‘Excellent Companies’ Initiative: How It Will Drive Business Growth, Diversification, and Job Creation in Oman
SALALAH: Oman’s Ministry of Commerce, Industry and Investment Promotion (MoCIIP), in collaboration with the Tax Authority and the Ministry of Labour, has introduced the “Excellent Companies” initiative to support high-performing businesses. This program aims to enhance productivity, value addition, and regional expansion through targeted incentives.
The initiative focuses on three main objectives: growth, diversification, and employment. It seeks to empower Omani companies to compete on a global scale, highlight successful local enterprises, and guide small and medium-sized enterprises (SMEs) through a structured process of capability development.
Eligibility Criteria
To qualify as an “Excellent Company,” firms must be registered in Oman under the Commercial Companies Law (Royal Decree 18/2019) and contribute directly to national priorities. This includes employing Omani nationals and adopting international standards, advanced technologies, and sustainable practices.
Basic eligibility requirements include:
- Being registered and operational in Oman with an established office.
- Compliance with all national laws and regulations.
- Employing at least one Omani national.
- Meeting at least three of the specified evaluation criteria.
Assessment Process
The evaluation is conducted in two phases. The first phase assesses five primary criteria: company age, market and branch presence, export activity, workforce size and Omanisation rate, and revenue figures. The second phase examines digital transformation efforts, local content contribution, and environmental, social, and governance (ESG) practices.
Verification of data is carried out through official government databases including the company registry for age and branches, Customs for export data, Ministry of Labour for workforce and Omanisation data, and the Tax Authority for audited annual revenues. Based on a composite score, companies are categorized by their growth stage and assigned an incentive tier.
Growth Stage Categories
- Start-up/Emerging: Revenues between RO 100,000 and 500,000; 10–50 employees; approximately 10% Omanisation; 1–5 branches; 5–10 years in operation.
- Mature: Revenues between RO 500,000 and 3 million; 51–200 employees; approximately 20% Omanisation; 6–20 branches; 11–25 years in operation.
- Sustainable/Advanced: Revenues exceeding RO 3 million; more than 201 employees; approximately 35% Omanisation; over 21 branches; operational for more than 26 years.
Companies are further classified into Category A, B, or C based on their total points.
Benefits for Participating Companies
Participating firms gain access to several benefits categorized as follows:
- Preferential: Opportunities to join peer roundtables, direct support for entering new markets through embassies, priority branding at trade fairs and official delegations, designation of corporate representatives as Business Ambassadors, and talent development programs such as “Kafa’at.”
- Administrative: Priority access to decision-makers, dedicated account managers to streamline inter-agency processes, expedited licensing through the “Invest in Oman” hall, and facilitation of regulatory and policy matters.
- Operational: Customs facilitation, export support for Omani products in regional markets, regular ministerial visits to businesses, encouragement of cluster development and mergers, and faster processing of tax refunds.
This initiative underscores Oman’s commitment to fostering a competitive business environment that drives sustainable economic growth and increased employment of Omani nationals.
Special Analysis by Omanet | Navigate Oman’s Market
Oman’s "Excellent Companies" initiative presents a strategic opportunity for businesses to accelerate growth and regional expansion through targeted incentives and streamlined government support. By emphasizing digital transformation, Omanisation, and ESG practices, the program encourages firms to boost competitiveness and sustainability. Smart investors and entrepreneurs should consider aligning with these criteria to gain preferential access to markets, expedite regulatory processes, and enhance their brand presence both locally and internationally.
