MUSCAT: One of the major developments for prospective foreign investors in Oman last year was the removal in October of the proof of capital requirement, which mandated that new businesses provide a bank statement demonstrating a minimum of OM150,000 ($390,000) within the first sixth months of operation. In all, the number of processes involved in starting a company in Oman has been cut from 18 to six.
This change came on the back of a much-improved performance in the World Bank’s “Doing Business 2017” report, in which the sultanate’s rank in the starting a business category rose by a considerable 127 places.
According to the report, it now takes just six or seven days to complete the process of starting a new business in Oman, which compares favourably with the MENA average of 20.1 and the OECD high-income average of 8.3.
Given the recent leap in its standings, the sultanate now ranks first among economies in the GCC for starting a business.
These developments reflect well on the cooperative approach of the MoCI to managing the Invest Easy portal. Since the latter’s launch in 2014, the MoCI has engaged entrepreneurs, law firms and government ministries in an ongoing dialogue, resulting in regular improvements to the functionality and efficiency of the system.
