OMAN: Foreign Capital Investment Law Executive Regulations Amended
28 April 2022
Oman has amended certain Foreign Capital Investment Law Articles of Executive Regulations. The Ministry of Commerce, Industry and Investment and Promotion (MOCIIP) issued a decree in March, effective from 4 April 2022, amending Articles 5 and 7 of the Executive Regulations. Companies, establishments and individuals in Oman or abroad may now promote investment in Oman and attract foreign investors.
In addition, foreign investors’ investment licence applications must be checked by an MOCIIP authorised office, including applications for approvals, licences or permits necessary establishing an investment project. According to the MOCIIP, a ministerial decree outlining the new rules for authorised offices will be issued soon, including the offices’ obligations, particularly regarding due diligence for applications, and determining the accuracy of submitted information and supporting documents. The guidelines will also cover information confidentiality and timely application processing.
- Finance & Investment
- Middle East