The Banking Executive Magazine - July 2024 Issue

NUMBER OF COMPANIES REGISTERED IN OMAN RISES TO 450,768 The number of legal and commercial registrations in all of the governorates of the Sultanate of Oman saw a sig- nificant jump of 97 percent to reach 450,768 by the end of the first quar- ter of 2024, according to the Ministry of Commerce, Industry, & Investment Promotion (MoCIIP). The ministry highlighted the ap- proach of investors, companies, and owners of small and medium enter- prises (SMEs) to submit their transac- tions through the digital portal 'Oman Business Platform' that has significantly contributed to the com- pletion of their transactions and ob- taining various commercial registrations with ease and conven- ience. The ministry stated that the legal and commercial registrations included in- dividual traders, limited liability companies, single-person compa- nies, partnerships, closed Omani joint-stock companies, freelance records, street vendors, commercial representation offices, home-based businesses, branches of foreign com- panies, and non-profit organisation records. These categories registered have increased during the first quar- ter of the current year compared to the same period of the previous year. The Information, Data, and Statistics Department at the Ministry of Com- merce, Industry, & Investment Pro- motion indicated that the number of commercial registrations recorded by the end of the first quarter of 2024 in- cluded 12,911 registrations for Al Bu- raimi Governorate, 27,967 for Al Dakhiliyah Governorate, 12,525 for Al Dhahirah Governorate, 7,661 for Al Wusta Governorate, 29,244 for South Al Batinah Governorate, 25,589 for South Al Sharqiyah Gov- ernorate, 60,060 for North Al Bati- nah Governorate, 25,093 for North Al Sharqiyah Governorate, and 3,906 registrations for Musandam Governorate. The number of commercial registra- tions with foreign investors in various governorates of the Sultanate of Oman reached 47,287 by the end of the first quarter of the current year, compared to 2,700 by the end of the first quarter of 2023. The number of registrations with foreign investors included 1,377 in Al Buraimi Gover- norate, 433 in Al Dakhiliyah Gover- norate, 176 in Al Dhahirah Governorate, 229 in Al Wusta Gov- ernorate, 1,953 in South Al Batinah Governorate, 700 in South Al Shar- qiyah Governorate, 3,406 in North Al Batinah Governorate, 233 in North Al Sharqiyah Governorate, 5,640 in Dhofar Governorate, 33,078 in Muscat Governorate, and 62 in Musandam Governorate. The number of automatic licences is- sued through the digital portal 'Oman Business Platform' or the service delivery offices of 'Sanad' reached 638,795 by the end of the first quarter 2024. The cumulative number of cancelled and under-liquidation commercial registrations reached 3,066 by the end of the first quarter of 2024, com- pared to 2,648 by the end of the first quarter of 2023, marking an increase of 15.8 percent. Additionally, the number of industrial licences reached 9,420 by the end of the first quarter of 2023, compared to 17,305 during the same period in 2024, reg- istering an increase of 83.7 percent. The Ministry of Commerce, Industry, & Investment Promotion is commit- ted to the digital transformation of all its services, aligning with the govern- ment's comprehensive digital trans- formation efforts. This strategic direction aims to enhance the invest- ment environment in the Sultanate of Oman, simplify business startup pro- cedures, and encourage investors to establish diverse projects that boost the national economy. It also seeks to stimulate economic activity, improve the business environment, and im- plement best global practices, with the ultimate goal of elevating Oman’s international rankings in terms of ease of doing business, com- petitiveness, and innovation. the BANKING EXECUTIVE 38 ISSUE 187 JULY 2024