Advantages of Opening a Company in IFZA free zone

Oman implements the new Foreign Capital Investment Law that came into effect in early January 2020, which allows the foreign investors to open businesses with full ownership and would not stipulate the Share Capital requirement.

Ministry of Commerce and Industry enforcement of the new Foreign Capital Investment Law, promulgate the Royal Decree No. 50/2019 holds a handful of incentives and this benefits the foreign investors by removing the previous mandatory appointment of Local Omani for business registrations in Oman.

A big leap taken by the Government with a clear vision, fortified the country’s economic development to attract more foreign investors leading towards further investment opportunities in the future.

The Chief Executive Officer of the Smart Portal of Investment, Dr. Youssef bin Hamad Al Baloushi, stated: “There can be no doubt that investment in general and foreign investment in particular is very important for any development process. Countries would compete to attract such investments as it renders lots of advantages and solutions.”

Dr. Youssef bin Hamad Al Baloushi also mentioned: “In regards to the Sultanate, there is an urgent need for accelerating the pace to attract and encourage domestic and foreign investment. It is required due to the current growth stage. The infrastructure can be in a high level of readiness. Now there is the legislation at hand that helps the transition to a new model to reap the fruits of huge investments. This also maximizes the benefits. The Sultanate is one of the nations with lots of natural resources. Needs and priorities of development have been radically changed from the beginning of the Renaissance until now. The Sultanate adapts to the changes within a short period. This has all the resources, ingredients and readiness to change and move to a sustainable stage where all will work, produce and get all sorts of benefits.”

With the translation services, manpower offices, rehabilitation centre, tailoring of garments, car cleaning services along with other 32 business activities stay under the Negative list that needs the involvement of a Local Omani. Investors have an array of business activities as they are eligible for 100% ownership to choose from.

More clarity with specific provisions of the new Foreign Capital Investment Law will be released in the coming months once the Executive Regulations have finalized and made public.