Friday 23 March 2018

Oman eases rules to set up contracting firms

MUSCAT, January 24, 2017

Oman's Ministry of Commerce and Industry has issued new regulations which make it simple for businesses to start companies and establishments in the contracting sector across the sultanate, said a report.

Under the new rules, companies will no longer be required to show proof of capital when registering a new construction or contracting establishment, reported the Times of Oman.

Also, contracting activities will not require different commercial licences for different contracts, it stated.

The decision was taken by Minister of Commerce and Industry Dr Ali Al Sunaidi, to help create new local jobs.

With this ministerial decision, companies will be able to register different contracts under the same licence as their other existing projects, according to the report.

Experts say that this will encourage the establishment of more firms in this sector, thus leading to stiff competition and creation of more jobs for the nation’s workforce, it added.

Tags: Oman | rules | contracting firms |

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