Sultanate ranks 78th for ease of doing business

Muscat, Oct 31 – Oman has been ranked 78th in the World Bank’s Doing Business rankings with a score of 67.19 compared with 67.21 in 2017. The main highlight has been the ease of starting business in the country. Among the other GCC countries, the UAE is ranked 11, Bahrain 62, Qatar 83 and Kuwait 97. Out of the 190 countries, the Sultanate is ranked 37th for dealing with construction permits, 66 for getting electricity, 52 for registering property, 134 for getting credit, 125 for protecting minority investors, 12 for paying taxes, 72 for trading across borders, 73 for enforcing contracts and 100 for resolving insolvency.

Doing Business report measures regulations affecting 11 areas of life of a business. Ten of these are included in this year’s ranking on the ease of doing business. They are: starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency. Doing Business also measures labour market regulation, which is not included in this year’s ranking. The report says Oman made exporting/importing easier by enhancing its online single window system for exports and imports, reducing the time required for documentary compliance.

It said over the years, Oman (2017 report) has made starting business easier by removing requirements to pay the minimum capital within three months of incorporation and streamlining the registration of employees. Oman (2017 report) reduced the time for border and documentary compliance by introducing a new online single window/one-stop service that allows for fast electronic clearance of goods.

Vinod Nair