Ministerial Decision 139/2016 – listing new regulations related to registering commercial activities
In a move aimed at reducing barriers to foreign investment, the MOCI issued a new decision abolishing the minimum capital requirement for establishing a company in Oman. Under the new law, it will be left up to the investors to decide upon the amount of initial company capital.
Article 1 of the decision states that institutions and commercial corporations can be registered without any minimum capital requirement and without providing any certificates or documents pertaining to capital. This applies to all, except joint-stock corporations. This seeks to do away with the previous minimum capital requirement, which was considered high by foreign investors.
Article 2 states that the registered institutions and commercial corporations must present financial data related to their capital, along with any other data requested by the MOCI, within the first four months after the end of its business year. The MOCI will apply the financial disclosure system starting next year.
The MOCI has said that the decision aims to facilitate procedures, as laid down by the Ministry, making it easier for investors to conduct business, whether they are Omanis or foreigners.
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Headquartered in New York, Curtis is a leading international law firm with 19 offices worldwide. The firm represents a variety of clients across a wide range of practice areas. Curtis’ international outlook has been a hallmark of its practice since its founding in the 1830s.
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Curtis Muscat was established in 1997 and is served by Oman, US, UK, Australia, and India qualified lawyers. We offer a full range of domestic and international legal services in the fields of real estate, corporate and commercial law, banking, energy, arbitration, insurance, shipping and port development, tourism, employment and public procurement, amongst others.
Visit https://www.curtis.com/ for more information about Curtis and its full range of practice areas.
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