Commerce and Industry Ministry Undersecretary Stresses Simplification of Procedures for Starting Business

Muscat, Eng. Ahmed bin Hassan al- Dheeb, Undersecretary of the Ministry of Commerce and Industry pointed out in a press statement that the Sultanate jumped 14 notches and topped a number of indices at the World Competitiveness Report 2018 due to the procedures made by the government to simplify and facilitate starting business and re-structuring the doing business procedures through ‘ Invest Easy’ portal.

He added that ‘submitting an evidence of capital before registration has been cancelled, in addition to cancelling articles 5 and 11 of the Commercial Agency Law. Moreover, the procedures for registering trade marks were simplified and companies now can practice more than 400 businesses without the need to get a license. If the license needs the approval of other organizations, the Commercial Registration will be issued and the license will be put on hold till receiving the approval.

He affirmed that the Sultanate’s ranking 1st on the Arab level and 17th on the world level in intellectual property at the World Competitiveness Report 2018 is due to the intellectual property law and international conventions.

He noted that the Sultanate came 2nd on the GCC level and 37th on the world level at the starting business report in the Ease of Doing Business Index 2019. Work is underway at a number of initiatives to improve the Sultanate’s ranking including the imitative to develop a road map for ‘Invest Easy’ system, amending the commercial companies law and foreign capital investment law and promulgating insolvency and bankruptcy law.

Source: Oman News Agency