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Royal Decree

Royal Decree 33/74 regarding Companies Established by Royal Decree

1974/33 33/1974 74/33 33/74

Arabic

We, Qaboos bin Said, the Sultan of Oman

Keen on promoting the public, social, and economic interests in our Sultanate and other goals that benefit our nation,

have decreed as follows

Article 1

Given that the Commercial Companies Law in the Sultanate has come into force as of June 1974, every partnership between two or more persons to contribute to a for profit project must take place in accordance with the provisions of the Commercial Companies Law and subject to the provisions of the mentioned law.

Article 2

It is Our declared policy not to establish any company referred to in article 1 of this decree by virtue of a decree issued by Us, unless a written statement is submitted to Us outlining the reasons that prevent the establishment of this company under the Commercial Companies Law in the Sultanate, and We shall decide whether these reasons are sufficient for the situation to be deemed exceptional.

Article 3

If a company is established by virtue of a decree issued by Us and the statement referred to in article 2 of this decree is not submitted, or if the statement is submitted and it contains an incorrect presentation of an incident of importance or omits to present an event of importance necessary to make the contents of this statement not misleading, the company shall be considered null and void and the persons who conducted business on behalf of this company shall be jointly and severally liable for the obligations arising from such business.

Article 4

Any company established by virtue of a decree issued by Us shall take one of the forms stipulated in the Commercial Companies Law in the Sultanate and shall rectify its constitutive contract, system, status, and business in accordance with its provisions within a period of one year from the date of issuance of the decree. Any company that fails to comply with the provisions of the preceding sentence shall be considered void at the end of that period, and all persons who subsequently conduct business in the name of this company shall be jointly and severally liable for the obligations arising from such business.

Article 5

Every company formed by virtue of a decree issued by Us shall comply with the provisions of the Commercial Register Law in the Sultanate.

Article 6

This decree shall be published in the Official Gazette, and comes into force from the date of its publication.

Issued on: 11 Rajab 1394
Corresponding to: 1 August 1974

Qaboos bin Said
Sultan of Oman

Published in Official Gazette 61 issued on 15 August 1974.