Legal Framework
From The Report: Oman 2016
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This chapter contains an overview of the legal framework within which local and international investors operate in Oman, including a look at the business environment for foreign investors, the different types of corporate entity recognized in Oman and a rundown of the various incentives available for inward investment. This chapter contains a viewpoint from Paul Sheridan, Managing Partner, Dentons.

Articles from this Chapter

Overview

Terms of engagement: A rundown of the legislation governing companies in Oman
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The 1996 Basic Statute of the State (also referred to as the Basic Law) sets out the legal structure of Oman and the functions of the executive and the judiciary, as well as citizens’ personal liberties and public obligations. It provides that Oman’s basic principles include free market economics, cooperation between the public and private sectors, the protection of private property (with expropriation only in cases provided for by law and against fair compensation) and taxation in accordance…

Analysis

Divide and rule: A new set of competition regulations have come into force
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The new Competition Protection and Monopoly Prevention Law (the Competition Law), which was published in December by Sultani Decree No. 67 of 2014, raises important compliance issues for companies doing business in Oman. The law introduces a new merger control regime, as well as prohibiting restrictive agreements and abuse of market dominance. It also bans agreements or arrangements that are aimed at the monopolisation of markets. Penalties Distinct penalties have been outlined for non-compliance.…

Viewpoint

Room for reform: Paul Sheridan, Managing Partner, Dentons, on foreign direct investment in Oman
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The goals of Oman’s current long-term strategy, Vision 2020, are to support growth, diversify away from oil and gas, and create employment opportunities for Omanis. Attracting inward foreign investment is a major factor in achieving these goals. Oman’s current legislation on foreign investment (the Foreign Capital Investment Law, or FCIL) was enacted by Sultani Decree 102/1994, although its roots go back to predecessor laws dating from the 1970s. Certain aspects of the FCIL were amended in 1996,…