Muscat- The Ministry of Commerce, Industry, and Investment Promotion has cancelled 3,415 commercial registrations belonging to businesses that have either ceased operations or whose licenses have expired.
This action is part of the ministry’s ongoing efforts to regulate the market and ensure that only active commercial entities comply with existing laws.
According to Mubarak bin Mohammed AlDohani, Director General of Commerce, this cancellation marks the first phase of a comprehensive review targeting businesses that have been inactive since the period between 1970 and 1999. He clarified that the cancellations do not affect joint-stock companies or individual traders.
Emphasizing the significance of these measures for market regulation, he pointed out that it will help ensure the accuracy of data and statistics regarding businesses operating in the Sultanate of Oman. He also indicated that a second phase of reviews is planned, which will encompass companies established between 2000 and 2018.
The decision to cancel these registrations is based in Commercial Register Law No. 3/74, which mandates that registrations must be cancelled if a trader passes away, ceases business operations, or if a company is liquidated. The law stipulates that the trader or their representatives must request cancellation within one month of the event prompting the cancellation, although the Registrar of the Commercial Register may also initiate cancellation independently.
