The Sultanate of Oman is an ideal place to live, invest and work, the Ministry of Commerce, Industry and Investment Promotion said as it unveiled an investor guide.
The guide also urges investors to take benefit of the Sultanate of Oman’s Free Trade Agreements (FTAs) with various countries, including the United States, the European Union and Singapore.
The FTAs with the European Union exempts industrial goods exported from GCC countries from custom duties and the remaining percentage of goods will be subjected to original customs duty for only five years, following which they will be allowed to enter without any duty.
The agreement with the United States provides opportunities for investors from both countries to invest because of the liberalised sectors, which allow 100 per cent ownership except for that mentioned in the negative list.
It allows foreign investors to establish projects in the Sultanate of Oman to benefit from the advantages of the agreement regarding exemption from customs duties on products exported to the United States.
Among other benefits, under the Foreign Capital Investment Law an investor can obtain 100 per cent ownership, as the Investment Services Centre (ISC) develops the business environment and facilitates the establishment of various investment projects.
Through the Public-Private Partnership Law, the government seeks to encourage investment and the initiatives of the private sector in improving the framework of public-private partnerships in the Sultanate of Oman, which are found more commonly in the form of projects for independent energy and water as well as independent energy projects.
Public-Private Partnership Law gives investors an opportunity to submit the Idea of a partnership proton to the relevant authorities in the form of an initial feasibility study consistent with the Sultanate of Oman's strategy and development plan so that it has an economic or social return.
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