Reduction of licence fees to attract investment
Published: 05:03 PM,Mar 17,2022 | EDITED : 01:03 PM,Mar 18,2022
The Royal decree aims to improve the business environment and enhance the competitiveness of the Sultanate of Oman. It will help to attract investment, reduce the liability on the private sector, as well as boost Omanisation.
Private sector companies have lauded the decision of the Ministry of Labour to reduce licensing fees for recruiting non-Omanis in line with the directives of His Majesty Sultan Haitham bin Tarik.
The decision will come into force on June 1. The reduction in fees is applicable to those companies that commit to Omanisation of more than 89 per cent. Institutions and individuals are also exempted from paying fines for delaying the renewal of licenses on condition that they will complete the renewal process before September 1.
The Royal decree aims to improve the business environment and enhance the competitiveness of the Sultanate of Oman. It will help to attract investment, reduce the liability on the private sector, as well as boost Omanisation. This initiative also helps small and medium enterprises to enhance their contribution to the national economy. This will help in generating jobs for Omanis and boost economy
Farooq bin Shakhan al Toobi of Al Rawahy Holdings LLC, welcomed this announcement. “Groups like Al Rawahy Holdings LLC who have a track record in providing quality products and services for the good of the community are keen to support the economy and are committed to increasing the In-Country Value (ICV) by driving meaningful initiatives that achieve greater employment opportunities for national jobseekers.”
These directives are aimed at empowering the private sector to take the lead in building the economy and integrate the country with the global economy.
The reduction in fees will help the private sector companies which are struggling to overcome the impact of Covid-19. It will help the private sector to support the government in finding job opportunities for the national manpower.
The decision will come into force on June 1. The reduction in fees is applicable to those companies that commit to Omanisation of more than 89 per cent. Institutions and individuals are also exempted from paying fines for delaying the renewal of licenses on condition that they will complete the renewal process before September 1.
The Royal decree aims to improve the business environment and enhance the competitiveness of the Sultanate of Oman. It will help to attract investment, reduce the liability on the private sector, as well as boost Omanisation. This initiative also helps small and medium enterprises to enhance their contribution to the national economy. This will help in generating jobs for Omanis and boost economy
Farooq bin Shakhan al Toobi of Al Rawahy Holdings LLC, welcomed this announcement. “Groups like Al Rawahy Holdings LLC who have a track record in providing quality products and services for the good of the community are keen to support the economy and are committed to increasing the In-Country Value (ICV) by driving meaningful initiatives that achieve greater employment opportunities for national jobseekers.”
These directives are aimed at empowering the private sector to take the lead in building the economy and integrate the country with the global economy.
The reduction in fees will help the private sector companies which are struggling to overcome the impact of Covid-19. It will help the private sector to support the government in finding job opportunities for the national manpower.