MUSCAT, OMAN – Oman Ministry of Commerce, Industry and Investment Promotion on Sunday issued an order to regulate the activities of consumer cooperatives.
The order aims at promoting Omani products, establishing new supply chains, supporting national industries, developing governorates and providing new investment opportunities.
The regulation consummates the “National Product Support Initiative”, designed to raise the contribution of the converting industries sector to the national economy.
The ministry pointed out that consumer cooperatives operate under a legal framework to sell goods. A group of people contribute capital and form a consumer cooperatives.
Shareholders of consumer cooperatives receive share in the profits which leads to an improvement in their economic and social conditions.
Consumer cooperatives must obtain a license from the ministry to practice. The phrase ‘consumer cooperative’ must also be attached to the company’s trade name, the ministry said.
The order states that the license period would not exceed three years.
It is also renewable for a similar duration and an application be submitted to the ministry through the prescribed form, within a maximum period of 60 days prior to the expiration of the license.
All conditions and requirements, as stipulated by the ministry, must be met for the license to be obtained.