Muscat: The Ministry of Commerce, Industry, & Investment Promotion (MoCIIP) reported a 97 percent increase in legal and commercial registrations across all governorates of the Sultanate of Oman, reaching a total of 450,768 by the end of the first quarter of 2024.
The ministry attributed this significant rise to the use of the digital portal 'Oman Business Platform' by investors, companies, and small and medium enterprises (SMEs), which has streamlined the process of completing transactions and obtaining various commercial registrations.
The ministry also noted an increase in various categories of legal and commercial registrations, including individual traders, limited liability companies, partnerships, and more, compared to the same period in the previous year.
Additionally, the Information, Data, and Statistics Department at the Ministry of Commerce, Industry, & Investment Promotion provided a breakdown of the number of commercial registrations by governorate, with notable figures for each region.
The total number of commercial registrations with foreign investors in various governorates of the Sultanate of Oman stood at 47,287 by the end of the first quarter of the current year, a significant increase from the 2,700 recorded by the end of the first quarter of 2023. The breakdown of registrations by governorate is as follows: 1,377 in Al Buraimi, 433 in Al Dakhiliyah, 176 in Al Dhahirah, 229 in Al Wusta, 1,953 in South Al Batinah, 700 in South Al Sharqiyah, 3,406 in North Al Batinah, 233 in North Al Sharqiyah, 5,640 in Dhofar, 33,078 in Muscat, and 62 in Musandam.
Furthermore, the number of automatic licenses issued through the 'Oman Business Platform' and 'Sanad' service delivery offices reached 638,795 by the end of the first quarter of 2024.
In addition, the cumulative number of cancelled and under-liquidation commercial registrations reached 3,066 by the end of the first quarter of 2024, showing an increase of 15.8 percent from the 2,648 recorded by the end of the first quarter of 2023. Moreover, the number of industrial licenses reached 9,420 by the end of the first quarter of 2023, compared to 17,305 during the same period in 2024, marking an increase of 83.7 percent.
The Ministry of Commerce, Industry, & Investment Promotion is dedicated to the digital transformation of its services, in line with the government's broader digital transformation initiatives. This strategic approach aims to improve the investment climate in Oman, streamline business startup processes, and attract investors to establish a variety of projects that contribute to the national economy. It also seeks to stimulate economic activity, enhance the business environment, and implement global best practices, with the ultimate goal of elevating Oman’s international rankings in terms of ease of doing business, competitiveness, and innovation.
