Muscat: In a remarkable achievement, the Oman Business Platform (OBP) has processed an impressive 487,300 transactions in the first half of 2024, a testament to the platform’s efficiency and effectiveness.

This milestone highlights the success of the platform and the recent enhancements introduced by the Ministry of Commerce, Industry, and Investment Promotion, (MOCIIP) will further streamline and expedite business transactions.

The ministry on Sunday announced the introduction of new measures for several services provided to investors and businessmen through Oman Business Platform.

The latest improvements target several core services, and aim to simplify processes related to commercial activities.

These initiatives are expected to save time and effort for investors and business owners, allowing them to complete transactions more quickly and efficiently.

The streamlined processes will not only improve user experience but also make Oman a more attractive destination for investments.

Enhanced services
Among the key services that have been upgraded include:
Commercial registration: Simplified procedures for registering new businesses;
Updating commercial registry information: Easier processes for updating business details;
Transferring ownership of commercial registry: More straightforward steps for transferring business ownership;
Licensing applications: Enhanced and quicker processing of licensing requests;
Foreign Capital Investment Law: Streamlined registration for companies under this law, reducing the number of required conditions.
These enhancements are expected to facilitate faster and more effective transaction processing, contributing to a better business environment.

Commitment to continuous improvement
The ministry has reaffirmed its commitment to continuously assess and improve the services provided through the Oman Business Platform. By actively seeking and incorporating feedback from investors, the ministry aims to offer an integrated and user-friendly experience that supports economic growth and sustainable development.

Investor reactions
Business leaders and investors have welcomed these improvements. A CEO of an Omani investment firm, who requested anonymity said, “The new measures introduced by the ministry are a game-changer. They significantly reduce the bureaucratic hurdles we previously faced, making it much easier to operate and expand our businesses in Oman.”

Another investor added, “Oman’s commitment to creating a more business-friendly environment is evident with these recent changes. It makes the country a more viable option for our expansion plans in the region.”

Looking forward
With these enhancements, Oman continues to strengthen its position as a preferred destination for business and investment. The ministry’s proactive approach in improving the Oman Business Platform is expected to attract even more investments, driving economic growth and fostering a vibrant business ecosystem.

As Oman positions itself as a hub for commerce and industry, the latest improvements to the Oman Business Platform are a testament to the country’s dedication to economic development and investor satisfaction. With the new initiatives, Oman hopes to build a more efficient and attractive business environment.

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