Muscat, The number of one-person companies approved by the new Commercial Companies Law issued by the Royal Decree No. (18/2019) since the decision came into force on May 26th 2019 until last October 20th, reached 1,086 companies. Applications are submitted electronically through Invest Easy" portal.

The Ministry of Commerce and Industry pointed out that the one-person company is considered a category of new commercial companies, a limited liability company whose capital is wholly owned by one natural or legal person.

The Ministry said that this type of company is managed by the owner of the capital and may appoint one or more managers to represent it before the judiciary and third parties and to be responsible for managing it before the owner. The owner of the company is not responsible for its obligations except the amount of capital allocated to it. In addition, a one-person company is treated the same as a limited liability company.

Source: Oman News Agency