Muscat, The Ministry of Commerce, Industry and Investment Promotion will release this Tuesday the first package of incentives to ease business practice for commercial companies whose owners wish to clear commercial registers within a period of one year or merge them within 6 months.

The move aims to streamline the process of status adjustment for those establishments and encourage young people and owners of multiple commercial registers to clear or merge their businesses.

The overall aim is to eliminate the phenomenon of multiplicity of commercial registers, regulate the status of the market, improve business climate, allow competition and remove inactive commercial registers from the package of incentives and fee exemptions.

A file cancellation may be processed electronically via “Invest-Easy” portal or through Sanad Centres, while at the same time attaching the required documents.

Source: Oman News Agency