Muscat: The Ministry of Commerce, Industry and Investment Promotion (MoCIIP) issued on Sunday a ministerial decision regulating the practice of consumer cooperative activity as part of its plan to organize this sector, promote the Omani product, create new supply chains, support national industries, develop the governorates, and provide new investment opportunities.
The consumer cooperative has the right to establish branches across the Sultanate of Oman after coordination with the competent governorate and obtaining the approval of the Ministry.
A license to practice consumer cooperative activity must be obtained from the Ministry, provided that the phrase (a consumer cooperative) follows the company's trade name.
The license period should not exceed three years, renewable for a similar period based on a request submitted to the ministry on the form prepared for that within a maximum date of 60 before the expiration of the license period, and when renewing it, all conditions must be met.
The ministry emphasized that the consumer cooperative must be committed to achieving the level of quality of the services provided by it, and to the principles regulating corporate governance, and is committed to keeping its accounting records in its main center for a period of no less than (10) ten years from the date of the end of the financial year of the consumer cooperative, and it is not permissible for the consumer cooperative spending its funds outside the scope of its purposes, and following the applicable financial system in its accounts in accordance with the laws and regulations in force.
The regulation indicated that there are incentives and facilities for the consumer cooperative without prejudice to the provisions of the legislation in force, as the consumer cooperative enjoys many incentives and facilities, including coordination with the Ministry of Housing and Urban Planning by allocating government lands with usufruct rights for the consumer cooperative.
This regulation also comes as a continuation of the initiative to support the national product, which contributes to raising the contribution of the manufacturing sector and enhancing the presence of national products in commercial centers.
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