Registration for One Person Company begins

Muscat: The Ministry of Commerce and Industry said that registration for one-person company, which is allowed under the new Commercial Companies Law in the Sultanate, has begun.

According to a statement from the ministry on Tuesday, the registration can be done through the “Invest Easy” portal. Said bin Juma al Salmani, Commercial Register Secretary at the Ministry, said that the one-person company is a limited liability company owned by one natural or juristic person. “This person may not establish more than a one-person limited liability company”, he said.

The law also does not stipulate specific capital for the establishment of a one-person company, he added. The new Commercial Companies Law enacted by Royal Decree 18/2019 was unveiled in February last by the Capital Market Authority (CMA), is aimed at regulating the businesses of commercial companies, their establishment, legal forms, management and corporate actions.

Establishment of one-person company will help individual owners to incorporate their companies and thereby enjoy the protections accorded to limited liability companies. Al Salmani said that these types of companies are managed by the owner of the capital and may appoint one or more directors to represent them before the courts in cases of legal issues. “The owner of the company shall not be responsible for the liabilities except for the amount of capital allocated to them”, he said.

According to him, the appointment of an auditor shall be required in case the capital of the company is more than RO 50,000 and the company of the same person shall be treated as the limited liability company.

The investor can set up his company through self-service by entering the Invest Easy portal, choosing a new business registration service, choosing the legal form of one-person company, filling all required data in the system, signing the transaction and paying the fees electronically.

Invest Easy portal was launched to facilitate procedures for the investors and the completion of transactions easily and conveniently, in addition to the 88 electronic services provided by the system.

Oman Observer

To get free breaking news and updates from Oman Observer, WhatsApp your name and email to 96473232.

observer has 4095 posts and counting.See all posts by observer