- Leaps to 32nd from 159th rank globally
Globally, New Zealand edged out Singapore as the ‘easiest country for doing business’ in the latest rankings, while several emerging market countries improved their rankings by pursuing business-friendly reforms. The report cited reduction in labour-related taxes and new regulations that make paying taxes easier as key reasons why New Zealand moved to the top spot from its previous runner-up position.
In the 2016 list, Oman was ranked 69. The Ministry of Commerce and Industry’s (MoCI) efforts to improve business environment are bearing fruit, Dr Ahmed bin Mohammed bin Salem al Futaisi, Minister of Transport and Communications, tweeted.
Dr Salim Sultan al Ruzaiqi, CEO, Information Technology Authority (ITA), praised the Invest Easy one-stop online project of the government. “The Invest Easy initiative has been accepted by the private sector. This is one of the main initiatives of the government,” said a senior-most government official.
According to the report, for commercial registration, an entrepreneur can check the availability of the desired company name online. To register, an entrepreneur can submit a duly completed application form along with the documents at the one-stop shop of the MoCI.
The following relevant public institutions are housed at the one-stop shop: Ministry of Commerce and Industry, Public Authority of Civil Defence and Ambulance, Royal Oman Police, Muscat Municipality, Chamber of Commerce and Industry, Ministry of Regional Municipalities and Water Resources, Ministry of Environment and Climate Affairs and the Ministry of Manpower.
The company must then obtain licence from the Municipality of Muscat before commencing business operations and pay a fee of RO 15. The company needs to register with the Ministry of Manpower (MoM) at the time of incorporation, which can be done at its desk at the MoCI. The total procedure will take six days and may cost around RO 183 to start a Grade II company.