Royal Decree 21/2011 on the Continuation of the Validity of Licences for Foreign Accounting and Auditing Companies and Exempting Owners of Omani Offices from the Full-Time Requirement

We, Qaboos bin Said, the Sultan of Oman

after perusal of the Basic Statute of the State promulgated by Royal Decree 101/96,

the Commercial Companies Law 4/74,

the Law Regulating the Accounting and Auditing Profession promulgated by Royal Decree 77/86,

and Royal Decree 19/2004 Extending the Validity of Licences for Offices, Branches of Foreign Offices, and Companies Working in the Accounting and Auditing Profession and the Period for Fulfilling the Full-Time Requirement for Omani Offices,

and in pursuance of public interest,

have decreed as follows

Article I

Licences granted to foreign accounting and auditing offices, branches of foreign offices, or companies working in this field issued before the effective date of Royal Decree 53/96 hereby continue to be valid for a period ending on 31 December 2011. It is not permitted for such licences to be renewed after the expiry of this period except in accordance with the provisions of the aforementioned Law Regulating the Accounting and Auditing Profession.

Article II

Owners of licensed Omani accounting and auditing offices are hereby exempted from the full-time requirement stipulated in article 3(1) of the aforementioned Law Regulating the Accounting and Auditing Profession for a period ending on 31 December 2011.

Article III

This decree must be published in the Official Gazette, and comes into force on 1 January 2011.

Issued on: 23 Rabi Al-Awwal 1432
Corresponding to: 27 February 2011

Qaboos bin Said
Sultan of Oman

Published in Official Gazette 930 issued on 1 March 2011.