Arabian Times News Network
The number of new, renewed, and canceled commercial agencies during 2024 amounted to some 2,043. This included registration and renewal of hundreds of commercial agencies in addition to inspection campaigns to ensure compliance with the provisions of the Commercial Agencies Law No. 26 / 77. The Secretariat of the Commercial Registry at the Ministry of Commerce, Industry, and Investment Promotion pointed out that it included 458 new agencies, 944 renewed agencies, and 413 agencies with expired validity due to non-renewal and expiry of the term outlined in the Commercial Agencies Law.
Yaqoob bin Shayikh Al Dhabouni, Head of the Division of Registration of Commercial Agencies at the Ministry of Commerce, Industry and Investment Promotion, said that the ministry accords due attention and care for regulating the commercial agencies sector and ensures the necessity for compliance of the local agents with renewal and updation of their agencies through Oman Business Platform as to ensure transparency in the market and the flow of goods under the applicable laws. He said that the Ministry closely follows the compliance of the agents with the provisions of the law.
The necessary legal actions would be taken against the violators of the provisions of the law, he added. He also called on investors to benefit from the facilities offered to ensure compliance with the law and avoid the stipulated penalties. The Ministry of Commerce, Industry, and Investment Promotion continues with its efforts for the development of the legislative systems related to commercial agencies in a way that boosts the business environment and supports the national economy.
