Oman, sharing its border with major oil-producing countries like Saudi Arabia, the United Arab Emirates, Pakistan, Yemen, and Iran is greatly influenced by their economic and business activities. Here, we tried to provide information about company formation in Oman.
Oman, sharing its border with major oil-producing countries like Saudi Arabia, the United Arab Emirates, Pakistan, Yemen, and Iran is greatly influenced by their economic and business activities. These neighboring countries are shifting their focus from the oil production sector to other business options as well, like fintech, technology, and other service sectors.
Being influenced by their economies and business trends, the Sultanate is also taking part to invite investors or business people looking forward to new business opportunities in Oman. The government is also currently focusing on foreign direct investments to increase the potential GDP of the country.
Muscat, being the capital city of Oman, is also the largest city in the country, a great location to start up a venture owning the new infrastructure network. It has easy access to global markets, a stable and secure investment environment, a skilled and educated workforce, active international networking, trade agreements, and a healthy economy.
According to a source, it expects that by the year 2040, the economy would grow by 10%. The Omani government has been significantly working on various measures as well as adopting several steps to establish the country as a center for business opportunities.
Government’s Initiatives for Investment Opportunities in Oman
To levitate and leverage business opportunities for both Sole Proprietorship in Oman as well as Limited Liability Companies, the Omani government has been adopting the best practices. Some of them are as follows:
Oman Business Forum (OBF)
An initiative to collaborate with public and private sectors to unlock business ideas and growth opportunities in Oman. The prominent objectives of the firm are knowledge sharing, business opportunities, collaborative partnerships, and value-added networking.
With the ultimate aim of increasing the economy by 2040, an increase in the number of ex-pats living in the country is to a large extent. The analysis gives a conclusion of an approximate population count of about 5 million people reaching in the next couple of years.
Export of Non-Oil Products
The well-known exporters of oil products, Arabian countries are slowly broadening their focus towards non-oil sectors as well. Oman, a country that depends on its economic trends is mimicking the same patterns in its economy by introducing itself to widen its business opportunity reach by encouraging the non-oil sectors and benefiting the economy overall.
Business Ideas in Oman for Company Formation
If you are planning for company registration in Oman, then here are some of the most profitable new business ideas in the Oman market.
1. Technology-based Company
The Middle East, especially in Muscat, Oman’s capital city holds a vast scope in the technology-based start-up. One can invest in a technology-based transport start-up in the country like food delivery, mobile app grocery stores, taxi services, fitness products, e-commerce, and much more.
2. Event Management or Celebrity Management Company
Oman, famous for its lavish parties, celebrity events, grand wedding celebrations, sports events, and much more, is a great place offering great opportunities for creative people who have useful contacts in the entertainment industry and are good at managing and organizing different events. Profit margins in this industry are very high in Oman.
3. Travel and Tourism Business
With the Omani government taking significant efforts for the progress and betterment of the tourism and travel industry, this sector is flourishing well in the country. If one sets up a travel and tourism business in Oman, the initial investment would be just to rent an office, license for becoming a tourism conductor, office interior costs, and salaries for the employees of the company.
The travel and tourism business has a huge potential for long-term growth.
4. Restaurant Business
Going for a safe bet, one can never go wrong in choosing to set up a restaurant business in Oman. A person passionate about introducing their touch to the local taste and cuisine can make people revisit the restaurant.
Moreover, attaching a bar to the restaurant will maximize profits.
5. Facility Maintenance Company
A Facility Maintenance Company helps firms clean their facilities, fix electrical faults, fix plumbing problems and maintain the firm’s power plants. With a growing number of businesses and business opportunities, a facility maintenance company can be a brilliant business idea to reap profits.
6. Commodity Store
A thriving business option, a Commodity store in Oman is a great option to start a business in Oman as the country depends on its exports and imports to different partnering countries. Good returns are expected if one can manage to import these commodities at a cheaper rate and stock them at the store.
Dealing with multi-brands and multiple products will attract more customers and scale the business.
Some More New Business Ideas in Oman
Furthermore, fisheries, manufacturing, mining, medical consultancy, the health care sector, and mining, as well as education, are excellent business opportunities in the country as there are various reasons why to invest in Oman.
In the Sultanate of Oman, they currently have more than 2000+ ongoing projects in the oil and gas sector, Urban Development, and industrial based. It is estimated that the total projects are currently worth $190+bn.
The Sultan of Oman has primarily focused on construction development and tourism to sustain the current economy from crippling down. The construction development is estimated to grow at 11% annually.
The manufacturing industry's growth is aligned with this Vision 2020 targets and investments are flowing into this sector. The manufacturing industry is growing at an additional 2.6% each year and contributes more to the GDP of Oman.
Oil & Gas
Oil and Gas production has been the primary reason for the country's wealth and economy. It has enhanced different techniques to boost production and plays a major role until now. Oman has also developed a program that was successful to meet the increasing domestic demand which has attracted a lot of foreign investments.
The Omani government has invested more than $ 7+Bn in education as an initiative to educate and provide all the skills and qualifications required to work in a modern economy. The government is partnering with the private sector to help deliver a quality education that is fast-moving and a very competitive economy.
Food Processing and Logistics
Oman has seen a rapid rise in population along with increasing tourism and rising levels of income at all levels. The consumption of food and beverages has been on the rise not just in Oman but across the GCC as well.
In order to meet the demands the Sultanate's food processing, packaging, and agricultural industries have been on the rise.
The country's geostrategic position on the map, manufacturing in Oman is desirable with exporting the products through seaports which have received a lot of investments and with the depletion of oil and natural gas, Oman has shifted its focus towards a sustainable economy by investing a lot into these industries and especially the tourism and construction.
If you're planning to invest in Oman, we at Commitbiz are here to help you establish your investments in the businesses in Oman. For more details, contact us – our dedicated specialist shall get in touch with you.
What is the expected economic growth of Oman by the year 2040?
10% economic growth.
What are the Omani government initiatives for businesses?
The initiatives are as follows:
- Oman Business Forum (OBF)
- Vision 2040
- Export of non-oil products.
What are the objectives of the Oman Business Forum?
The prominent objectives are knowledge sharing, business opportunities, collaborative partnerships, and value-added networking.
What are some of the tech-based startup ideas in Oman?
One can invest in a technology-based transport start-up in the country like food delivery, mobile app grocery stores, taxi services, fitness products, e-commerce, and much more.
What are some of the new business ideas to start in Oman?
Some of them are fisheries, manufacturing, mining, medical consultancy, the health care sector, and mining, as well as education, which are excellent business opportunities in the country.