Long-term visas to help investors in Oman

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“It was a great initiative by the government to issue long-term visas for investors,” said Yogendra Singh Katiyar, the founder of We Network.

Muscat: Providing investors with five- and 10-year investor residency visas allows them to stay longer in the country and allows their businesses to grow in the long term, according to a recent recipient of the long-stay investor visa.

Alternative energy solutions
Yogendra Singh Katiyar, the founder of We Network LLC, a company specializing in telecommunications, IT and alternative energy solutions, founded his organization in 2011 in Oman and expanded its operations to the Middle East, Southeast Asia East and in the Indian subcontinent.

“It was a great initiative by the government to issue long-term visas for investors,” Katiyar said. “It will help Oman to develop economically and to use technology, combined with the skills and dexterity of competent people. This will also help both socially and in terms of infrastructure development.

“I hope Oman’s latest residency program attracts and promotes qualitative investments that contribute to the country’s GDP growth and support its national economy,” he added. “The country seeks to stimulate the localization of industries, the transfer of advanced technologies and modern techniques, and to promote economic diversification.

“Once new foreign investment companies settle in Oman, a nice amount of foreign investment comes into the country, which will create new job opportunities,” he explained. “We look forward to seeing Oman in 10 years as one of the best countries in the Middle East with access to sophisticated operations, while appreciating the efforts of investors.”

Oman’s Ministry of Commerce, Industry and Investment Promotion (MOCIIP) recently announced that it has provided long-term investor residency cards to 217 people since the launch of the residency program. investors in October 2017.

142 people received 10-year investor visas, 73 received five-year visas and two cards were issued to investors over retirement age. The program grants foreign investors and retirees the right of long-term residency over a period of five or ten years. It also supports integration efforts aimed at improving the investment environment, promoting economic diversification and attracting quality investment.

“Such a setup would inspire any foreign investor to hatch their ideas with great optimism and diligent entrepreneurship,” Katiyar said. “I was offered all kinds of investor assistance and hassle-free establishment of my business with easy terms and conditions.”

Other positive ripple effects of the investor residency program include providing jobs and skills to young Omanis. As an investor operating out of Knowledge Oasis Muscat, which was set up to encourage investment in technology and education, Yogendra has also received numerous incentives from Madayn, the public establishment for industrial zones.

These include 100% foreign ownership, excellent networking opportunities, a collaborative environment, favorable Omanization percentages, good facilities, excellent communication channels with partners, a robust and diverse economy, a legal transparency and a favorable environment for investors. As an eligible tenant, We Network was also able to bid on government tenders.

Katiyar welcomed the government’s moves to encourage more investment, saying it helped him ensure he offered the same standards of service in every country he moved to.

“We have many plans on the anvil to expand our area of ​​business in various parts of Oman in the coming years, having seen things flourish as we continue to emerge from the COVID-19 pandemic,” did he declare. “We have our establishments in India and UAE with accumulated business plans and strategies.

“We have plans for improvement and execution in Oman, especially in the field of communication technologies in the coming years,” he added. “Government authorities in Oman are eager to work with investors and businesses to help this country prosper. The younger generation can come forward with vision and enthusiasm, as there are a plethora of ideas that will thrive here.

“New investors can explore many areas, such as artificial intelligence, machine learning, hospitality, education, tourism and healthcare, all of which can be made more productive and expansive in the country. “, said Katiyar.

The MOCIIP also provided guidelines for investors to obtain long-term investor residency.

“An application for benefiting from the program is submitted to the investment service center of the ministry through the website which links all relevant authorities,” the ministry said, as reported by the Omani News Agency. “The center assesses the request, determines the type of investment required and approves this request within one month from the date of the request.”

Investors who obtain residency are eligible for many incentives and privileges previously announced by MOCIIP.

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