The Sultanate scored 1st amongst the Arab countries and 32 globally, advancing by 127 points compared to the previous report.
The World Bank 2017 Doing Business Report was released yesterday 25th October and is focused on “Equal Opportunity for All”. The Sultanate of Oman has achieved a major breakthrough in this report by advancing by 3 ranks to be ranked 66 internationally compared to 69 in the previous report. In starting a business index, the Sultanate scored 1st amongst the Arab countries and 32 globally, advancing by 127 points compared to the previous report.
According to the report: “Doing Business presents quantitative indicators on business regulations and the protection of property rights that can be compared across 190 economies. Doing Business measures regulations affecting 11 areas of the life of a business. Ten of these areas are included in this year’s ranking on the ease of doing business: starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency. Doing Business also measures labor market regulation, which is not included in this year’s ranking.”
The Sultanate made a progress in the Starting a Business Index by removing the requirement to pay the minimum capital within three months of incorporation and streamlining the registration of employees. In Trading across borders index, Oman reduced the time for border and documentary compliance by introducing a new online single window that allows for rapid electronic clearance of goods.
HE Dr. Ali bin Masoud Al Sunaidy, Minister of Commerce and Industry, commented on this success saying: “We appreciate all the efforts made to achieve this international recognition and improve the Sultanate business environment. The latest changes and updates in Invest Easy portal played a major role in this success as we cancelled the request to provide proof of the company’s capital at the beginning of the registration, the Article 5 and Article 11 in the commercial agencies Law and simplify the procedures for business registration records by allowing 76 electronic service through the portal. This achievement wouldn’t be accomplished without the efforts of the project team and all officials support to ease doing business in Oman.”
Thrilled with this achievement, Dr. Salim Sultan Al Ruzaiqi, said: “This advanced ranking of the Sultanate is an international recognition from a leading organization The World Bank that the provision of electronic services in doing business in Oman is moving steadily towards a big success internationally.”
On the Sultanate’s major projects recognized in this report, Al Ruzaiqi said: “Invest Easy project of the Ministry of Commerce and Industry is one of the pioneering projects in this field and it deserves this international recognition. It is designed to provide electronic services to investors and entrepreneurs and owners of small and medium enterprises through a single window; in addition to simplifying and streamlining procedures and make the process of investing and doing business in the Sultanate easier with high quality and more transparent.”
Salma Khalfan Al Burtmani, Invest Easy Project Manager at ITA, explained the project nature saying: “Invest Easy is a leading eTransformation project that have been implemented with the Ministry of Commerce and Industry in order to facilitate the business environment in the Sultanate to be done online through a single window.
She added: “This is the first portal that uses the eSignature service over the mobile phone provided by the National Digital Certification Center at Information Technology Authority. Through this service the beneficiary can complete some transactions completely after activating the electronic certification on mobile sim card.”