Muscat – Ministry of Commerce, Industry and Investment Promotion (MoCIIP) has announced the cancellation of commercial registrations that have ceased business operations or whose licences have expired.

The ministry informed that the number of cancelled commercial registrations is 3,415. The action is part of efforts to regulate the market and ensure that all active commercial registrations represent operational institutions that comply with existing laws.

Mubarak bin Mohammed al Dohani, Director General of Commerce at MoCIIP, stated that the cancelled registrations are the first phase of a review of companies that have ceased operations or whose licences have expired, covering the period from 1970 to 1999.

He added that the cancelled companies do not include joint-stock companies or individual traders. Dohani informed that these measures are important for market regulation, ensuring the accuracy of data, figures and statistics related to businesses operating in Oman. He also said that there will be a second phase of reviews covering companies from 2000 to 2018.

According to Dohani, the decision to cancel registrations is based on Commercial Register Law No 3/74, which stipulates in Article 15: ‘If a trader dies, ceases to conduct business, or a company is liquidated or if a branch or agency is closed, the registration of the trader, company, branch or agency must be cancelled from the commercial register.’

The article further states: ‘The trader, their heirs, liquidator or company must submit a request to cancel the registration within one month from the occurrence of the event requiring the cancellation. The Registrar of the Commercial Register also has the right to cancel the registration on his own accord.’

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