Muscat: Opening your dream business in Oman has never been easier, as the Ministry of Commerce, Industry and Investment Promotion (MoCIIP) proudly launched its new automatic license approval service.

An initiative that was put in place to ease the provision of license approval services and reduce the time frame for receiving approvals, the Ministry says that the new system will help the Sultanate’s economic diversification plan and further provide a conducive climate for investors eyeing the private sector.

A statement issued online by Oman News Agency (ONA), said: “The launch of the automatic licenses approval service is an important initiative that falls within the axis of improved incentives for the business environment and investment in the Economic Stimulus Plan (ESP), with the aim of allowing local and foreign investors to practice economic activities by obtaining an automatic license that allows them to engage in commercial activities.”

As per His Excellency Qais Al Yousef, the Minister of Commerce, Industry and Investment Promotion, the new system will help in the approval of more than 1,500 economic activities, which constitutes about 88 per cent of the total economic activities in the Sultanate.

Companies falling under those activities can have automatic licenses issued through the Invest Easy portal. The portal will issue one economic license for an activity that includes all the licenses and approvals of the concerned authorities.

He then added that the automatic license approval system will help create a business environment that promotes growth and economic diversification, and one that supports and enables the private sector as a key partner in the development that leads the growth of Oman’s economy.

This will in turn lead to competitiveness and enhance Oman’s international indicators regarding the ease of practicing business, in accordance with the directions of Oman Vision 2040.

His Excellency Saeed bin Ahmed Al Saqri, Minister of Economy

Commenting on the move, His Excellency Saeed bin Ahmed Al Saqri, the Minister of Economy, said that facilitating procedures related to investment in the Sultanate is at the top of the list of businessmen and business owners’ claims, including small and medium enterprises.

He then explained that the launch of the automatic licensing approval service will reduce the cost of investment and the speed of completing transactions.

His Excellency then added that the automatic licensing approval service will make a qualitative and real shift in the investment environment in the Sultanate, as automatic licenses will be issued for about 88 percent of the total permitted commercial activities, which will stimulate investment, increase the volume of economic activity, and achieve economic diversification.