Oman eases rules to set up contracting firms
Under new rules, companies will no longer have to show proof of capital
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Oman's Ministry of Commerce and Industry has issued new regulations which it claims will make it more simple for businesses to start up contracting companies and establishments, 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.
Furthermore, contracting activities will not require different commercial licences for different contracts, it stated.
The decision was taken by commerce and industry minister Dr Ali al Sunaidi to help create new local jobs.
The decision will enable companies 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 competition and the creation of more jobs for the nation’s workforce, it added.
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