MUSCAT: The International Financial Centre of Oman (IFC Oman) plans to begin registering companies later this year ahead of full licensing operations in 2027, as it advances work on its legal framework, regulatory rules and online application system.
A package of laws covering business registration and licensing, financial services regulation and independent dispute resolution is expected to be issued shortly, the centre said.
The legislation would allow the centre’s authorities to adopt an initial set of regulations and rules governing activities conducted within and through IFC Oman.
A digital registry is also expected to enter testing shortly. Once operational, it will allow businesses seeking to establish a presence in the centre to submit applications online.
“IFC Oman is accelerating towards opening its doors, with its legal, regulatory and digital infrastructure moving into place,” said Mahmood al Aweini, Chairman of the IFC Oman Authority Board.
“The Centre will offer global businesses and investors a stable and competitive place to do business, harnessing Oman’s enduring connections with countries around the world and its strategic location at the crossroads of continents, to unlock new opportunities for growth and create lasting value for Oman.”
The centre said its proposed common-law framework would provide financial institutions, investors and professional services firms with a dedicated business environment supported by registration, licensing and dispute resolution arrangements.
It aims to connect international capital and expertise with opportunities in Oman and the wider region, supporting private investment, economic diversification and employment under Oman Vision 2040.
Alongside its legal and operational preparations, IFC Oman has expanded international engagement with prospective businesses, investors and professional services firms.
It was approved as a member of the World Alliance of International Financial Centres at the organisation’s annual meeting in Busan in September.
Representatives have also attended the Hong Kong Belt and Road Summit and Astana Finance Days as part of efforts to build relationships with potential participants.
A delegation will travel to Bangkok next week for meetings with international financial services firms on the sidelines of the IMF and World Bank annual meetings and the Institute of International Finance’s annual membership meeting.
Further meetings with prospective businesses are planned in London later in October.
The centre said completing its legal framework would provide the clarity and certainty businesses need to establish operations in Oman, with company registration preceding the launch of full licensing services next year.
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