Oman’s economy was largely dependent on oil and businesses associated with oil. Over the past ten years, there have been some new business ventures such as tech-based businesses, accountancy and investment firms, real estate, food and commodity stores, and so on.
Small businesses and other businesses must register with the Oman Chamber of Commerce Industry Authority (OCCIA) to abide by commercial laws and regulations. To start your business in Oman, you need the appropriate department’s consent in each situation. In essence, a sole proprietorship is a business structure in which the owner trades under their name after receiving a trade licence.
Despite several limitations and criterias to consider, foreign nationals can open a business in Oman in certain conditions. A robust legal system and an up-to-date legal framework are in place to support your business.
Back to top5 Important Considerations when Launching Small Companies in Oman
When setting up a business in Oman, it's important to keep the following in mind:
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1. Know Your Market Well
It's crucial to comprehend the market you're entering. Ask questions such as “What is the level of interest in your goods or services?” “Who could be your future clients?” “How does the competition stand?” etc.
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2. Plan your Business in Oman
A successful business depends on a well-thought-out business strategy. You can use it to outline your objectives, plans, and financial forecasts.
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3. Get the Required Permits and Licenses
Before you can begin operating your firm, you must secure the required licenses and permits from authorized authorities.
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4. Find the Ideal Location
It's critical to pick the ideal location for your business. Your target market should have no trouble finding it, and the essential infrastructure should be in place.
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5. Make the Proper Hires
Building a team of knowledgeable and experienced personnel is crucial for every company. Find people who will support you in achieving your objectives and who have the same vision as you in setting up a company in Oman.
Back to topSmall Businesses in Oman
Although starting a small business here might be challenging, if well planned and carried out, can be very lucrative for an entrepreneur. Here are some small businesses you can look into:
1. A Perfume Shop
As a businessman in Oman, opening a perfume shop is a straightforward but also very lucrative venture. First, you have to rent a store; it is best if you locate the store in a densely populated region so that more customers can visit and purchase your perfumes.
Additionally, you must ensure the store is stocked with reasonably priced, high-quality perfumes.
2. Open a Facility Maintenance Company
The companies that handle facility maintenance help businesses clean their spaces, repair electrical and plumbing problems, maintain power plants, etc. It might be wise to start one's own facility maintenance business in Oman.
3. Event Management
The majority of Omanis are wealthy, and they always celebrate special occasions finely. Additionally, several occasions in the nation are used to celebrate distinct events. They regularly schedule celebrations, sporting activities, and celebrity events nationwide. Therefore, if you have the skills of managing and organizing various events, Oman offers a tremendous business opportunity.
4. Travel and Tourism
In Oman, the tourism industry is also thriving. The government is making efforts to advance and improve this industry.
The first investment for starting a tourist and travel business in Oman would be the price of your shop (you may also rent the shop), the license fee as a tourism conductor, the cost of furnishing your office, and the salaries of your staff.
However, initially, you wouldn't need to hire any staff. You can succeed in this field and run a long-term business by putting in the necessary effort.
5. Grain Farming
One of Oman's top agricultural products is grains; it is also the most consumed in the country. Grain farming is one of the greatest possibilities if you intend to invest in the agricultural business.
6. Open a Restaurant
In Oman, the food industry is always booming. Foreign investors are always welcome to establish a restaurant to introduce the flavours of their nation and a diverse range of cuisines from around the world.
Opening a new restaurant in the countryside is a smart move.
7. Vegetable Farming
Growing vegetables is another fantastic alternative if you intend to incorporate a company in Oman's agricultural industry. The only difficulty in this type of vegetable gardening is building irrigation systems for watering the crops.
Although Oman does not export veggies, its citizens regularly consume large amounts of vegetables. As a result, growing vegetables is a profitable business in Oman.
8. Open a Commodity Store
In Oman, opening a commodity store is a fantastic example of a small business. Oman heavily relies on the items brought into the nation from numerous other nations.
Dealing with commodities can be very profitable, especially if you don't limit yourself to a few specific brands. You can draw in more and more clients if you provide a greater range of options for the brands and availability of your products.
9. Open an Electrical Appliances Store
In Oman, opening an electrical appliance store is a very successful business. Since Omani businesses typically do not produce these appliances on their own, you can increase your company's earnings by importing the goods from other nations.
Additional profitable business opportunities in Oman include:
- Ideas for Technology-Based Startups
- Create a Temporary Staffing Company
- Medical Consulting Industry
- Services for bookkeeping and accounting
- Ideas for Online Stores
- Business Models for Logistics.
Convert Your Small Business Ideas in Oman into Reality with Us
One of the top business advisors in Dubai, Commitbiz has assisted numerous clients in setting up a company in Oman and seizing possibilities all over the world. Our professionals are familiar with the Omani business framework and will assist you in handling it without difficulty.
Please get in touch with us if you want to start a business in Oman right now. We'd be glad to help.
Back to topWhy should you know your market well before setting up a small business in Oman?
It's crucial to comprehend the market you're entering well, the level of interest in your goods or services, which could be your future clients, and how the competition stand.
Why is making a business plan important?
A successful business depends on a well-thought-out business strategy. You can use it to outline your objectives, plans, and financial forecasts.
How does proper hiring help while starting a small business?
Building a team of knowledgeable and experienced personnel is crucial for every company. Find people who will support you in achieving your objectives and who have the same vision as you.
Why is it profitable to start an event management business in Oman?
The majority of Omanis are wealthy, and they always celebrate special occasions in the finest way. Additionally, several occasions in the nation are used to celebrate distinct events.
Therefore, if you are skilled at managing and organizing various events, Oman offers a tremendous business opportunity.
Why is grain farming a good business opportunity in Oman?
The nation consumes a lot of grain, and one of Oman's top agricultural products is this one. Grain farming is one of the greatest possibilities if you intend to invest in the agricultural business.
