MUSCAT: Oman’s new Foreign Capital Investment Law, which will come into effect in 2020, will help expats to own 100 per cent of a company ownership in the country and remove the minimum capital requirement to open up the market.
The new law which is likely to be implemented in the first quarter of next year, will also ensure the money stays within the country, local English daily Times of Oman reported on Wednesday.
Quoting a senior official at the Ministry of Commerce and Industry (MOCI), the newspaper said the new investment law will help to increase the growth of local businesses by up to 75 per cent. “The expected growth rate in the investment sector in the Sultanate will not be less than 75 per cent if the legislations are implemented properly and the appropriate investment environment is created and modern regulations are activated,” said Mohammed Al Badi, the acting director of the Legal Department at MOCI.
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The Foreign Capital Investment Law, issued under Royal Decree No. 50/2019, includes several incentives and advantages for foreign investments so as to encourage their flow into and stability in the Sultanate. “The law created many incentives to encourage foreign investors to start their investments in the Sultanate. The law allows the establishment of a company in one of the sectors permitted within the Sultanate, with full ownership of and without determining the minimum capital, as long as the foreign investor adheres to the timetable provided for the implementation of the project and does not make any amendments to the project without ministry permission,” Al Badi added.
