MoCIIP issues decision for simplifying investment procedures in Oman

Muscat: The Ministry of Commerce, Industry and Investment Promotion (MoCIIP) has issued a ministerial decision No. (361/2023) regarding simplifying investment procedures and facilitating investors.

The decision stipulated that the investment services center at the ministry, through the Invest in Oman Lounge, affiliated with the investment service centre, will undertake the process of completing all investor procedures smoothy to issue the necessary approvals, permits and licenses for investment projects, and provide the necessary data and information for that.

The decision defines the rules and system of work at the center, provided that it includes measures to simplify and facilitate the procedures for registering companies, establishments and investment projects, and issuing the necessary approvals, permits and licenses to conduct economic activities.

The decision indicated that some places in the center can be allocated to private sector companies and entities to provide their services to investors, such as telecommunications companies, banks and finance companies, provided that they adhere to a secure electronic connectivity with government within a maximum period of 90 days, in order to exchange requests, data, documents, approvals, permits and licenses related to the investment project.

The decision also specified that the issuance of the necessary approvals, permits and licenses for investment projects, and the allocation of land and real estate for them, be either by the automatic licensing system, which is the investment project obtaining approval, permit or license by notifying the Center on the form prepared for that, or by the prior licensing system, which is the investment project obtaining approval or approval or a license from  the competent authority before starting the activity as determined by the investment guide.

The Investment Services Center aims to facilitate and simplifying procedures for investors in order to reach the highest levels of competitiveness, increase strategic investments, encourage and enhance local investments, and attract foreign investment of added value to the national economy.

The “Invest in Oman lounge is a unified window for provide services to investors. It is also a window for displaying investment opportunities that exceed OMR 1 million and are available to Omani, Gulf and foreign investors.

Through the lounge, the investor will be able to learn about the investment environment, incentives, industrial, free and economic zones in the Sultanate of Oman, and ensure smooth and speedy procedures according to a clear mechanism.