Sunday, 20 Oct 2019 | 21 Safar 1441
Sultanate jumps 14 places in World Competitiveness Report: MoCI official

Sultanate jumps 14 areas in World Competitiveness Report: MoCI official

H E Eng Dheeb was quoted in a statement as saying that the jump is due to procedures produced by the government to simplify and facilitate beginning of company and re-structuring company procedures by means of the Invest Easy portal.

He added that submitting an proof of capital just before registration has been cancelled, in addition to cancelling articles five and 11 of the Commercial Agency Law. Moreover, the procedures for registering trademarks had been simplified and businesses now can run a lot more than 400 organizations with out the require to get a licence. If the licence requirements the approval of other organisations, industrial registration will be issued and the licence will be place on hold till getting the approval.

He affirmed that the sultanate ranks initial on the Arab level and 17th on the planet level in intellectual home in the report. The sultanate came second in the GCC level and 37th in the planet level at the beginning company report in the Ease of Doing Business Index 2019, he stated.

Work is also below way to boost the sultanate’s ranking which includes creating a road map for the Invest Easy method, amending the industrial businesses law, foreign capital investment law and promulgating insolvency and bankruptcy law.

Information Source: Muscat Daily

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