MUSCAT: Oman will introduce the new Foreign Capital Investment Law from January 2, 2020.
The new law which was issued by Royal Decree 50/2019 is expected to make the country an attractive investment destination.
In an interview earlier, Dr. Ali bin Masoud Al Sunaidy, Minister of Commerce & Industry said the new law will bring radical changes to Oman’s economy.
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One among the key highlights of the law is that it will not make it obligatory for investors to have the OMR 150,000 required in his company’s account to set up a business in the Sultanate. It also will help foreigners to own 100 per cent of a company ownership in the country.
As per the law, an investor is free to start his business in Oman without the need of a local sponsor.
According to Ibrahim Al Mamari, CEO of Investment Services Center at Ministry of Commerce and Industry (MOCI), the law will increase the level of efficiency in doing business in the country. “It increases the level of efficiency of operating companies and helps in the transfer of economic expertise and modern investment technologies. This leads to the diversification of the economic base and has positive impacts,” he added.
