362 closed joint stock companies till 2017

MUSCAT: The number of new Omani closed joint stock companies established during last year reached 24 companies with an issued capital of RO 46,627,363.

Abdullah bin Salim al Araimi, Director of the Audit and Supervision Department of Commercial Establishments, at the Ministry of Commerce and Industry, confirmed that the total number of Omani completely registered closed joint-stock companies increased from 340 companies with issued capital amounting to RO 8,363.6 million until the end of 2016 to 362 companies with issued capital amounting to RO 8,397.9 million until the end of last year, which are divided between commercial, service and industrial activities.

He pointed out that this rise is due to the improvement of the working environment and stability of the investment climate in the Sultanate.

He pointed out that the number of companies’ subject to the law of foreign capital investment increased from 7,992 companies with capital amounted to RO 3,486.2 million until the end of 2016 to 8,811 companies with capital amounted to RO 3,642.9 million until the end of last year.

About 427 subject to the law of foreign capital investment were audited. Procedures for foreign investors to 360 companies subject to the law of foreign capital investment were completed and they were granted permanent investor residence. 720 letters addressed to Royal Oman Police (ROP) and the Manpower Ministry to complete those procedures.

He added that the applications and transactions, submitted through Invest Easy, that were financially completed in 2017 amounted to 1,143 applications, in addition to 10,985 applications that were legally completed in 2017.