ISC Chief Executive Officer Eng Ibrahim bin Said al Maamari, said the majority of these entities will be linked up electronically by the end of this current year, with the balance due to be connected during the course of 2020.
Speaking at a forum held in the city recently, he said the portal will ultimately serve as the single window for the entire lifecycle of a business — from the moment it seeks a Commercial Registration (CR) to its closure (if and when that happens).
Overseeing the Invest Easy portal is the Investment Services Centre, which has been established under the purview of the Ministry of Commerce and Industry to serve as a “national single window for local and foreign investors”, said Al Maamari.
This mandate, the CEO said, is enshrined in the Foreign Capital Investment Law, promulgated via Royal Decree 50/2019. Citing Article 5 of the Law, he said: “The Centre shall register the foreign investor, facilitate and simplify the procedures for the extraction of all approvals, permits and licenses necessary for its investment project.”
Importantly, the Law obligates the Centre to respond promptly within stipulated timeframes to a licence application from an investor. Failure to respond is construed as an acceptance of the application.
Al Maamari explained: “In all cases, the Centre and the competent authorities shall comply with the procedures and dates for the issuance of such approvals, permits and licenses. In case of failure to obtain a response within the legal periods stipulated in the regulations, the application shall be considered acceptable.”
In essence, the Investment Services Centre is the first port of call for investors seeking to set up operations in the Sultanate, said the CEO.
“The Centre is positioned at the front of the registration process and plays the central coordinating role between investors and the government. Its clients are entrepreneurs, prospective investors, business owners and project owners.
The Invest Easy portal will provide business registration, chamber certificate facilitation, licensing approval, annual report repository, and legal and regulatory updates. Additionally, it will provide project facilitation services in the form of fast track project implementation, monitoring and problem solving.”
According to the official, around 30 government entities are currently integrated with the Invest Easy portal. This figure will ultimately rise to 75 entities by 2020, effectively positioning the Centre as a one-stop window for investors applying for anything from licenses to labour clearances, or even the dissolution of the company.
Included in this portfolio are some private sector entities, such as banks and telecom operators, who form an integrate part of the conducive business environment that the government is seeking to develop within the country.
Source Link: www.omanobserver.om