Oman plans to grant permanent residency to foreign investors

Muscat: Improving incentives for the business environment is one of the most important aspects of the Oman Economic Stimulus plan, the plan seeks to improve the business environment, attract more investments and stimulate enterprises active in the economic diversification sectors,

In a statement issued by MOE follows:

1, Granting permanent residency to foreign investors in accordance with the controls and conditions that will be announced by the concerned authorities

2, Allowing initiating business and commercial and investment activities after obtaining an initial license that allows the investor to do business without waiting for the final license, which will be issued after meeting the full requirements later. The Ministry of Commerce, Industry and Investment Promotion will set control for this within a month from its date

3, Postponing loan installments due to Al Rafd Fund from small and medium enterprises until the end of December of this year

4, Approving the preparation of a financing program from the Oman Development Bank (ODB) to promote exports of Omani products and services, in cooperation with the Ministry of Commerce, Industry and Investment Promotion and the Export Credit Guarantee Agency of Oman (Credit Oman).

5, Allowing companies to own land with an area of (5,000) square meters and more, and buildings to carry out their business in accordance with the legislation in force – in accordance with the donation fees. These companies will be given a period of three months to regularize their positions. This does not apply to lands that can’t be owned by non-Omanis, according to the following controls;

a, The company shall own the lands and real restate necessary to carry out the business shown in Commercial Registration

b, The size of land and real estate must be compatible with the actual needs of businesses stated in the Commercial Registration

c, The land and real estate to be owned by the company are restricted to residential, commercial, industrial and touristic uses.

d, The companies should exploit more than (50%) of the purchased real estate to do the business registered in the Commercial Registration. They may rent or sell what exceeds their actual needs, with the exception of real estate purchased for tourism purposes and integrated commercial complexes .

6, Ensuring equal treatment between companies registered in accordance with the foreign Capital investment law and those owner by Omani citizens with regard to commercial registration fees, when investing in economic diversification sectors specified in the tenth five-year plan and the possible sectors for it.

7, Granting foreign investment companies, upon their incorporation, (3) three licenses to hire expatriates in accordance with the regulations in force after the issuance of the Commercial Registration

8, The restructuring of municipal fees related to business licenses, within one month of its date. Some of these fees will be merged and unnecessary ones will be cancelled to ensure facilitating procedures and speeding up processing of applications

9, The award of government procurement tenders whose value do not exceed RO 10,000 is restricted to small and medium enterprises whose owners have Riyada card. Exception to this may be done through a justified decision from the head of the unit.

10, Signing a service agreement for all strategic investment projects of more than RO 1 million. The rights and duties of the parties (including fees and required Omanisation rates) are determined during the investment period to assure investors about their investments, added in the statement MOE.