Muscat: The Ministry of Commerce, Industry, and Investment Promotion has announced the termination of commercial registrations for entities that have ceased business operations or whose licenses have expired.
The Ministry has reported that a total of 3,415 commercial registrations have been revoked as part of its efforts to regulate the market and ensure compliance with existing legal standards.
Mubarak bin Mohammed Al-Dohani, the Director General of Commerce within the Ministry of Commerce, Industry, and Investment Promotion, has stated that these revoked registrations represent the initial phase of a comprehensive review of entities that have ceased operations or whose licenses have expired. This review spans from 1970 to 1999. He further clarified that the entities affected by this revocation do not include joint-stock companies or individual traders. Al-Dohani underscored the significance of these measures in the context of market regulation, emphasizing the need for accurate data, figures, and statistics pertaining to businesses operating within the Sultanate of Oman. He also mentioned that a subsequent phase of reviews will be conducted, covering entities from 2000 to 2018.
The Director General elaborated that the decision to revoke registrations is grounded in Commercial Register Law No. (3/74), specifically Article 15, which states: “Should a trader pass away, cease business operations, a company undergo liquidation, or a branch or agency be closed, the registration of the trader, company, branch, or agency is mandated to be canceled from the commercial register.”
The article also mentions: "The trader, their heirs, the liquidator, or the company itself is required to submit a request for cancellation within one month following the event necessitating the revocation. Additionally, the Registrar of the Commercial Register possesses the authority to initiate the revocation process independently."
