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At the present time, Omani law does not provide for self-help enforcement remedies. Companies which satisfy certain criteria under the Tax Law and the Encouragement of Industry Law may be eligible for tax exemptions for a set period.
Forgotten your password. Print Share. Related articles. Tweets by IFLR New to IFLR? User assumes all risk of use, damage, or injury. You agree that we have no liability for any damages. Summary: 1. Author Recent Posts. Nimisha Kaushik. Latest posts by Nimisha Kaushik see all. Help us improve. Rate this post! The concept of circulating minutes in advance for later ratification was not covered by the old law; any person who signs the minutes of the meeting will be liable for the content of those minutes.
Shareholder meetings: one or more shareholders holding at least 10 percent of the share capital can now call a general meeting. The old law gave this right only to those holding 25 percent or more of the share capital; one or more shareholders holding at least five percent of the share capital can now request the board of directors to include an item on the agenda at the general meeting.
Interested directors are under an obligation to notify the company of such interests within a short period following appointment; Dividend to equity : cash distributions that are declared for payment to shareholders can now be partly converted into equity instead of receipt of a cash dividend. If the differential exceeds 50 percent, an extraordinary general meeting must be held to determine the progress of the company; Reduction of capital : the time period for creditors to raise objections to a reduction of capital has been reduced from 60 to 15 days, following publication of the notice in the daily press.
This is a significant change and will reduce the time taken to make the reserves available that commonly arise from a reduction. What must Companies now do to Comply? Spread the news. Print Download. Stay updated To learn more about our services and get the latest legal insights from across the Middle East and North Africa region, click on the link below. Subscribe now.
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