23/12/2018 08:13 AST

The Ministry of Commerce and Industry has appealed to the owners of commercial registrations, whether individual, institutions or companies, to expedite the reconciliation of commercial registrations which were valid until December 31, 2016, or earlier. It said that the last date for reconciling is December 31, 2018.

This service is available on the portal "Invest Easy", or in the Sanad offices, at law firms, auditing offices. These commercial entities can apply for a cancellation without paying any fines, except there are only fees for the renewal of companies. In case of a request to activate such registrations, the payment of renewal fees of commercial companies is required. For the cancellation of these registrations, it is a must that the application would be filed on the applicable form duly approved by the ministry of manpower and Royal Oman Police proving that there were no expatriate workers attached to the registration. The application would be attached on the electronic portal “Invest Easy”.

Said Bin Juma Al Salmani, Commercial Registration Secretary at the Ministry of Commerce and Industry, said that the number of individual establishments and companies which renewed and cancelled their registrations since the beginning of January until the end of November 2018 reached 96,948 through the "Invest Easy" portal. Similarly, 15,715 registrations of individual trading establishments were renewed and 26,264 were cancelled.

The ministry has provided this facility for establishments and companies whose owners have to pay huge amounts, which are especially high for those companies whose registrations have expired or are not active. This is also an effort to legalise the business and acquire knowledge about active companies. It would help in verifying the validity of these business establishments and updating the database of commercial registrations, as well as their compliance with laws and regulations governing commercial activities in the country.

Times of Oman

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