulgated by Royal Decree No. 53/2004). The Executive Regulations specify the rules relating to raising the Flag and the occassions and manner in which the Flag will be raised; adherence to the Law on usage of Emblem; and playing of the national Anthem.


Thursday, August 15, 2013

Dissolution and Liquidation of an LLC

The process of dissolution and liquidation of a company is an important aspect that should be analysed at the time of setting up a company in a new jurisdiction. It is particularly important in a situation where the new entity will not be completely controlled by one shareholder. In Oman, a limited liability company needs to have at least two shareholders and, except in certain circumstances, one of these shareholders needs to be an Omani individual or entity with at least 30% shareholding in the company.


Monday, August 5, 2013

Internal Regulations for the Management of Public Joint Stock Companies

Corporate governance is increasingly becoming the cornerstone of corporate management for companies in Oman and the principles of good corporate governance are being considered in the formulation of internal policies of companies.