A press release stated that the companies inspected have been set up under the Foreign Investment Act. Khaled bin Khamis al Masrory, director of Department for Monitoring Commercial Facilities, and a member of the joint inspection team said, “We visit the companies to know about their financial status, so that they can be modernised and accredited through an audit office.”
Masrory added, “We also inspect the rental contracts, national authorisations for various activities, documents of the commercial register, social insurance, list of all the employees (Omanis and foreigners) in addition to a list of the money transferred in the last three months. We also check copies of car ownerships if available in the company.”
Masrory said that the inspections this year targeted 301 companies that got their authorisation in 2016. “The percentage of the foreign investment should not be more than 70 per cent and not less than ten per cent, with exceptions to some sectors, according to the agreements signed with the sultanate.”
Masrory said that Omani partners who desire to register a company subject to the Foreign Investment Act only need to present a certificate issued by the ROP proving that they don’t have any criminal record. Individuals are to present a bank account opened at least six months ago to guarantee their money. Companies need to present written proof of the meetings of the company signed by all the partners, or a decision from the board of directors with the documents of registration and a copy of the final audit or the company’s bank statement not less than six months.
Masrory said, “Foreign partners need to present a certificate issued from their country proving that they don’t have a criminal record. Individuals are to present a bank account opened at least six months ago to guarantee their money, or to prove their ownership of any institution or company in their country authenticated with a copy of the statements of the company, under the condition that it has been established three years ago.”
He said that companies need to present a written proof of meetings of the company signed by all the partners, or a decision from the board of directors along with the documents of registration and a copy from the final audit, or the company’s bank statement of not less than three years. Moreover, the citizens in some countries are obliged to investigation by the ROP to guarantee that they have no criminal record.
Masrory added, “Foreign partners who are residents in the sultanate and who desire to establish a company subject to the Foreign Investment Law, will need to present a written consent from the company they are working for, showing the company consent for them establishing the company as founders, and to present there is no criminal record.”
Citizens from certain countries are required to get an investigation form from the ROP. They also need to present proof of financial capabilities by presenting bank statements or any sort of a proof for the money. In addition, they will need to present a written consent from the foreign company they are working for in case one of the partners wants to open a new company with new partners, he said. Masrory assured that the partners should commit to the following procedures when applying for a request to set up a company. This includes contract on setting up the company with filled in form for registering a project and consent form to register an investment company. All the documents must be attached to the registration form.
He added that the ministry has the right to investigate the financial status of an individual in the company if needed. This in addition to applying for requests with the department of investors services in the ministry or in the directorates and administrations in the governorates or audit offices after the completion of all required work. In case registration is approved, the applicant will be notified through an SMS.