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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Expired commercial licences liable for cancellation

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By Fahad Al Ghadani — MUSCAT: March 12 - The Ministry of Commerce and Industry has granted Omani companies operating on expired commercial licences a grace period of six months to legalise their status, failing which their licences are liable to be cancelled altogether, a reliable Ministry source has warned. Moreover, such companies with expired licences cannot transact any business, with the Ministry’s Invest Easy portal being placed off-limits to them. The proprietors of these companies may get their licences renewed via the documentation offices run by Sanad or other authorised outlets, the source said.


Last year, the Ministry urged businesses to get their commercial registrations done through the Invest Easy system without having to furnish proof of their capital structure — long a requirement of the company registration process. This change in the procedures was designed to help investors register their businesses without any bureaucratic delays. Around 8,921 transactions were received electronically through the ‘Invest Easy’ portal at the Commerce and Industry Department in Sur, South Al Sharqiyah Governorate, over the past year. Of this total, 8,339 were processed, 323 updated, 164 cancelled for non-compliance, 92 withheld for payment, two were rejected, and one application was subject to verification procedures.


The Ministry of Commerce and Industry pointed out that these transactions included the mortgage cancellation, business addition and transfer, renewal of business records, renewal of the commercial agency registration, cancellation of industrial licensing, registration of mortgage for commercial facility, registration of commercial agency, cancellation of industrial registration, updating and renewal of industrial licence, commercial agency date correction, change the hold status of commercial registration, data updating of industrial registration, data correction of industrial licensing, data correction of industrial registration, private/commercial licence request, industrial licensing application, liquidation of the company, commercial record update, transfer of ownership, proof of capital and cancellation of commercial records.


As many as 144,814 commercial and industrial registrations were processed electronically via the Invest Easy portal in 2016. They included 83,787 active registries, 60,765 cancelled registries and 262 suspended registries.


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