Muscat: The State Financial and Administrative Audit Authority, or the State Audit Institution (SAI), has published a community brief on the results of its work contained in its 2024 Annual Report to highlight the results of the financial and administrative audit of some government units, authorities, investments, and companies subject to its audit.
It handled 25 public fund cases under judicial consideration and 47 investigation minutes about financial and administrative irregularities that constituted suspicions or criminal offences.
The audit authority evaluated some activities of the Investment Services Center (Invest Oman) at the Ministry of Commerce, Industry, and Investment Promotion for the Period (2022 - 2023).
(378) workers in elementary occupations (farmer, domestic worker, camel herder, livestock farmer, nursemaid, gardener, and private driver) have obtained investor residencies after changing their residence permits to business partners.
Action taken
Announcement No. 9 / 2024 has been issued to ban obtaining commercial registers for foreign residents in low-skilled occupations according to the Ministry of Labour classification.
Not permitting any foreigner to establish a company subject to the Foreign Capital Investment Law, unless obtaining a no-objection certificate from their employer, and demonstrating financial solvency, provided that the company does not fall within the elementary occupations.
Monitoring all cases in which elementary occupations were shifted to business partners. In addition, investment licenses for companies not activated by their owners were not renewed.
Amending the application mechanism for registering companies subject to the Foreign Capital Investment Law to diversify investments.
Some foreign investors exploited granted facilities to obtain residency in the Sultanate of Oman, such as the exemption from commercial register fees of RO3,000 every three years, without having actual investment capabilities.
Action: Ministerial Decision No. (85 / 2020) related to determining the fees for industrial and commercial licenses is being made.
Granting approvals for investment permits without submitting the economic feasibility studies of the investment projects, and accepting undertakings alone in some cases where the requirements are not met, which may lead to the non-determination of the added value of such projects.
Action: The receipt of economic feasibility studies related to applying for investment licenses from several non-accredited audit and economic consulting firms has been suspended. Additionally, all previous investment license applications have been audited.
Emphasis on the mandatory submission of an accredited feasibility study for any investment project by a foreign investor.
Deregistration of (52) investors from the commercial registers without taking actions to withdraw the incentives and facilities granted to the foreign investor, although the reasons for such privileges no longer exist, for the purpose of limiting the exploitation of such privileges.
Action: Coordination was made with the Ministry of Labour to find the appropriate solutions in this regard.
