Business Setup in
Oman
The Sultanate of Oman is unique in its location, system of governance, diversified culture and business friendly laws. Business Setup in Oman is a futuristic option for all foreign investors because of the 2040 vision. The country is the third largest economy in the GCC region and has the costa line both with the Arabian gulf and Arabian Sea.The new company formation laws makes it convenient to start any business.
Benefits of Business in Oman
The company formation in Oman is easy with lots of benefits. The government of Oman invites foreign direct investment in almost all the sectors of the economy and this makes it a favorable country to invest. The major sectors that are seeing a rapid growth nowadays are logistics, tourism, fisheries, mining, manufacturing and information technology.
- The country has a booking economy and sectors like tourism, logistics, hospitality, construction, education, oil and gas, manufacturing and technology are seeing a rapid growth.
- The sultanate has free trade treaties with the United States, Switzerland, Norway, Singapore and many other countries. Get the benefit of this by establishing the business in Oman.
- There is a transparent legal system which enables businesses to grow exponentially without the doubt of any fraud
- The country is business friendly and has 35 Double Taxation Agreements (DTAs) which enable it to get tax exemptions from 35 countries on imports and exports.
- Every business needs the services of talented professionals. Oman has a vast number of talented professionals from around the world. It is easy for businesses to pick the suitable persons and grow.
Company Registration Process in Oman
Business registration in Oman is easy and it just needs a straightforward path to follow. The steps to incorporate a business in the Oman are as follows:
- Select Business Structure
- Choose Company Name
- Submit the Documents to the authorities.
- Open a capital account with a local bank
- Register with Oman Chamber of Commerce and Industry
- Submit shared capital certificate, legalized opening forms, and municipality approvals
- Obtain approval from the governmental agency
- Select a company logo
- Apply for visa
- Hire the professionals
Free Zone Business Registration in Oman
There are three free zones and two special free zones in Oman. To set up business in free zones in Oman all investors need to follow the rules set by the government. The free zones and the special free zones provide the 100% ownership of the company. The free zones offer the tax exemptions, waiving of initial capital, and import duty exemptions. The free zones in Oman are as follows:
- Al Mazunah Free Zone
- Salalah Free Zone
- Sohar Free Zone
- Knowledge Oasis Special Free Zone
- Duqm Special Economic Free Zone
Types of Companies in Oman
Investors can invest in Oman through the companies they establish in the country. There are a few types of companies in which one can invest.
Limited Liability Company
The liability of the investor only marks the extent of their investment in the company. Many foreign investors prefer this to be suitable. The name suggests that these companies have at least two investors.
Public Joint Stock Company
A public joint stock company is a company that is incorporated after the approval from the Ministry of Commerce and Industry. Joint shared capital to open such a company is 150,000 Omani Riyals.
Private Joint Stock Company
It needs a minimum of three persons to incorporate a private joint stock company. It requires 50000 Omani Riyals to open up this company and a share of 30% must be owned by a local omani national.