Friday, March 29, 2024 | Ramadan 18, 1445 H
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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Duqm SEZ to register new companies in 15 minutes

SEZAD duqm resort (1)
SEZAD duqm resort (1)
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Local and international investors looking to set up operations at the Special Economic Zone (SEZ) in Duqm can now register their new businesses in under 15 minutes – as opposed to around five days until recently – under revamped and modernised procedures that have been introduced by the SEZ Authority (SEZAD).


The streamlined procedures, unveiled by the Authority recently, are aimed at positioning the SEZ as an investment destination and integrated hub anchored by a modern city that offers the highest living standards, according to Dr Ismail Ahmed al Balushi, CEO – SEZAD.


In an interview featured in Duqm Economist, he stated that the digitisation of registration procedures has contributed to a dramatic reduction in the time required to process and approve all manner of applications.


“The digital transformation plan being currently implemented by SEZAD has contributed to reducing the time required for completing investor applications,” said Dr Al Balushi.  “In addition, investors can get their business licenses from SEZAD in just one day without the need to approach other entities once all required documents are submitted. This will ensure that projects can start their economic activities in a speedy and flexible manner.”


Under the revamped procedures, applications for land usufruct will be processed within five days (compared with 30 days previously), while a business license will be issued in 24 hours (versus five days previously).  Likewise, construction permits will be issued within five days presently, as opposed to 15 days in the past.


Significant reductions have been made in the processing times for environmental permits, according to the CEO. It will be issued within 25 days for Grade 1 (heavy industries), five days for Grade 2 (medium industries) and two days for Grade 3 (light industries). This compares with an average of a 40-days wait for environmental permits pertaining to all three grades in the past.


“SEZAD welcomes all kinds of companies from different parts of the world to invest in Duqm,” said the CEO. “Investors can register their projects in the commercial register of SEZAD in any legal form available in the Sultanate per the new Commercial Companies Law issued in 2019.”


 


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