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We are excited to share the latest edition of the Law Update, beautifully and appropriately titled “Sustainable Horizons: The Saudi Arabian Vision.” Giving special honor to the Kingdom’s 2030 vision, this update focuses on a collection of both informative and inspiring articles.
For those in construction, you can learn about how the tendering environment impacts risk-pricing for contractors, the updates on the legal framework of the construction industry and how contractors can protect themselves against financial difficulties.
There is good news too from the kingdom’s banking sector, from which the practice of “Open Banking” is being pushed for! But what is open banking? We’re answering that too.
Also . . . Are there any women trail blazers in Saudi Arabia you can name? We’ll help you with that. We cover how the Middle East has been making strides in empowering women in the entrepreneurial space,most notably in STEM fields.Read the full edition
The Ministry of Commerce, Industry and Investment Promotion recently issued Ministerial Decision 473 of 2022 (“MD”) regulating the operation of businesses conducted at retail premises. The MD creates rules for owners of businesses that are operated “from home” to enhance confidence by assuring consumers are protected against unfair business conduct and fair standards are achieved. All home business owners that are covered by the law are urged to proceed with applying for their licence within 6 months following the publication of the MD.
It is now prohibited to conduct certain business from home or a retail premise unless the owner obtains the appropriate licence from the Ministry of Commerce, Industry and Investment Promotion (“MOCIIP”). The category of business being conducted from home that requires a licence includes any project undertaken by an owner from their house, details of which is elaborated in the annexure to the MD which includes:
The law indicates that the categories of home businesses stated in the MD are reserved for Omani nationals only and that such persons do not own any other businesses. The applicant can file an electronic application with the MOCIIP and include documents including the title deed or tenancy agreement of the home in which the business activity is practiced, consent of the homeowner if the house belongs to someone else, identification card or passport copy of the applicant and detailed specification of the business activity. Once approved, the licence is issued for a period of three years. The MD sets out further licensing terms and conditions that the owner must abide by including requirements to comply with the laws and regulations of the practised activity.
Al Tamimi & Company’s Oman office regularly advises on corporate and regulatory matters and advises its clients on business establishment in Oman. We also advise small businesses on how to protect their intellectual property (such as logos and designs) and on the filings that owners will need to undergo to safeguard their business. Only persons holding a commercial licence are able to protect and register their logos and designs with the MOCIIP. As such, this decision will now encourage businesses working from home to register and protect their logos and designs after obtaining the required commercial licence.
If you would like to discuss the above developments in more detail, please contact us.
Head of Corporate Commercial - Omana.firstname.lastname@example.org
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