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Ministry inspects 296 firms to ensure rule compliance

 Staff Reporter

MUSCAT

The Department Monitoring Commercial Facilities in the Ministry of Commerce and Industry has visited 296 limited liability companies (LLCs) set up under the act of foreign investment to ensure their compliance with the conditions of the Foreign Investment Act and to ensure the renewal of licences of foreign investors.

Khaled Bin Khamis Al Masrory, Director of the Department Monitoring Commercial Facilities, and a member of the team of joint inspection said: “We visit the companies to know their final budget and their financial position, so that it can be modernised and accredited from audit office. We also inspect the rental contracts, national authorisations for various activities, documents of the commercial register, the social insurance, the list of all the employees, Omanis and foreigners, in addition to a list with the money transferred in the last three months and finally, copies of car ownerships if available in the company.”

Al Masrory said the visits this year targeted the 301 companies that got their authorisation in 2016.

“The percentage of the foreign investment should not be more than 70 per cent and not less than 10 per cent, with exceptions to some sectors, according to the agreements signed with the Sultanate.”

Al Masrory said the Omani partners who desire to register a company subject to the foreign investment act only need to present a certificate proving that they don’t have any criminal record issued from Oman Royal Police.

Individuals are to present a bank account established at least six months ago to guarantee their money.

Companies need to present written proof of the meetings of the company signed by all the partners, or a decision from the board of directors with the documents of registration and a copy of the final audit or the company’s bank statement of not less than six months.

Khaled Al Masrory said: “Foreign partners need to present a certificate issued from their country proving that they don’t have a criminal record. Individuals are to present a bank account established at least six months ago to guarantee their money, or to prove their ownership of any institution or company in their country authenticated with a copy of the final statements for a company, under the condition that it has been established three years ago.”

Foreign partners who are residents in the Sultanate who desire to establish a company subject to the foreign investment law, will need to present a written consent from the company they working for, showing the company consent for them establishing the company as founders, and to present a clean criminal record for all the foreign residents.

In addition, the citizens from certain countries are required to get an investigation form from Oman Royal Police.

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