Oman cancels over 35,000 commercial registrations

MUSCAT: Oman authorities cancelled over 35,000 commercial registrations that expired or ceased operations, local media reported.

A total of 35,778 commercial registrations that have expired or discontinued operations have been canceled, according to the Ministry of Commerce, Industry, and Investment Promotion.

The action was taken as part of market regulation measures to make sure that all active commercial registries reflect legitimate businesses and follow the law.

The Ministry noted that sole proprietorships and joint stock firms were not included in this second part of the market examination, which focused on businesses that had either ceased operations or expired within the last 20 years (2000–2020).

According to the Ministry, 3,415 commercial registers were canceled as part of the market review’s initial phase, which focused on businesses that had discontinued operations or perished between 1970 and 1999.

Oman, a country nestled in the Arabian Peninsula, is renowned for its stunning landscapes, rich cultural heritage, and a welcoming atmosphere. The country’s economy is primarily driven by its oil and gas reserves, but it has been diversifying its economy to reduce its dependence on these natural resources. Tourism, particularly eco-tourism, has emerged as a significant contributor to Oman’s economy, attracting visitors with its pristine beaches, majestic mountains, and ancient historical sites.

Oman is home to a diverse population, with a significant number of expatriates working in various sectors, including oil and gas, healthcare, education, and hospitality. The country’s multicultural environment has enriched its cultural heritage, blending elements of Arab, Persian, and Indian traditions. Oman’s cultural heritage is evident in its ancient forts, traditional souks, and vibrant festivals.