Over 3,000 SMEs to benefit from OPAZ fee reductions

MUSCAT, JULY 9

Around 3,260 small and medium enterprises (SMEs) stand to benefit from last week’s decision by the Public Authority for Special Economic Zones and Free Zones (OPAZ) setting fees for services provided under its jurisdiction. SMEs will be eligible to 50 per cent fee reductions when the new measure comes into effect on August 1, 2023 In addition to the fee discounts, SMEs will also receive facilities for existing projects. For example, the cost of tourist permits has been reduced by 35%, from RO 5,000 to RO 3,000, for a period of five years. Investors can also choose the duration of their electronic licenses.

In total, OPAZ has identified 81 services that will have their fees reduced by 50%. The fees of six other services have been canceled altogether, and 34 services have been merged with other services. This brings the total number of services down from 101 to 61. Additionally, six new services have been added.

The duration of licenses and permits has also been increased from one year to three to five years. Licensing certificates and forms have been reduced from 101 to 36 certificates and 50 application forms each. All of these certificates and permits will now be issued electronically.

OPAZ says that the goal of this decision is to achieve stability, improve the business environment, and enhance economic competitiveness in the areas it supervises. The authority believes that this decision will help to increase investments and SMEs in these regions, and will also help to integrate them with current and future projects. Ultimately, OPAZ hopes that this decision will help to achieve sustainable development in the special economic zones and free zones.

OPAZ regularly reviews fees for services and activities provided in its affiliated areas. It makes adjustments as needed to develop the business environment and ensure the stability of projects. The authority also seeks to achieve a balance between fees and quality of services, and to ensure that service fees are credible and transparent. Finally, OPAZ aims to provide comprehensive and accurate information to investors about applicable policies, procedures, and fees.