KUNA : Oman, Saudi ink MoUs in fields of commerce, standardization - Economics
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Automatic licence approval plan to help in economic liberalisation in Oman
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Automatic licence approval plan to help in economic liberalisation in Oman
By: Times News Service
File photo
Muscat: Businesses will now be able to set up operations in Oman faster, and investors will find it easier to support them, following the arrival of the automatic licence approval scheme.
Introduced by the Ministry of Commerce, Industry, and Investment Promotion (MOCIIP), the scheme aims to cut the time required for businesses and investors to receive approvals towards contributing their resources to the country.
“Facilitating procedures related to investment in the Sultanate is at the top of the list of businessmen and business owners’ concerns, including small and medium enterprises,” said Qais Mohammed Al Yousef, the Minister of Commerce, Industry, and Investment Promotion. “The launch of the automatic licencing approval service will reduce the cost of investment and will speed up transactions.”