The Ministry of Commerce, Industry and Investment Promotion (MoCIIP) has approved a set of measures to facilitate liquidation of companies and merger of commercial registrations, starting June 15, 2021, for a period of one year to correct market conditions.
Towards this end and to limit multiple commercial registrations (CRs), the ministry held a meeting on Wednesday.
Chaired by H E Dr Saleh bin Said Masan, Undersecretary for Commerce and Industry in the ministry, the meeting was attended by Redha bin Jumah al Saleh, chairman of the Board of Directors of Oman Chamber of Commerce and Industry, and representatives of competent authorities.
“We have agreed on a package of facilities and exemptions to get rid of old registrations, correct market conditions, improve the business environment and competitiveness, and facilitate entrepreneurs to conduct their business easily,” H E Masan said.
According to the ministry, merger of CRs will help public organisations deal with single legal entities instead of multiple. Additionally, mergers may result in single legal entities with solid capital which will enhance competitiveness.
MoCIIP affirmed that the simplification of procedures for obtaining CRs through the Invest Easy portal is one of the factors for the improvement of the investment climate in the sultanate.
Facilities to make running businesses easier include exempting liquidated company owners from paying any fines owed to the government and liquidation procedures will continue even if the company owes money or has absconding workers.
The ministry also informed that those wishing to liquidate can submit their applications electronically through the Invest Easy portal or Sanad centres after paying RO50 for the liquidation procedures.