Muscat – In a major boost to the economy and to attract foreign investments, the Ministry of Commerce, Industry and Investment Promotion (MoCIIP) has announced that foreign investors can now set up companies in Oman remotely via the Oman Business Platform without the requirement for a residency card.

An official at MoCIIP said, “Foreign investors can start businesses in Oman remotely. Investors are allowed 100% ownership with no minimum capital requirement. Permits will be issued within a defined timeframe.” Investors are required to furnish Know Your Customer (KYC) details in order to begin investments.

The ministry official noted that the Oman Business Platform includes details of the requirements and licences for 2,500 economic activities before they start investing.

“The KYC service also features facial recognition to verify users. Foreign investors should visit the Oman Business Platform website (business.gov.om), log in and select the ‘Non-Citizens/Non-Residents’ option.

“Investors should fill in the required information and the ministry will verify the application and send the investor a password for authentication,” the official informed.

The decision was welcomed by many experts.

Nasser al Hosni, a businessman and economy analyst, told Muscat Daily, “The decision is an important step because it aims to stimulate the economy and attract the largest possible number of investors from different countries of the world.”

According to Hosni, the decision will also create competition among national investors and motivate them to develop their businesses, besides supporting Omani small and medium enterprises and push them to innovate.

Khalfan al Touqi, another economy analyst, described the decision is an “excellent step” that will enhance direct investment, increase national income and stimulate economic activity.

“The decision will also create job opportunities, promote the country as a tourist destination and prompt some investors to visit Oman to learn about the country’s culture and tourist attractions,” Touqi said.
The ministry has taken several decisions earlier to diversify investments and increase national income, such as the Investors Residency Programme that grants foreign investors and retirees long residency in Oman.

Housearch Investment Index

Meanwhile, the inaugural Housearch Investment Index has given top rankings to Gulf countries, notably, Oman, Qatar and the UAE, particularly Dubai, for residential property investment in 2024, signaling a shift in global real estate trends.

This trend underscores the region’s appeal as a stable and reliable investment haven, especially amidst cooling property markets in Europe and North America due to expected “higher-for-longer” interest rates.

According to the Index’s ranking, Oman and Qatar are gaining traction, attracting global investors seeking reliable and stable cash flows. These markets are emerging as attractive alternatives to traditional investment destinations, offering promising opportunities for portfolio diversification.