50% fee reduction for SMEs in special economic, free zones

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Muscat – The Public Authority for Special Economic Zones and Free Zones (OPAZ) announced on Tuesday that it is offering 50% reduction in fees for services offered to small and medium sized enterprises (SMEs).

OPAZ announced its decision at a press conference, specifying the fees for over 80 services provided in its affiliated zones. As part of the decision, SMEs will be offered a 50% reduction in fees for these services.

The move marks a crucial step towards streamlining operations, enhancing procedures and expediting business activities. ‘It showcases OPAZ’s unwavering commitment to bolstering the local investment and business environment, stimulating economic growth, attracting foreign investments, supporting SMEs, as well as the broader business sector. The reduction and unification of fees for services and activities within OPAZ-supervised zones demonstrate our dedication to harmonising and simplifying processes, reducing challenges for investors and promoting competitiveness of the investment landscape in Oman,’ OPAZ stated in a press release.

The objective of this initiative is to complement national efforts in economic diversification and maximise the role of SMEs in establishing projects that contribute significantly to the local economy.

‘These projects generate employment opportunities, foster innovation, promote sustainable economic development and ensure financial stability within the special economic zones and free zones, aligning with Oman Vision 2040. By addressing investors’ concerns, encouraging greater participation from the local and foreign private sectors and improving the investment environment’s competitiveness, this initiative aims to create a more favourable ecosystem.’

Furthermore, this decision focuses on streamlining procedures, licences and reducing operating costs, all while ensuring transparency and credibility in determining fees for OPAZ services.

The fee reduction applies to various services in special economic zones and free zones, including commercial register procedures; contract registration; licences and permits for business, commercial, industrial and tourism activities; investor work permits; environmental permits, urban planning services; construction and engineering permits; certification and documentation issuance; service supplier permits; government fees related to operations and investment and more.

According to Dr Said bin Khalifa al Quraini, General Manager of OPAZ’s Investment Development Department, this initiative reflects the authority’s efforts to enhance the business environment, achieve sustainable economic growth and boost economic competitiveness within its zones. These measures will contribute to increased investment growth and SME integration, aligning with the needs of existing and future projects, and promoting sustainable development.

Quraini emphasised OPAZ’s ongoing commitment to improve its services and review fees.