Latest news with #QaisalYousef
Zawya
24-04-2025
- Business
- Zawya
Unpacking Oman's commercial registration boom
Some believe that the rise in the number of commercial registrations registered with the Ministry of Commerce, Industry and Investment Promotion (MoCIIP), from 280,793 in 2020 to 441,773 in 2024, is unrealistic. This means that the number has increased by 160,980 commercial registrations over four years, averaging 40,245 registrations annually. This concern was discussed at the recent annual meeting of Qais al Yousef, Minister of Commerce, Industry and Investment Promotion, with media professionals. The meeting addressed numerous issues related to investment, trade, manufacturing industries, and the efforts of relevant authorities to monitor trade conditions in general. As we know, the Ministry has cancelled inactive registrations in the past years, but the cumulative number is increasing due to the new procedures required for cancellation. It's not unlikely that many of these records have been inactive, especially since the outbreak of the Covid-19 pandemic, which dealt a devastating blow to commercial, real estate, and financial activities not only in the country but across the globe. However, electronic work and the registration of commercial records through "Sanad" offices may have led to a significant increase in the number of these records. This has allowed many expatriate investors of all categories to obtain commercial records for commercial activities and enter into commercial competition. These errors have prompted the relevant authorities to monitor their financial conditions, to fulfill commercial responsibilities towards others, and their ability to employ Omani employees in these institutions. What's important to note is that all of these commercial records are inactive for their owners, especially those registered within the past four years. This requires continuing to cancel them after a year of inactivity, while reminding their owners that the relevant ministry will cancel them if they are not activated for commercial activity. This gives relevant authorities a chance to identify active merchants and business owners, not those seeking to activate their business in hidden trade. However, the new challenges relate to canceling these records for institutions and individuals, are linked to other relevant entities such as the Ministry of Labour, the Tax Authority, and others. Requesting cancellation also requires relevant authorities to obtain approval from them stating that they do not employ expatriate workers, and are committed to paying annual taxes despite having no local or expatriate workers. Commercial registration holders must also pay additional fees to Sanad offices and other authorities if they wish to cancel their commercial registration. People cancel their registration due to financial difficulties. It requires the relevant authorities to facilitate the tasks of these merchants so that they do not incur additional financial burdens. This is the responsibility of MoCIIP to monitor registrations annually and cancel inactive registrations, ensuring that the cumulative number of such registrations does not increase over the years. Everyone hopes that Omanis will continue to engage in commercial activities, due to the lack of job opportunities in government institutions and private sector companies. Meanwhile, we see the number of people laid off from work sometimes increasing due to the closure of commercial establishments because of the financial difficulties they face. This pushes some Omanis, especially owners of small, fourth-grade establishments, to engage in commercial activities to address their financial difficulties. In my opinion, these small businesses do not need audit data and reports for accounting and tax payment. Rather, they should be encouraged to engage in commercial activities and provided with advice and technical support to enable them to continue and sustain their business. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Observer
23-04-2025
- Business
- Observer
Unpacking Oman's commercial registration boom
Some believe that the rise in the number of commercial registrations registered with the Ministry of Commerce, Industry and Investment Promotion (MoCIIP), from 280,793 in 2020 to 441,773 in 2024, is unrealistic. This means that the number has increased by 160,980 commercial registrations over four years, averaging 40,245 registrations annually. This concern was discussed at the recent annual meeting of Qais al Yousef, Minister of Commerce, Industry and Investment Promotion, with media professionals. The meeting addressed numerous issues related to investment, trade, manufacturing industries, and the efforts of relevant authorities to monitor trade conditions in general. As we know, the Ministry has cancelled inactive registrations in the past years, but the cumulative number is increasing due to the new procedures required for cancellation. It's not unlikely that many of these records have been inactive, especially since the outbreak of the Covid-19 pandemic, which dealt a devastating blow to commercial, real estate, and financial activities not only in the country but across the globe. However, electronic work and the registration of commercial records through "Sanad" offices may have led to a significant increase in the number of these records. This has allowed many expatriate investors of all categories to obtain commercial records for commercial activities and enter into commercial competition. These errors have prompted the relevant authorities to monitor their financial conditions, to fulfill commercial responsibilities towards others, and their ability to employ Omani employees in these institutions. What's important to note is that all of these commercial records are inactive for their owners, especially those registered within the past four years. This requires continuing to cancel them after a year of inactivity, while reminding their owners that the relevant ministry will cancel them if they are not activated for commercial activity. This gives relevant authorities a chance to identify active merchants and business owners, not those seeking to activate their business in hidden trade. However, the new challenges relate to canceling these records for institutions and individuals, are linked to other relevant entities such as the Ministry of Labour, the Tax Authority, and others. Requesting cancellation also requires relevant authorities to obtain approval from them stating that they do not employ expatriate workers, and are committed to paying annual taxes despite having no local or expatriate workers. Commercial registration holders must also pay additional fees to Sanad offices and other authorities if they wish to cancel their commercial registration. People cancel their registration due to financial difficulties. It requires the relevant authorities to facilitate the tasks of these merchants so that they do not incur additional financial burdens. This is the responsibility of MoCIIP to monitor registrations annually and cancel inactive registrations, ensuring that the cumulative number of such registrations does not increase over the years. Everyone hopes that Omanis will continue to engage in commercial activities, due to the lack of job opportunities in government institutions and private sector companies. Meanwhile, we see the number of people laid off from work sometimes increasing due to the closure of commercial establishments because of the financial difficulties they face. This pushes some Omanis, especially owners of small, fourth-grade establishments, to engage in commercial activities to address their financial difficulties. In my opinion, these small businesses do not need audit data and reports for accounting and tax payment. Rather, they should be encouraged to engage in commercial activities and provided with advice and technical support to enable them to continue and sustain their business.
Observer
20-04-2025
- Business
- Observer
1st Advantage Oman Forum to showcase nation's investment landscape
BUSINESS REPORTER MUSCAT, APRIL 20 Oman is set to welcome global attention this April with the launch of the inaugural Advantage Oman Forum, an exclusive two-day business gathering taking place on April 27-28, 2025 at the Al Mouj Muscat Resort. Organised by the Ministry of Commerce, Industry and Investment Promotion, represented by Invest Oman, the forum will bring together senior figures from government, international business, financial institutions, and strategic sectors to examine Oman's rising profile as an investment destination and explore new economic frontiers. The forum is held under the strategic partnership of the Ministry of Heritage and Tourism, the Oman Chamber of Commerce and Industry, and Sohar International. The Advantage Oman Forum is expected to play a central role in reinforcing Oman's economic diplomacy efforts and its commitment to attracting high-quality, sustainable investments in alignment with Oman Vision 2040 and the country's Net Zero 2050 strategy. Over the course of two days, the forum will present a comprehensive outlook on Oman's investment opportunities, sectoral competitiveness, and global relevance, particularly in light of its increasing integration within regional and international trade and investment flows. The programme will feature a series of curated panel discussions, fireside conversations, and strategic meetings addressing critical global megatrends and their implications for Oman's future. The discussions will explore how sectors such as clean energy, logistics, advanced manufacturing, mining, agri-food, and tourism are being positioned to attract future-ready investment. With sustainability, resilience, and innovation as key themes, the forum will also address how Oman is preparing for a world of heightened economic competition, climate transitions, and rapid technological transformation. The Advantage Oman Forum will feature a distinguished lineup of speakers representing both regional leadership and global thought. Among them are Abdulsalam al Murshidi, President of the Oman Investment Authority; Qais al Yousef, Minister of Commerce, Industry and Investment Promotion; Dr Said al Saqri, Minister of Economy; and Salem al Mahrouqi, Minister of Heritage and Tourism. From the private sector, high-profile business leaders such as Mohamed Al Abbar, Founder of Emaar Properties; Mohammed al Barwani, Chairman of MB Holding Group; Mohammed Mahfoodh al Ardhi, Chairman of Muscat Stock Exchange; and Yusuff Ali, Founder of LuLu Group, will share their strategic insights. International voices will include Abdulla al Marri, UAE Minister of Economy; Luigi Di Maio, EU Special Representative for the Gulf Region and former Foreign Minister of Italy; Creon Butler, Director of the Global Economy and Finance Programme at Chatham House; Michelle Karavias, Managing Director and Head of Industry Research at Fitch Solutions; Diana Mangalagiu, Associate Fellow at Saïd Business School, University of Oxford; and Jonathan McClory, Research Associate at Hertford College, Oxford University. Dushyant Thakor Deputy Executive Director at WAIPA, will also offer a global investment promotion perspective. The sessions will be moderated by Dr Florian Klein, Co-Founder and Managing Partner of GmbH, who will guide the conversation toward actionable strategies in an increasingly complex global economy. One of the headline sessions will be led by CNN Editor-at-Large Richard Quest, titled 'The Shape of Things to Come.' The session will explore the megatrends reshaping business and governance, including climate adaptation, renewable energy, AI, and Industry 5.0. It will examine how technologies like edge AI and telemedicine are transforming industries, and how businesses can build resilience amid geopolitical shifts. Framed by global insights and practical strategies, the session will offer a roadmap for thriving in a rapidly evolving world. The event is not only designed as a convening of high-level minds, but as a platform that allows Oman to actively engage with foreign investors, sovereign funds, and multinational corporations looking to expand their footprint in the region. With a regulatory environment that supports 100% foreign ownership in most sectors, a streamlined investor journey through the Oman Business Platform, and dedicated facilitation by Invest Oman, the Sultanate is offering one of the region's most investor-friendly environments. While attendance to the Advantage Oman Forum is by exclusive invitation only, select sessions will be streamed live via the official website. The public and global business community are invited to watch online and engage with the conversations shaping the future of investment in the Sultanate. To view the live sessions and explore more about the speakers and agenda, please visit the official forum website at
