Saturday, 19 Oct 2019 | 20 Safar 1441
Over 100 firms suspended for foreign investment violations

Over 100 firms suspended for foreign investment violations

Mubarak Mohammed al Dohani, director basic in the Directorate General of Commerce in MoCI mentioned that the ministry has provided a number of facilities to speed up the procedures for registering organizations via the Invest Easy portal. “The site provides links to many government bodies. It helps in monitoring these companies and how they are complying with the terms and conditions of the Foreign Investment Law.”

He mentioned that the sultanate is searching for foreign investments to increase its economy. “During field visits, our officials found that these companies were not complying with the regulations of the Foreign Investment Law.”

Dohani mentioned that MoCI officials conduct field visits from time to time to verify the functioning of such organizations. “Our officials check their budgets, financial status, account statements, lease contracts, licences for different activities, social insurance and manpower status of all Omani and foreign employees in addition to the salary transfer procedure.”

Dohani mentioned that the quantity of foreign investment organizations in the sultanate has reached 10,392 till the finish of 2018. “We provide facilities to all local and foreign companies to attract investments. Our aim is to offer transactions electronically to make the whole affair hassle-free,” he mentioned.

Information Source: Muscat Daily

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