BUSINESS REPORTER
MUSCAT, JAN 30
In an effort to encourage investment and to achieve the economic diversification objectives of the Sultanate of Oman, the Public Authority for Special Economic Zones and Free Zones (OPAZ) launched the Quick Masar service for processing the residency requests of investors in the special economic zones and free zones. The new service, available through the One-Stop Shop system with an easy procedure, will enable the issuance of the investment license on the same day.
OPAZ has recently begun issuing long-term residency visas for a period of up to 5 to 10 years to foreign investors interested in residing in SEZs and free zones. Priority is given to individuals making significant value-added investments that contribute towards job creation for Omanis and opportunities for small businesses.
Dr Said bin Khalifa al Turashi, head of the Commercial Registration & Business Services Department of OPAZ, explained that the new service enables investors registered in the special economic zones and free zones to apply for a residence visa immediately upon registration of their new business with the authority’s commercial registry to obtain an investment license through the One- Stop Shop.
He noted that OPAZ has been working with the Royal Omani Police, Ministry of Commerce, Industry and Investment Promotion and the Ministry of Labour, to provide optimum services in the field of long-term residency. The visa allows investors, who meet certain conditions, to obtain residency visas that enable them to work and live in the areas affiliated with the OPAZ.
Following the issuance of Royal Decree 105/2020, the Authority has worked to strengthen its role in the business services aspect by providing fast and efficient services through the One-Stop shop, whose electronic services cover all SEZs and free zones. The authority has also completed a number of studies directed towards the development of the investment business environment which include efforts to streamline procedures and review certain fees.
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