396 SAOC companies licensed to date
Published: 03:07 PM,Jul 10,2021 | EDITED : 07:07 PM,Jul 10,2021
MUSCAT: Fifteen new closed Omani joint stock companies (SAOC) were granted licenses by the Ministry of Commerce, Industry and Investment Promotion (MoCIIP) during 2020, taking the total number of SAOC companies in the Sultanate to 396 with a total issued capital of around RO 8.5 billion.
This compares with 14,021 companies registered under the Foreign Investment Law as of end-December 2020.
The aggregate capital of the companies is RO 5.586 billion, the Ministry said. New registrations last year alone totaled 1,414 companies with a capital of RO 118.311 million.
The Foreign Capital Investment Law permits investors to set up companies in any of the permitted activities by owning its entire capital without stipulating a minimum capital for the company, provided that the foreign investor shall adhere to the submitted timetable of implementing the investment project, which approved in accordance to a study economic feasibility without any non-approved fundamental modifications to the investment project.
This compares with 14,021 companies registered under the Foreign Investment Law as of end-December 2020.
The aggregate capital of the companies is RO 5.586 billion, the Ministry said. New registrations last year alone totaled 1,414 companies with a capital of RO 118.311 million.
The Foreign Capital Investment Law permits investors to set up companies in any of the permitted activities by owning its entire capital without stipulating a minimum capital for the company, provided that the foreign investor shall adhere to the submitted timetable of implementing the investment project, which approved in accordance to a study economic feasibility without any non-approved fundamental modifications to the investment project.