Oman has abolished the minimum capital requirement criteria to start a business, said a statement released by the Ministry of Commerce and Industry. Except for the joint stock companies (JSC), the regulation is applicable to all types of companies, and they need not submit any proof or documents related to this requirement, the statement said. It also states that the ministry requires companies to submit their annual report four months after the end of the financial year. Currently, the minimum capital required to start a business in Oman is OMR150,000. The new initiatives will help enhance Oman's competitiveness as a leading investment destination and improve its ranking in terms of Ease of Doing business. (Zawya, Oman Observer)