Muscat: Oman issued Sunday the executive regulations of the Foreign Capital Investment Law in the country.
Acting director of the legal department of the Omani Ministry of Commerce and Industry (MOCI), Mohammed bin Rashid bin Muhammad Al Badi, said, The executive regulations of the Foreign Capital Investment Law will provide an environment, which is attractive for investment. It will also create appropriate conditions for investment in the Sultanate of Oman, as it has detailed the necessary procedures for registering foreign institutions and companies, terms and conditions, timeframe for approvals, permits, and licenses related to the investment projects. All this by applying Foreign Capital Investment Law.
Al Badi said that these executive regulations specified the timeframe for deciding the applications submitted for approvals, permits, or licenses required for the investment project by the competent authorities.
After their submission, if all information and documents are required made available, it will take 14 days for a decision. If any response is not given during this period, it would mean that the application has been approved. In case of the rejection of the application, it must be justified.
The competent authority issues the investment license within three working days starting from the date of fulfillment of all approvals, permits or licenses necessary for the investment project. The foreign investor is entitled for one approval to establish, operate and manage the investment project which they are setting up as strategic projects to help contribute to achieving economic development in public utility activities, infrastructure, renewable energy, roads, transportation, or ports. All this provided the approval is self-executing without the need to take any further action on it, and the cost of the project is not less than RO 10 million.
The Foreign Capital Investment Law has many benefits and incentives for a foreign investor. The rules which were determined as the executive regulations have made these benefits candid clear.(QNA)
