Regarded the Sultanate of Oman, the country is situated on the Arabian Peninsula's southeast coast. The country has experienced a transformational change when it comes to exploiting the nation's economy with inhabitants of more than 6.5 million. Although the government has a robust oil economy, the region has improved its non-oil segment with great work, contributing significantly to optimizing its revenue and development.
It is one of the rising GCC nations with many business opportunities, an existing home for international expatriates. The Omani government has consistently pursued the nation’s growth and has taken many measures to ease foreign expatriates and attract more foreign investors.
For a while, starting a company is promising to be a favorable and lucrative business destination for global industry professionals. The nation is expected to sustain a 3.7 percent GDP growth by 2020. If you intend to incorporate a business in Oman, then this is the right moment to go forward. This guide illustrates the entire process of investing in Oman, which will be advantageous to you.
Types of Corporate Body in Oman
The location of Oman is well-equipped for the following business frameworks:
Advantages of Setting a Company in Oman
It turns out that doing business in Oman is a profitable opportunity for foreign expatriates. In Oman, there are many reasons for starting a business. The ground provides the following advantages:
- A strategic industry location
- Supply of natural resource
- Fast-growing economy
- Support from the government to promote new business
- No Personal Taxation
- Emerging non-oil business enterprise
How to Incorporate a Business in Oman?
For starting a business in Oman, the following steps are to be followed accordingly:
1. Select the Company Framework
The first and foremost step in establishing a business entity in Oman is to choose the appropriate business entity structure. It is necessary to remember that the structure’s choice depends on the number of shareholders available and the total resources to be invested. The zone tends to be a lucrative location for the following corporate entities:
- Sole proprietorship
- Joint-stock company
- Branch office
- Representative office
- Limited liability company
- Commercial agency
2. Reserve a Trade Name
Once the corporate structure selection has been completed, the second step is to determine your business’s trade name. The company’s name needs to be chosen carefully, as it will serve as a brand for your firm. However, some criteria need to be fulfilled when choosing a name for your company.
- The name you chose can not be a clone of current competitors.
- A name that might sound offensive in several ways, including religious, political, military, context, or material
- An honorary sign or distinct identity in any regional, Arab, or foreign organization
- A name that bears the word "Oman" or "Oman."
- Name denoting an inappropriate geographical division of the Sultanate of Oman.
After deciding the business name, the business investors must obtain an approved signatory document and a bank certificate to be submitted to the Ministry of Commerce and Industry (MOCI) in Oman.
3. Submit the Necessary Documents
The third step is to familiarise oneself with the documents intended to guide them in the registration process. Now, the set of records contains the following:
- Company incorporation form
- Copy of legitimate company shareholder IDs and approved signatory to the organization
- Copy of the proof of address of the investors
- Passport and visa of investor
- Company's Laws
- Certificate of Chamber of Commerce and Industry
- Certificate of Initial Capital Deposit of the Bank
- Memorandum and Articles of Association
4. Registration with the Chamber of Commerce and Industry of Oman (OCCI)
After you have access to the documents listed above, you need to enroll with the Ministry of Commerce and Industry (MOCI), the Oman Chamber of Commerce (OCCI) for the legal rules that need to be obtained by a corporate entity.
5. Collect the Required Approvals
In addition to registration with the OCCI, the requisite approvals must be obtained from the relevant government authorities. The registration process now depends on the design, scale, and business operations of the company. However, the list includes:
- Department for Tax Registration
- Enrollment with the Royal Oman Police Force
- Signup with the Ministry of Human Rights
- Enrollment in the municipality
- The Import-Export Jurisdiction of Oman, whether it is interested in the import-export of goods
- Commercial, ecological, and other related permits
6. Get your Company Seal
Last but not least, you ought to keep the company seal that is essential to the corporate organization when preparing business documents.
You can see that the company incorporation method requires several layers of paperwork approval, which could turn out to be a long process if you are not aware of the legal procedure. By outsourcing integration services, you can free yourself from unnecessary stress and concentrate more on creating business strategies. At the same time, the available time and money are used most profitably.
Our Business Setup Services in Oman
Commitbiz comes with a Business Setup Solution kit which contains:
- Company Incorporation and Registration
- Local Sponsorship
- Public Relations Officer (PRO) Services
- Accounting and Bookkeeping
- Tax Consulting
- VAT Registration
- Intellectual Property Services
Commitbiz is one of Dubai’s best business experts, helping different clients develop and take advantage of Oman’s business opportunities. Our experts are well-versed with the Omani market system and will help you deal with it in a trouble-free manner. If you have any doubts, please feel free to have a chat with our business advisors. Contact us today-we’d be glad to assist.