Amends the Regulations of the Foreign Capital Investment Law to promote FDI
04 Apr 2022
On 4 April 2022, the Ministry of Commerce, Industry, and Investment Promotion (MOCIIP) amended certain articles of the Executive Regulations of the Foreign Capital Investment Law (FCIL ER) to enhance the promotion of foreign investment. Key amendments include:
(1) To allow individuals, establishments, and companies authorised by the MOCIIP both inside and outside Oman to promote investment opportunities and attract foreign investments in Oman. Before the amendment, the promotion and attraction of foreign investment was an exclusive remit of governmental bodies;
(2) To establish that only offices authorized by the MOCIIP can receive and examine license and permit applications by foreign investors. A Ministerial Decision will be issued to regulate the procedures and rules related to those offices, including their obligations, such as the due diligence in examining the applications and the accuracy of submitted information and supporting documents; the timely completion of the applications, and the respect of confidentiality.
Nature of measure:
Type:
-
Entry and establishment (Approval and admission - other)
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Promotion and facilitation (Investment facilitation )
Industry:
Inward FDI:
Yes
Outward FDI:
No
Sources:
