Muscat – Oman climbed by three notches to rank 66th globally in the World Bank’s 2017 Doing Business Report which was released on Tuesday. Oman’s rank was 69th in the previous year report.
The sultanate came at third place among Arab countries in the World Bank’s Doing Business ranking this year, according to a press release issued by the Information Technology Authority (ITA) on Wednesday.
In Starting a Business Index – an important component of overall Doing Business ranking – Oman topped all the Arab countries and ranked 32nd globally, advancing by 127 points compared to the previous report.
The World Bank’s Doing Business survey presents quantitative indicators on business regulations and the protection of property rights that can be compared across 190 economies. Doing Business measures regulations affecting 11 areas of the life of a business. Ten of these areas included in this year’s ranking are: Starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency.
According to an ITA press release, the sultanate’s big jump in Starting a Business Index came after removing the requirement to pay the minimum capital within three months of incorporation and streamlining the registration of employees. In Trading Across Borders Index, Oman reduced the time for border and documentary compliance by introducing a new online single window that allows for rapid electronic clearance of goods.
Commenting on Oman’s improved ranking in 2017 Doing Business Report H E Dr Ali bin Masoud al Sunaidy, Minister of Commerce and Industry, said “We appreciate all the efforts made to achieve this international recognition and improve the sultanate’s business environment. The latest changes and updates in Invest Easy portal played a major role in this success. We cancelled the request to provide proof of a company’s capital at the beginning of the registration and simplified the procedures for business registration by allowing 76 electronic services through the portal. This achievement wouldn’t have been accomplished without the efforts of the project team and all officials’ support to ease doing business in Oman.”
Dr Salim al Ruzaiqi, CEO of ITA, said: “Improvement in Oman’s ranking is a recognition from the World Bank that the provision of electronic services in doing business in Oman is moving steadily towards a big success.”
“Invest Easy project of the Ministry of Commerce and Industry is one of the pioneering projects in ease of doing business. It is designed to provide electronic services to investors, entrepreneurs and owners of SMEs through a single window; in addition to simplifying and streamlining procedures and making the process of investing and doing business in the sultanate easier with high quality and more transparency,” Ruzaiqi added.