• Asia

    • Free zones in Oman will boost foreign investment: Report

    By on March 22, 2022
    @OmanAirports
    @OmanAirports

    The Hong Kong Trade Development Board stressed the importance of the Royal Decree issued on March 8, establishing free zones at the airports of Muscat, Salalah and Sohar.

    In a new report published on his website, said that foreign investors who establish their businesses in three new free zones at Oman airports will benefit from a set of incentives, included in the Royal Decree, whereby investors who start their business in these free zones are entitled to 100 percent ownership, and exemptions From import and export duties, the minimum capital is zero, with tax exemption for 15 years, and can be extended for another five years.

    The report added that the tax exemption excludes banks and other financial institutions, insurance and reinsurance companies, and projects that provide telecommunications or land transportation services.

    The new free zones will feature a comprehensive portal for processing licenses, visas, permits and approvals, as well as commercial and retail outlets and offices, the report added.

    The activities that are encouraged in these areas are air logistics, light industry, cargo storage and distribution, and support services such as banking, insurance, hospitality and other commercial services, the report said.

    The report stated that the Public Authority for Special Economic Zones and Free Zones (OPAZ) will supervise the free zones at the airports.

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