The FCIL became effective from January 2020.
The authorities have started evaluating foreign investments for approval in setting up 100% foreign owned companies in Oman under the new Foreign Capital Investment Law (FCIL) (RD 50/2019). The FCIL became effective from January 2020. This flash sets out current practices emerging and the key features of the FCIL as under:
We believe the new FCIL marks a momentous liberalization in the history of the Sultanate. It strongly emphasizes commitment to create a robust and attractive investment environment for businesses and foreign investors. The new FCIL, together with the new Commercial Companies Law, the Privatization Law, the Public Private Partnership Law and the Bankruptcy Law, is expected to spur investment, drive economic growth and generate employment.
We, at KPMG In Oman, have a dedicated and experienced team for advising on matters relating to inbound investment, company set-up, representation before authorities and tax policy. We would be pleased to provide further detail on this legislation.
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