Latest news with #MOCIIP
Zawya
04-08-2025
- Business
- Zawya
Hong Kong seeks to broaden its economic relationship with Oman
MUSCAT - Hong Kong, a special administrative region of China, is in pursuit of establishing a strong business and trade relationship with GCC countries, including the Sultanate of Oman. Speaking to the Observer recently, Simon Chan, Director-General at the Hong Kong Economic and Trade Office in Dubai said, "My office, as the official representative of the Hong Kong government in GCC, has been working with the Ministry of Commerce and Industry and Investment Promotion (MOCIIP) and the Oman Investment Authority (OIA) to help businesses from both sides to coordinate on investment and project financing opportunities. The volume of merchandise trade between Hong Kong and the Sultanate of Oman is around US$200 million. "We see the Sultanate of Oman in parallel with the GCC, which has a common goal when it comes to economic development by promoting investment. Hong Kong is open to trade agreements with the GCC, as well as bilateral agreements individually with any of these six countries, including the Sultanate of Oman." He was recently in the country to visit government institutions and companies, and promote Hong Kong's trade relations with Oman. He also attended a ceremony where OIA's Future Fund Oman (FFO) and Hong Kong-based private equity firm Templewater formed a US$200 million energy transition fund to spur investment. The fund will invest in strategic sectors such as clean molecules, green data centres, energy storage, smart mobility, and renewable energy, including solar and wind. It will also focus on industrial innovation, energy efficiency, and scalable technologies tailored for Oman and regional markets. During the visit, Chan and his team were also in touch with the national logistics company, Asiad, which has forged special trading relationships with big Asian markets like China and India. "We can provide them easy access to the Asean market and even within China itself. Hong Kong's unique advantages under the 'one country, two systems' principle will certainly provide arrangements that could facilitate international companies based in Hong Kong to do business not only in Hong Kong, but also in various cities in China." The Association of Southeast Asian Nations (Asean) is a regional grouping of 10 states in Southeast Asia to promote economic and security cooperation among its ten members: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. It is among the fastest-growing regions in the world, and also Hong Kong's second-largest trading partner. Omanis can benefit from investment in Hong Kong as it is a pro-business economy with regulations friendly and simple for both overseas companies and individuals. Hong Kong ranks as the world's freest economy by the Fraser Institute, and the world's third most competitive economy by Switzerland's IMD World Competitiveness Yearbook. "We have a one-stop service free of charge for investors, including help in opening a bank account, setting up office premises, and registration for any government procedures. The stock market in Hong Kong is very transparent, and the common law system and the international arbitration institution, in case of any disputes for companies that are new to Hong Kong. It may be noted that the passport holders of the Hong Kong Special Administrative Region (HKSAR) can visit Oman visa-free for a stay of up to 14 days, a move that will help strengthen the tourism, cultural, and economic ties. Omani citizens do not need a visa to enter Hong Kong for a limited period, which is around 30 days, but travellers need to ensure their passport is valid for at least six months beyond their intended stay in Hong Kong. As merchandise trade between Hong Kong and GCC amounted to over US$19.86 billion in 2024, Hong Kong sees GCC as one of the important regions of the Belt and Road Initiative, which aims to facilitate connectivity and unimpeded trade, promote people-to-people bonds, and advance financial integration and regional cooperation. 2025 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Zawya
21-07-2025
- Business
- Zawya
Oman streamlines business governance with key amendments to commercial companies regulations
In a significant move to enhance Oman's business regulatory environment, the Ministry of Commerce, Industry, and Investment Promotion (MOCIIP) has enacted Ministerial Decision 245/2025, amending pivotal provisions within the existing Commercial Companies Regulation (Ministerial Decision 146/2021). These amendments, effective from 11 July 2025, target specific operational and administrative requirements for companies operating within the Sultanate, aiming to reduce bureaucratic hurdles and clarify governance structures. Speaking exclusively to the Times of Oman, a representative of Mohammed Ibrahim Law Firm, a leading law office in Oman, explained that 'the first major amendment overhauls the procedure for appointing external company managers in Limited Liability Companies (LLCs). Previously, Article 92 mandated that applications to appoint a non-partner manager, particularly if the manager was non-Omani, required not only the manager's written approval but also written consent from their current employer. The written consent requirement from the Employer has been eliminated entirely.' The revised Article 92 now states that 'the appointment may be registered through the Ministry's electronic system based solely on the written approval of the appointed manager.' In practice, this reflects a shift in procedure: since the employer is the one initiating the appointment, separate employer consent is now deemed inherent and no longer needs to be uploaded as a standalone document. 'This procedural refinement removes redundant documentation and enables LLCs to appoint managerial talent—both Omani and expatriate—with greater efficiency, while still preserving necessary employer oversight through the system itself,' said Dr. Mohammed Ibrahim Al Zadjali, the Founding Partner of Mohammed Ibrahim Law Firm. He further added that a completely new provision, Article 13bis, has been introduced to explicitly define the scope of individuals authorised to legally represent a company as its 'authorised signatory.' This crucial addition clarifies that valid signatories must fall into one of four defined categories: partners collectively or individually; the owner of the company's capital; any member of its board of directors; or its manager or any of its financial and administrative workers. 'This definition provides much needed certainty regarding corporate representation, reducing ambiguity in contractual and legal dealings. It ensures that only individuals with a demonstrable stake or formal role within the company structure possess the inherent authority to bind the company, thereby enhancing transactional security and mitigating risks associated with unauthorised representations.' Companies subject to the Commercial Companies Regulation are granted a six-month transitional period to align their internal structures and documentation particularly manager appointment records and authorised signatory designations with these updated requirements. Failure to comply after this deadline could expose companies to administrative penalties or challenges regarding the validity of managerial appointments or contractual signatures. These changes underscore Oman's proactive approach to improving its regulatory framework to support business growth and investment, the expert said. © Muscat Media Group Provided by SyndiGate Media Inc. (
Times of Oman
19-07-2025
- Business
- Times of Oman
Oman streamlines business governance with key amendments to commercial companies regulations
In a significant move to enhance Oman's business regulatory environment, the Ministry of Commerce, Industry, and Investment Promotion (MOCIIP) has enacted Ministerial Decision 245/2025, amending pivotal provisions within the existing Commercial Companies Regulation (Ministerial Decision 146/2021). These amendments, effective from 11 July 2025, target specific operational and administrative requirements for companies operating within the Sultanate, aiming to reduce bureaucratic hurdles and clarify governance structures. Speaking exclusively to the Times of Oman, a representative of Mohammed Ibrahim Law Firm, a leading law office in Oman, explained that 'the first major amendment overhauls the procedure for appointing external company managers in Limited Liability Companies (LLCs). Previously, Article 92 mandated that applications to appoint a non-partner manager, particularly if the manager was non-Omani, required not only the manager's written approval but also written consent from their current employer. The written consent requirement from the Employer has been eliminated entirely.' The revised Article 92 now states that 'the appointment may be registered through the Ministry's electronic system based solely on the written approval of the appointed manager.' In practice, this reflects a shift in procedure: since the employer is the one initiating the appointment, separate employer consent is now deemed inherent and no longer needs to be uploaded as a standalone document. 'This procedural refinement removes redundant documentation and enables LLCs to appoint managerial talent—both Omani and expatriate—with greater efficiency, while still preserving necessary employer oversight through the system itself,' said Dr. Mohammed Ibrahim Al Zadjali, the Founding Partner of Mohammed Ibrahim Law Firm. He further added that a completely new provision, Article 13bis, has been introduced to explicitly define the scope of individuals authorised to legally represent a company as its 'authorised signatory.' This crucial addition clarifies that valid signatories must fall into one of four defined categories: partners collectively or individually; the owner of the company's capital; any member of its board of directors; or its manager or any of its financial and administrative workers. 'This definition provides much needed certainty regarding corporate representation, reducing ambiguity in contractual and legal dealings. It ensures that only individuals with a demonstrable stake or formal role within the company structure possess the inherent authority to bind the company, thereby enhancing transactional security and mitigating risks associated with unauthorised representations.' Companies subject to the Commercial Companies Regulation are granted a six-month transitional period to align their internal structures and documentation particularly manager appointment records and authorised signatory designations with these updated requirements. Failure to comply after this deadline could expose companies to administrative penalties or challenges regarding the validity of managerial appointments or contractual signatures. These changes underscore Oman's proactive approach to improving its regulatory framework to support business growth and investment, the expert said. (Mohammed Ibrahim Law Firm ([email protected]), (+968 244 87 600) was established 18 years ago and is serving clients through its offices in Muscat and Sohar, as well as operating on a request basis in other areas. It offers legal representation across a wide range of practice areas that include Labour Law, Corporate, Commercial, Contracts, Banking and Finance, International Trade, Foreign Investment, Insurance, Maritime Law, Construction and Engineering Contracts, International Arbitration, Intellectual Property and more).
Muscat Daily
24-05-2025
- Business
- Muscat Daily
Oman imposes anti-dumping duties on ceramic tiles from China and India
Muscat – Oman's Ministry of Commerce, Industry and Investment Promotion (MOCIIP) has announced that anti-dumping duties will be enforced at all customs ports across the sultanate on imports of ceramic and porcelain tiles originating in, or exported from, China and India, effective from May 29. The decision falls within the framework of the Unified Law on Anti-Dumping, Countervailing and Safeguard Measures of the Gulf Cooperation Council (GCC). Nasra bint Sultan al Habsi, Director General of Commerce at MOCIIP and a member of the GCC's Permanent Committee for Combating Harmful Practices in International Trade, explained that the decision follows complaints from the Gulf's ceramic and porcelain tile industry regarding alleged dumping of such products from China and India into GCC markets. In a statement to Oman News Agency, she stated that the GCC General Secretariat, through its designated technical office, initiated a comprehensive investigation into the complaint, involving all relevant parties. 'The investigation and its associated procedures continued for over 12 months, from the announcement of its commencement to the communication with competent authorities for implementation. The investigation findings and technical reports were submitted to the Permanent Committee and the Industrial Cooperation Committee, which issued the final decision to impose anti-dumping duties for a period of five years.' Ahmed bin Salem al Rasbi, Director General of the Competition and Anti-Monopoly Centre at MOCIIP, said that the decision by the GCC's Permanent Committee, based on the Unified Gulf Law, represents a strategic step towards fostering a fair and competitive trading environment across GCC markets, and ensuring the protection of national industries from injurious dumping practices. He emphasised that imposing anti-dumping duties on ceramic and porcelain tile imports from China and India is essential to protecting the local market from price distortions caused by products entering at unfair prices that do not reflect true production costs. He noted that the decision would enhance the competitiveness of local manufacturers, improve product quality, and expand production capacity, thereby positively impacting industrial performance and employment, while contributing to a balanced pricing structure between domestic and imported goods. He added that these measures also offer long-term benefits to consumers by encouraging local investment and mitigating the risk of monopolies that could arise from the decline of domestic industries. The decision, he said, represents an integrated approach to protecting both the market and the consumer. Khalid bin Issa al Amri, Director General of the Directorate General of Consumer Services and Market Control at the Public Authority for Consumer Protection, confirmed that the Authority is actively monitoring the implementation of the anti-dumping duties on ceramic and porcelain tile imports from China and India. He said the Authority is operating under a clear plan to track and survey the prices of imported tiles from the two countries and has intensified periodic inspection campaigns at stores specialising in these products, to ensure price stability in local markets. He stressed that the Authority will not hesitate to take legal action against violators and will address any infringements in accordance with applicable laws and regulations. He also urged suppliers to comply with all relevant legislation and called on consumers to report any improper commercial practices.
Zawya
05-05-2025
- Business
- Zawya
Over 400 firms penalised in Oman for hidden trade
Muscat - The National Team for Combating Illicit Trade (NTT) has conducted audits of 581 commercial companies in three main governorates: Muscat, Dhofar, and North Al Batinah as part of the ongoing efforts to combat hidden trade and enhance the business environment. These efforts resulted in the issuance of administrative penalties to 410 violating establishments. Meanwhile, 77 companies complied with the audit requirements by submitting the necessary documents, such as bank statements and lease contracts, bringing the response rate to 13.2 percent. These governorates were selected based on the high density of commercial records. Muscat Governorate has 20,244, North Al Batinah 16,094, and Dhofar 16,094. Nasra bint Sultan al Habsi, Director General of Commerce at the Ministry of Commerce, Industry and Investment Promotion (MOCIIP) Nasra bint Sultan al Habsi, Director General of Commerce at the Ministry of Commerce, Industry and Investment Promotion (MOCIIP) and Head of the National Taskforce for Illicit Trade, confirmed that the campaign aims to combat hidden trade and promote economic integrity by combating the misuse of licenses and various professions, in addition to raising confidence in the economic system and increasing tax revenues. She explained that the number of activities subject to monitoring reached 106, including those prohibited to foreign investment (except 20 activities), in addition to some service activities such as dental clinics and pharmacies, provided that the company has been established for five years. Activities exempted from the ban include sectors such as tailoring, vehicle repair, hairdressing, laundry, flower sales, and pet care services. The Ministry of Commerce, Industry, and Investment Promotion (MOCIIP) has urged all institutions and commercial companies to open a bank account in one of the licensed banks in the Sultanate of Oman. This is mandatory as per the Commercial Companies Law issued by Royal Decree 18/2019 and its executive regulations issued by Ministerial Decision 146/2021 and Ministerial Decision 412/2023 regarding combating hidden trade. The Oman Chamber of Commerce and Industry (OCII) also stresses the need for all commercial institutions and companies to commit to opening a bank account in one of the banks licensed to operate in the Sultanate, as per the provisions of the Commercial Companies Law and ministerial decisions to combat hidden trade 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
