MUSCAT: The Ministry of Commerce and Industry said that the companies and institutions who want to transfer or sell their shares in any company or institution must submit lease contracts, municipal licenses, bank statements of all institutions and companies owned by the seller and buyer as well as latest financial statements of companies which have completed one year from the date of registration.
Khalid bin Khamis al Masrouri, Director of the Department of Audit and Control of Commercial Establishments at the Ministry of Commerce and Industry, said that the ministry wanted to control hidden trade and selling of commercial registrations. It is also trying to get information about the active companies. He said that it was recently revealed that many owners of the commercial registrations register more than one entity and later sell it without any commercial activity to get expatriate workers and let them go anywhere in the country.
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