Ministry steps to curb multiple commercial registrations in Oman

 In an effort to limit multiple commercial registrations (CRs) the Ministry of Commerce and Industry is taking a number of measures.

The steps are being taken to merge multiple commercial registrations for an individual owner into a single CR. 

This will help the owner focus on managing one company instead of having many companies and establishments under his control.

The Ministry said that this merger will help public organisations to deal with a single legal entity instead of having to deal with many legal entities. Moreover, the merger may lead to having a single legal entity with solid capital, which enhances competitiveness of such entity.

The Ministry affirmed that the simplification of procedures for getting the CR through 'Invest Easy' Portal is one of the factors to improve the investment climate in the Sultanate.

Abdullah bin Salim Al Uraimi, Director of Audit and Control on the Commercial Establishments at the Ministry of Commerce and Industry said that the Ministry has stopped natural persons having 50 individual establishments and shares at more than 50 CRs from using the Invest Easy Portal in processing their transactions.

The services will be halted till they submit evidences about the accuracy of the data about their enterprises and how far they comply with the laws and regulations in force including having a lease contract, municipal licenses, preparing financial statements and per international accounting standards and the Commercial Companies Law, as well as activating the business activities for which the establishment was established.

Source: Timesofoman