Oman’s MoCIIP allows individuals, institutions to market investment opportunities

Muscat: His Excellency Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion (MoCiip) issued a Ministerial Decision No. 306/2022 on amending some provisions of the executive regulations of the Foreign Capital Investment Law.

The first article of the decision stipulates replacing the texts of Articles (5,7) of the Executive Regulations of the Foreign Capital Investment Law shall be replaced by the following two texts:

Article (5) The Ministry may give license individuals, institutions and companies from inside or outside the Sultanate of Oman to market investment opportunities, and to attract Investors and encourage them to invest in the Sultanate of Oman, in accordance with the rules to be determined by a decision of the Minister

Article (7) The foreign investor or his representative may entrust one of the offices licensed by the Ministry to examine the investment license application, and the requests for obtaining approvals, permits or licenses necessary for the establishment of the investment project, to indicate the extent to which they fulfill all the conditions and requirements legally prescribed for issuance. A certificate is issued to that by the office, which is valid and acceptable to the centre for a period of (6) six months from the date of its issuance, provided that the center has the right to object to what is stated in this certificate, within (10) ten days from the date of its submission, and the objection must be justified.

These offices may submit the aforementioned applications to the Center on behalf of the investor, and follow up on their completion.

A decision of the Minister shall specify the conditions and procedures for licensing these applications’ approval offices and their mechanism of work, determining their obligations, and in particular obligations related to due diligence in the exercise of their work, verifying the accuracy and validity of data, information and documents submitted to the Center, completing the examination of applications in an appropriate time, and maintaining confidentiality Data, information and documents related to it.

The second article of the decision stipulated its publication in the Official Gazette, and it shall come into force from the day following the date of its publication.

It is noteworthy that this decision was based on the Foreign Capital Investment Law issued by Royal Decree No. 50/2019 and the Executive Regulations of the Foreign Capital Investment Law issued by Ministerial Resolution No. 72/2020.