Muscat: To enhance the attractiveness of Oman’s investment environment, the Ministry of Commerce, Industry, and Investment Promotion has initiated collaborative efforts with relevant authorities. The focus is on addressing challenges faced by foreign investors, with a strategic approach to simplifying processes and offering compelling incentives.

One key step is implementing reduced commercial registration fees for foreign investors, aligning their treatment with that of Omani investors. This move is coupled with the requirement that foreign investors employ at least one Omani worker, showcasing a commitment to local employment.

Furthermore, the ministry has introduced a range of incentives and facilities to encourage foreign investors to establish projects that contribute to the national economy. These include exemptions from corporate taxes for up to 30 years, waivers on import and re-export duties, and launching an investor residency program. The residency program is a notable initiative to attract high-quality foreign investments by offering residency to investors and their families for 5 to 10 years, subject to extension.

The ministry also emphasizes the importance of obtaining an investment license, ensuring that investors meet specified criteria such as providing detailed project plans and feasibility studies and demonstrating relevant experience.

Moreover, the investment sector in Oman has witnessed significant strides in simplifying procedures and expanding opportunities. Foreign investors can now own 100% of their projects and engage in over 1,700 commercial and industrial activities through the “Oman Business” platform. Additionally, the ministry has streamlined government services, reduced bureaucratic hurdles, and facilitated access to necessary lands and properties for investment projects.

As a result of these proactive measures, the volume of direct foreign investments in Oman has surged, reaching over RO 25 billion by the end of the third quarter of 2023.