21 entities start implementing ISIC4
In order to unify economic activities and to adopt international standards in coding, today, 21 entities will start using the 4th version of ISIC in their systems, in conjunction with Invest Easy Portal starting to use the same version.
The operators of Invest Easy Portal stated that the 4th version contains 1973 economic activities, pointing out at the same time that this version provides the possibility of identifying and coding economic activities accurately based on international standards and classifications.
This is a part of entities’ role to unify economic activities and to adopt international standards in coding economic activities to create a normative statistical base that will be able to issue reports and statistics that help in creating economic policies in the Sultanate, providing economic data to decision makers and contributing to the construction of the economic content where it will be available for those who seek information that contain all the economic activities practiced in the Sultanate through Invest Easy Portal.
The ISIC acts as an infrastructure for connection and integration operations between various entities through Invest Easy Portal. Moreover, the ISIC will help in developing e-government, where communication between entities concerned with the commercial register and relevant authorities is done electronically rather than paper work, which will contribute to facilitating the work procedures between public bodies in a short time.
The operators of Invest Easy Portal clarified that the effect on economic activities will happen on three levels.
The First level: will witness the division of an activity into a number of activities and this level constitutes 19%.
The Second level: is the integration of a number of activities to be one sole activity which constitute 1%
The Third level: have the activities remaining unchanged and this it constitutes 80%.
Therefore, some investors may notice a change in the number or name of economic activities on their commercial registers. In order to understand these changes, investors must log in to the Invest Easy Portal and look up their Commercial Register Certificate.