In continuation to Foreign Capital Investment Law issued in July 2019, Ministerial Decision no. 72/2020, promulgating the Executive Regulations of the Foreign Capital Investment Law issued on 14 June 2020, the Sultanate took further steps to ease the investment process. Salient features of the new executive regulations are:
- Application, approvals, clearance, authorization and payment is going to be online
- A foreign investor can entrust a bank or management and financial consultancy offices, with the examination of the application for investment authorization and they can issue a certificate.
- A timeline fixed for the authority to object to the contents of this certificate and to decide on application
- Application to be submitted with minimum documentary requirements
- A single approval for the establishment, operation and management of the investment project set up to establish strategic projects
- Special privileges to projects set up in least developed regions
- Exemption from taxes, customs and non-customs duties to some specific projects
- Allocation of land & real estate for investment projects
- The competent authority shall ensure proper monitoring of the projects
Jim Joseph Itty, FCA, Certified in Business valuation (ACCA)
Associate Partner – Corporate Finance
Level 5, The Office, Opposite Muscat Grand Mall
Al Khuwair, P.O Box 971, P.C 131,
Muscat, Sultanate of Oman
T: +968 2403 6300