LLC Company
Formation in Oman
A LLC or Limited Liability Company in Oman has the same concept of company as any other country of the world has. Everyone of us knows that the limited liability company gives protection to the limited liability of its owners. An LLC company formation in Oman is a great option for the companies to invest in the country as it gives flexibility in terms of ownership, management and taxation.
The concept of LLC in Oman is the same as in other countries and it follows the same accounting principle of owing the liability to the extent of the capital shared. In other words the Limited Liability means the owners liability is only limited to the capital or share in the capital they have invested in the company.
The Steps of LLC company formation in Oman
Choose a Business Name
Choosing the name of the company is the first step to form an LLC company formation in Oman. The name that you choose must not be similar to the company that is registered in the country.
Choose Business Activity
Choose the business activities that you are considering to obtain under the business license. The activities that are chosen at these steps can help to get the business licenses in the future.
Determine the Share Capital
To register the LLC in Oman you need to share a minimum of OMR 20,000. You may need to invest more depending upon the type of business you are looking for.
Obtain the Commercial Registration Certificate
After completing all these steps, now obtain the commercial registration certificate from the Ministry of Commerce & Industry. Provide the copy of passport, copy of proposed company name and copy of proposed business activity registration to get this certificate.
Obtain the Memorandum of Association
It is a legal document that outlines the details of an LLC which further includes its share capital, purpose of the company, structure of the company and much more.
Obtain Necessary Permits and Licenses
Obtain other necessary permits and licenses depending on the activities of the business.
Register for Taxes
Finally get registered with the tax authority in Oman. If your annual business turnover exceeds OMR 38,500 then the business has to pay taxes and VAT as well.
Benefits of LLC In Oman
- LLC is unique because it offers limited liability protection to the shareholders.
- LLC in Oman is liable to the corporate tax of 3% to 15% depending on the nature of business and it is already lower than many other countries.
- The process of setting up the LLC in Oman is easy and straightforward because everything is online here.
- Oman has a stable economy with no political rift which makes the continuation of policies easy.
- Oman is bordered with regions with high GDP countries like Saudi Arabia and the UAE which makes it the best option to settle for a trade purpose.
- Oman gives 100% ownership of the business to the foreigners.
Document Required for LLC Company in Oman
- Copy of Passport
- Proposed Company Name
- Shareholding Structure
- Proposed Activities