Oman`s Ministry of Commerce, Industry and Investment Promotion (MoCIIP) has officially cancelled 35,778 commercial registrations. Consequently, the strategic move will enhance market efficiency and promotes a transparent business environment. Such businesses, which had ceased operations or whose licenses had expired, were identified during the Ministry’s second phase of regulatory review.
Commercial Establishments Control Department Aiming To Increase Economic Development
This initiative is part of the MoCIIP’s broader objective to ensure that all active commercial registrations in the Sultanate of Oman represent legitimate and compliant business entities. Accordingly, the cancelled registrations apply to companies registered between 2000 – 2020 but exclude joint-stock companies or sole proprietorships. The Commercial Establishments Control Department at the MoCIIP, stressed the importance of this process in increasing economic development by maintaining a healthy commercial landscape. As a result, these efforts will provide essential and meaningful insights into the reality of business activity in Oman. Further benefits will include easier market regulation, accurate provision of data, statistics and figures as well as the supporting of strategic planning.
Royal Oman Police and Tax Authority Combine Expertise
In alignment with the Oman Vision 2040, the Ministry also facilitated an automated mechanism jointly developed by the Royal Oman Police and the Oman Tax Authority. Therefore, partners of inactive companies can easily cancel their registrations, provided the businesses have no outstanding legal or financial obligations. Moreover, this recent development advances from an earlier stage of the strategy, which saw 3,415 commercial registrations cancelled for inactive companies between 1970 – 1999. Importantly, the MoCIIP will continue to implement policies that promote a streamlined, transparent and competitive business environment in Oman.
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