MUSCAT: As part of the government’s effort in combating hidden trade, the Ministry of Commerce, Industry and Investment Promotion (MoCIIP), has invited business owners having multiple commercial records to correct their legal status, starting from June 15.

In a statement issued to the media, MoCIIP said the new packages aims at “supporting the concerned companies to correct their legal status, encouraging owners of multiple commercial records to liquidate or the merge their businesses which will help to improve the business climate, maintaining the market competitiveness, supporting small and medium enterprises development plans, and facilitating entrepreneurs to cancel old inactive commercial registries through a package of facilities and fees exemptions.”

The ministry said that the hidden trade phenomenon always leads to negative economic and social consequences, “such as its contribution to reduce the inefficiency of proposing general and micro economic policies, creating disruption for the labour market and for the Omanisation policies,” the Ministry said.

According to MoCIIP, 8,447 new commercial registrations were recorded until June 10, 2021.

“The new facilities for companies interested in liquidating their commercial registries, include allowing the company’s liquidator to be one of the partners and authorized signatories or whoever the company deems appropriate, defining only OMR 50 as liquidation fees covering all the required liquidation procedures, and offering an exemption from all government fines resulting from the liquidation of commercial companies,” the Ministry informed.

Business owners can submit the request electronically through the “Invest Easy” portal or through Sanad Service Centers, the Ministry added.

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