Other BriefingsDigital Transformation Drives 97% Surge in Oman’s Commercial Registrations in Q1 2024
By the end of the first quarter of 2024, the number of legal and commercial registrations across all governorates of the Sultanate of Oman experienced a notable increase of 97 percent, reaching a total of 450,768, according to the Ministry of Commerce, Industry, & Investment Promotion (MoCIIP).
The ministry attributed this surge to the growing use of the ‘Oman Business Platform’ digital portal, which has greatly facilitated the completion of transactions and the acquisition of commercial registrations for investors, companies, and owners of small and medium enterprises (SMEs).
These legal and commercial registrations encompass a variety of entities, including individual traders, limited liability companies, single-person companies, partnerships, closed Omani joint-stock companies, freelance records, street vendors, commercial representation offices, home-based businesses, branches of foreign companies, and non-profit organizations. The data reveals an increase in these registrations during the first quarter of 2024 compared to the same period last year.
According to the Information, Data, and Statistics Department at MoCIIP, the breakdown of commercial registrations by governorate at the end of Q1 2024 is as follows: 12,911 in Al Buraimi Governorate, 27,967 in Al Dakhiliyah Governorate, 12,525 in Al Dhahirah Governorate, 7,661 in Al Wusta Governorate, 29,244 in South Al Batinah Governorate, 25,589 in South Al Sharqiyah Governorate, 60,060 in North Al Batinah Governorate, 25,093 in North Al Sharqiyah Governorate, and 3,906 in Musandam Governorate.
Additionally, the number of commercial registrations involving foreign investors across the governorates reached 47,287 by the end of Q1 2024, a significant rise from 2,700 at the end of Q1 2023. This includes 1,377 in Al Buraimi, 433 in Al Dakhiliyah, 176 in Al Dhahirah, 229 in Al Wusta, 1,953 in South Al Batinah, 700 in South Al Sharqiyah, 3,406 in North Al Batinah, 233 in North Al Sharqiyah, 5,640 in Dhofar, 33,078 in Muscat, and 62 in Musandam.
The number of automatic licenses issued through the ‘Oman Business Platform’ or ‘Sanad’ service delivery offices reached 638,795 by the end of Q1 2024.
The cumulative number of cancelled and under-liquidation commercial registrations stood at 3,066 by the end of Q1 2024, marking a 15.8 percent increase from the 2,648 registrations recorded at the end of Q1 2023. Additionally, the number of industrial licenses issued grew to 17,305 in Q1 2024, up from 9,420 during the same period in 2023, representing an 83.7 percent increase.
MoCIIP remains dedicated to advancing digital transformation in line with the government’s broad digital initiatives. This strategy is designed to improve the investment climate in Oman, streamline business startup processes, and foster the establishment of diverse projects that drive economic growth. The ministry’s goals include stimulating economic activity, enhancing the business environment, and adopting global best practices to elevate Oman’s international standing in terms of ease of doing business, competitiveness, and innovation.
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