Muscat: Qais bin Mohammed al Yousuf, Minister of Commerce, Industry, and Investment Promotion (MOCIIP), has made a decision allowing individuals or institutions from inside or outside the Sultanate of Oman to play the role of marketing investment opportunities.
Prior to Sunday’s decision, this role was limited to the ministry’s employees.
The decision on Sunday amended some provisions of the executive regulations of the Foreign Capital Investment Law.
The first article of the decision stipulated replacing the two texts of articles 5 and 7 of the executive regulations of the Foreign Capital Investment Law, which was issued by Royal Decree 50/2019 and executive regulations of the Foreign Capital Investment Law issued by Ministerial Resolution 72/2020.
The article stated that the ministry may licence individuals, institutions, and companies inside or outside the Sultanate of Oman to market investment opportunities, 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.
The amended text of Article 7 stated that the foreign investor or his representative may entrust one of the offices licenced by the ministry to examine the investment licence application, and request obtaining approvals, permits, or licences necessary to establish the investment project, to indicate the extent to which they meet all the conditions and requirements of the issued certificates established by law.
A ministerial decision shall specify the conditions and procedures for licencing these applications for setting up these offices and their mechanism of work, determining their obligations, in particular obligations related to due diligence in the exercise of their work, verifying the accuracy and validity of data, information, and documents submitted, completing the examination of applications in a timely manner, and maintaining confidentiality data, information, and documents related to it.
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