Companies will not be required to show proof of capital at time of registration
Oman’s Ministry of Commerce and Industry has issued new regulations which make it simple for businesses to start companies and establishments in the contracting sector across the sultanate, according to new guidelines posted on its website.
Under the new rules, companies will no longer be required to show proof of capital when registering a new construction or contracting establishment.
Also, contracting activities will not require different commercial licences for different contracts. The decision was recently taken by the Minister of Commerce and Industry, Dr Ali Masoud Ali Al Sunaidi, to help create new local jobs.
With this ministerial decision, companies will be able to register different contracts under the same licence as their other existing projects, according to the report. Experts say that this will encourage the establishment of more firms in this sector, thus leading to stiff competition and creation of more jobs for the nation’s workforce, according to the Times of Oman.