Oman is an Arab country that lies in the south end of the Arabian Peninsula. Muscat is the capital of this prestigious business friendly emirate. Oman has been ranked 71st for the ease of doing business according to the world bank in 2018 and by 2040 the economic growth of Oman is expected to grow by 10%. Thus, many management firms also opt for company incorporation in Oman.
A representative office is an office that is established by a legal entity or a company to conduct marketing and other transactional operations. It is generally easier to establish than a branch of a subsidiary as they are not for the actual business [e.g. sales]. So therefore, there are fewer incentives for them to be regulated. In the entire Arabian Peninsula Oman is the third biggest country.
In Oman, there are many ways through which investors can start their business, incorporating a representative office being one of them. Even though one cannot make direct sales in Oman, the Omani representative office can be 100% foreign owned. These reasons promote business setup in Oman to a global investment market attracting valuable FDI’s every year.
Advantages of Starting a Business in Oman
- Oman gives us multiple facilities with a well-built infrastructure, high security, property rights, commercial connectivity, and international networking steps taken forward by the ministry of foreign affairs.
- Oman comes under tax free zone, one doesn't have to pay income or any individual tax.
- Creating a huge opportunity for the sectors like fishing, manufacturing, pharmaceutical, mineral mining etc. because the government is taking initiatives to export non-oil products.
Oman’s Vision 2040
With oil and gas industry which is considered to be the backbone of the country apart from this the Omani government is initiating several other measures to develop multiple sectors like infrastructure, tourism, technology, hotel, transport, manufacturing, mining and perfume industry, this initiative foresees an increase in 31 billion riyals by 2040- a substantial growth.
Features of a Representative Office in Oman
- Business activities related to commerce, tourism or industry of foreign companies are allowed to utilize a representative office. Business setup in Oman is comprehensive and hassle free.
- A representative office must be registered in the commercial register of Oman.
- At least one ordinary resident of Oman must be appointed as an individual representative in the office.
- The commercial representative office will ask you to pay the fees if approved, and get the certificate and papers required.
Documents Required for Registration
- A copy of the articles or association or memorandum of incorporation for stock companies and the registration certificate and the like if the company is a one-man company.
- Attested letter by the head office undertaking the responsibility of the jobs carried out by its branch in Oman.
- The head office of the company should present authorization to the branch manager to operate and manage their business in Oman.
- The approval of Omani ministry, ministry of foreign affairs should be presented together with the application letter for offices of a foreign government.
- Certification showing the company/organization which was established in its original home 10 years ago.
- Copies of the 10 cards of the authorized signature should be presented.
- Specimen signature.
What Role does Commitbiz Play?
A consultant strives to ensure the business kick-offs to perform exponentially in the market. Finally, when business scalability has been saturated, liquifies hassle-free, providing a suitable amount of remuneration to the top managers and available severance to the hard-working employees. The energetic and ever buzzing business environment in the UAE always leads new business owners to raise questions on how to set up business in the UAE.
Well, that's why UAE is home to industry professionals that cater to providing new business owners with step-by-step solutions to business setup services in UAE. We at Commitbiz have been catering to various clients across a tenure of over 15 years, providing our clients with tailor-made solutions for all their administrative activities, from accounting to company secretarial services. Our consultants have been diligently working to provide clients with nothing but the best in class services. Contact us to know more about starting your entrepreneurial journey in the UAE.
