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.
Recently, these neighbouring countries are shifting their focus from oil production sector to other business options as well, like fintech, technology, and other service sectors. Being influenced by their economies and business trends, Oman is also taking part to invite investors or business people looking forward to new opportunities in Oman.
The GDP of the Omani economy is projected to increase by 2.3% in 2018, 3.5% in 2019, and 2.9% by 2020, according to Arabian Business News. This forecast stands as a compelling reason for investors to invest in Oman as 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 centre for business opportunities. We at Commitbiz, have got different business establishment options to help international investors to initiate the process of setting up their company in Oman. This article makes it easy for you to be able to get a clear idea regarding the various business opportunities available in Oman. Let us go ahead and see what Oman has to offer you for your business dreams in 2021.
Omani Government’s Initiatives
To levitate and leverage business opportunities for both Sole Proprietors as well as a Limited Liability Company in Oman, 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 partnership, and value-added networking.
9th Five-year Development Plan starting (from 2016 to 2020)
Achieving a GDP growth of about 3% by creating multiple business and job opportunities by 2020 is the aim of the Omani government.
With the ultimate aim of increasing the GDP to 10% by 2040, an increase in the number of ex-pats living in the country 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, the 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 benefit the economy overall.
Business Opportunities in Oman
If you are planning for company formation in Oman, then here are some of the most profitable new business ideas in the Oman market.
1. Technology-based Company
In the Middle East, especially in Muscat, Oman’s capital city holds the 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 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.
Furthermore, fisheries, manufacturing, mining, medical consultancy, the health care sector and mining, as well as education, are excellent business opportunities in Oman in 2019.
Business Formation in Oman
If you are interested to set up your business in Oman with any of the above-mentioned business activities, here are some of the options available.
You can set up your business through –
- Limited Liability Company
- Public Joint Stock Company
- Private Joint Stock Company
- Limited Partnership
- Commercial Agency
- Branch Office
- Representative Office
Depending on the type of business activity and how you want your organization structure to be, select an option from above. The remainder of the business setup procedure in Oman is simple and straightforward. Due to the pro-business initiatives of the government, it doesn’t take much time to set up your business.
Investors believing in opportunities can opt for a business setup in Oman as it is well-timed and hugely rewarding. As many SMEs were forced to put down their shutters due to COVID lockdown, new businesses can now afford to look at the future with a positive mindset filled with beliefs for a flourishing economy in the recent future. Human skill coupled with strong willpower will help Oman successfully navigate the adverse economic trend of 2020, the Government of the Sultanate of Oman believes.
How can we help you?
We at Commitbiz are a dedicated team of professionals helping our clients turn their business dreams into reality by assisting them with incorporation services, accounting and book-keeping services, asset management services, and intellectual property services. In case of any query or further information or for starting a business in Oman, do not hesitate to click here and contact us.