Breaking: Oman eases rules for new contracting firms

Observer Online Muscat - The Ministry of Commerce and Industry has issued fresh regulations as part of its efforts to help the construction sector generate more job opportunities for the Omanis and encourage SMEs to manage these projects 1. No minimum capital requirement to register a new construction company. 2. There is no need to separate the contracting companies from other activities in the commercial register. 3. The entrepreneur should be involved in the construction business full-time or appoint an Omani manager, who has to be registered with the Public Authority for Social Insurance (PASI). 4. Contractors should submit their final account statement to the ministry and they should open an dedicated bank account for the company.\ 5. The name of the company should be mentioned clearly in all its equipment, trucks, cars, trailers and tools in the activities. 6. They should have an adequate waste management and recycling strategy.