Steps taken to check multiple registrations

MUSCAT: The Ministry of Commerce and Industry has taken strong measures to limit the multiple commercial registrations, including merger of relevant registrations into a single registration aimed at better management. According to the ministry, simplifying the procedures for issuing commercial registrations are key to improving the investment environment in the Sultanate. By simplifying the registration process for investors through “Invest Easy” gate, the ministry aims to support entrepreneurs and investors.

Abdullah bin Salem bin Khamis al Oraimi, a ministry official, said: “The ministry has halted more than 50 trade registrations through “Invest Easy” involving people who own individual facilities and shares in different companies. “Also they must present an undertaking that they will obtain the lease and municipal licenses and commit themselves to prepare and submit the financial statements according to International Accounting Standards and the Commercial Companies Law. It is also required to ensure that they adhere to the activities and trade purposes for which they are established.”