Oman cancels 3,415 commercial registrations, more to follow

MUSCAT: Oman’s Ministry of Commerce, Industry, and Investment Promotion has cancelled 3,415 commercial registrations giving reason that either the businesses have ceased their operations or their licenses have expired.

This move to cancel commercial registrations is part of the ministry’s efforts to regulate the market and ensure that all active commercial registrations represent operational institutions in compliance with existing laws, as per the ministry’s indication.

Mubarak bin Mohammed Al-Dohani, Director General of Commerce at the Ministry of Commerce, Industry, and Investment Promotion, said that this cancellation represents the first phase of a comprehensive review of companies that have ceased operations or whose licenses have expired, covering the period from 1970 to 1999.

Mubarak bin Mohammed Al-Dohani further said that the cancelled registrations do not include joint-stock companies or individual traders. Al-Dohani emphasised on the importance of these measures for market regulation, ensuring the accuracy of data, figures, and statistics related to businesses operating in Oman.

Furthermore, a second phase of reviews will cover companies from 2000 to 2018, he said.

It is pertinent to mention here that the decision to cancel these registrations is based on Commercial Register Law No. (3/74). According to Article 15 of the law, if a trader dies, ceases to conduct business, if a company is liquidated, or if a branch or agency is closed, the registration must be cancelled from the commercial register.

The law further states that the trader, their heirs, liquidator, or company must submit a request to cancel the registration within one month of the event requiring the cancellation. Additionally, the Registrar of the Commercial Register has the authority to cancel the registration on his own accord.

This initiative of the Ministry of Commerce, Industry, and Investment Promotion aims to maintain an accurate and up-to-date commercial register, reflecting only those businesses that are actively operating and compliant with Omani laws. The ministry’s efforts are expected to enhance market transparency and reliability, benefiting both the business community and regulatory bodies.