Breaking News
 |  | 

Business

Legal round up of the latest developments in Oman

img-responsive
Banner
 

Bulletin – April 2017

 
 
 
 

April 2017: Legal round up of the latest developments in Oman

If a party fails to pay a sum due under an arbitral award within ninety days from the date the award was issued, such award can be lodged with the Commercial Court for registration. An enforcement application may follow thereafter and the Commercial Court will direct the relevant party to deposit the award sum within seven days. Failure to pay amounts due may result in the Court’s enforcement department arranging physical seizure of assets.

The Civil Association Law promulgated by Sultani Decree 14 of 2000 governs the conduct of communal and charitable work and the operation of not-for-profit associations established for socio-cultural or developmental purposes. An association shall acquire its legal personality from the date of publication of its registration in the Official Gazette.

The recently implemented Sultani Decree 11 of 2017 has sought to re-define the responsibilities of the Ministry of Commerce and Industry (MOCI) by transferring certain MOCI functions to other departments. For example, in relation to consumer protection matters, the responsibility for protecting consumers and spreading awareness of consumer issues has been re-allocated to the Public Authority for Consumer Protection, where MOCI will remain the authority in relation to products and commodities.

There are many advantages to establishing an entity in a free zone, for example 100% foreign ownership is permitted and no minimum capital requirements or custom duties apply. In addition, there is a one-stop shop for filing applications, licenses and permits which aim to facilitate the ease in which an entity in a free zone is established. To establish an entity in onshore Oman requires additional steps, such that there must be a bank deposit of the required capital prior to any application for registration at MOCI.

You can find a summary of the key points below, however you can also read the full length Client Bulletin, with articles entitled:

Banner
 

Enforcing an Arbitration Award in Oman:
Key Considerations

After a final arbitral award is issued, it is important to consider the steps applicable to enforcing such award. As a first consideration, a party should review the award as to whether there are any typographical errors that could affect the outcome. Prior to pursuing an enforcement procedure at the Commercial Court, a party may also choose to send a letter of demand to the other party which specifies the time period for payment. To learn more, please refer to the Client Bulletin.

Establishing a Non-Profit Organization in Oman

The definition of “association” as defined by the Civil Association Law includes any permanent group of natural persons organised to achieve a purpose other than profit making. The founding members of any association must elect a board of directors and the association must also submit various registration documents to the Ministry of Social Development. It is the Ministry of Social Development that shall supervise the activities of the association. Read more about establishing non-profit organisations in the Client Bulletin.

 
Banner
Banner
 

A New Law Re-defining Some of the MOCI’s Responsibilities

Prior to the implementation of Sultani Decree 11 of 2017, the Public Authority for Mining was considered to form part of MOCI and was, therefore, under the ambit of MOCI’s control and responsibility. However, reference to the mining sector has been removed entirely from the recently implemented Sultani Decree, implying that the Minority for Mining has been granted greater autonomy. The re-allocation to other departments of MOCI’s responsibilities has also been evident as to its role as authority for commercial ventures concerning artistic works and consumer protection. Learn more in the Client Bulletin.

Oman Free Zones or Oman Onshore: Where Best to Operate

The first step to establish an entity in a free zone will require the entity to submit a plot application form together with various other registration forms at the designated one-stop shop facility. By contrast, an entity in onshore Oman (after setting a bank deposit of the required capital) shall register the commercial entity at the MOCI. Thereafter, the entity will be required to obtain the necessary licenses and permits appropriate to the nature of its business. Read more about setting up an entity in the free zones and onshore Oman in the Client Bulletin.

   
 
 
Profile Picture
 

Bruce B. Palmer

Managing Partner

bpalmer@curtis.com

+968 24 564 495

 
 
 
 
 
Profile Picture
 

Mary Allan

Partner

mallan@curtis.com

+968 24 564 495

 
 
 
 
 
 
Banner
 

Taimur Malik

Partner

tmalik@curtis.com

+968 24 564 495

 
 
 
 
 
Banner
 

Simon Ward

Partner

sward@curtis.com

+968 24 564 495

 
 
 
 
 
 
Banner
 

Jamal Al-Amri

Counsel

jalamri@curtis.com

+968 24 564 495

 
 
 
 
 
Banner
 

Mehdi Al Lawati

Counsel

mal-lawati@curtis.com

+968 24 564 495

 
 
 
 
 
 
Banner
 

Dominic Pilkington

Counsel

dpilkington@curtis.com

+968 24 564 495

 
 
 
 
 
Banner
 

Alessandra Zingales

Counsel

azingales@curtis.com

+968 24 564 495

302-2

ABOUT THE AUTHOR

POST YOUR COMMENTS