Over 100 firms suspended for foreign investment violations

June 10, 2019

The Ministry of Commerce and Industry (MoCI) has suspended operations of over 100 foreign investment companies for their failure to comply with the Foreign Investment Law.

Mubarak Mohammed al Dohani, director general in the Directorate General of Commerce in MoCI said that the ministry has offered several facilities to speed up the procedures for registering companies through the Invest Easy portal. “The site provides links to many government bodies. It helps in monitoring these companies and how they are complying with the terms and conditions of the Foreign Investment Law.”

He said that the sultanate is looking for foreign investments to boost its economy. “During field visits, our officials found that these companies were not complying with the regulations of the Foreign Investment Law.”

Dohani said that MoCI officials conduct field visits from time to time to check the functioning of such companies. “Our officials check their budgets, financial status, account statements, lease contracts, licences for different activities, social insurance and manpower status of all Omani and foreign employees in addition to the salary transfer procedure.”

Dohani said that the number of foreign investment companies in the sultanate has reached 10,392 until the end of 2018. “We provide facilities to all local and foreign companies to attract investments. Our aim is to offer transactions electronically to make the whole affair hassle-free,” he said.