Monday 23 / September / 2024
Muscat: The Ministry of Commerce, Industry, and Investment Promotion has announced the cancellation of commercial registrations that have ceased business operations or whose licenses have expired.
The ministry indicated that the number of cancelled commercial registrations reached 3,415, as part of efforts to regulate the market and ensure that all active commercial registrations represent operational institutions that comply with existing laws.
Mubarak bin Mohammed Al-Dohani, Director General of Commerce at the Ministry of Commerce, Industry, and Investment Promotion, stated that the canceled registrations represent the first phase of a review of companies that have ceased operations or whose licenses have expired, covering the period from 1970 to 1999. He added that the canceled companies do not include joint-stock companies or individual traders. Al-Dohani emphasized that these measures are important for market regulation, ensuring the accuracy of data, figures, and statistics related to businesses operating in the Sultanate of Oman. He also noted that there will be a second phase of reviews covering companies from 2000 to 2018.
The Director General explained that the decision to cancel registrations is based on Commercial Register Law No. (3/74), which stipulates in Article 15: “If a trader dies, ceases to conduct business, if a company is liquidated, or if a branch or agency is closed, the registration of the trader, company, branch, or agency must be canceled from the commercial register."
The article further states: "The trader, their heirs, liquidator, or company must submit a request to cancel the registration within one month from the occurrence of the event requiring the cancellation. The Registrar of the Commercial Register also has the right to cancel the registration on his own accord."
