Muscat – Through the cancellation and liquidation facility, the Ministry aims to support commercial establishments and correct their conditions, as well as encourage owners and holders of multiple commercial registries to liquidate their commercial establishments.

The Ministry explained that the number of companies that benefited from the package of facilities, declared by the ministry on June 15, 2021, and which lasted until the end of last October, amounted to 4,794 companies, including liquidation of 1,357 companies, and cancel 3,437 companies.

The Ministry of Commerce, Industry and Investment Promotion confirmed that the liquidation or merging of commercial registries helps address the phenomenon of multiple commercial registries, correct market conditions, improve the business environment and its competitiveness, support plans for the development of small and medium enterprises, and facilitate entrepreneurs to cancel old inactive registries through a package of facilities and exemptions to get rid of previous burdens.

The Ministry explained that the facilities for companies wishing to liquidate their commercial registries include that the liquidator be one of the partners instead of the accounting and auditing offices approved by the competent authorities, as well as specifying an amount of OMR 50, which includes all liquidation procedures, and exemption from all government fines resulting from the liquidation of commercial companies.