The Sultanate of Oman offers multiple Free Zones, one of the eye-catching criteria that have attracted foreign business investors to its territories. There is another region called the Duqm Special Economic Region, much like the Sohar and Salalah Free Zones. These agreements would give you a good impression of Duqm Oman and the different facilities that it offers. You can focus on Duqm SEZ if you are a businessman and are looking for business growth opportunities in Oman and are entitled to the industrial aspect.
Special Economic Zone
A Special Economic Zone (SEZ) is a region that deals with business and trade regulations that are somewhat different from the usual incorporation of an organization and are beyond the country’s national boundaries. The SEZ goal is to improve the trade balance, increase investment, job growth, and product management. Now, let's better understand the Special Economic Zone Authority of Duqm and its investment potential.
Investment Opportunities in Duqm SEZ
The Duqm Special Economic Zone Authority (SEZAD) provides companies with lucrative opportunities to unblock their business ventures. In Duqm SEZ, like the other free zones, there are many investment opportunities, such as:
- Refineries, transportation of oil and refining
- Industrial petrochemicals
- Logistics and Shipping
- Health and Recovery Programs
- The Malls and Business
- Mining Sectors
- Fishery Sectors
- Creation for Real-Estate
- Village for Warehousing and Logistics
- Resorts for Tourists
- Private Offices and Apartment Complexes
Now, let's take a look at the multiple advantages that you can derive as an investor before you take any decision, whether to invest or not.
Advantages of Setting Up a Business in Duqm SEZ
- Tax deduction for 30 years
- 100% Foreign Investment availability
- No constraint in terms of the minimum demand for capital
- No Limits on Currency
- 100% Repatriation of spent and gained money and earnings
- The flexibility of the free exchange of products within the region
- It is quick to secure visas for expatriates
- Easy network access to the Gulf and foreign markets
- Presence of the department of labor to give foreign employees the requisite permits
- A politically safe commercial operation zone
- Compulsory 10% Omanization rate set by the SEZAD Board
- Freedom to form a Representative Office
Before you begin the core business registration process, it becomes essential for you to understand which all various business licenses should be acquired before you start business activities. Numerous departments, including issue these licenses
- Department of Trade and Industry
- Authority for Financial Markets
- Health Ministry
- Authority for Financial Markets
- The Media Ministry
- The Education Ministry
- Tourism Ministry
Next, let’s look more closely at the necessities required to establish a Duqm SEZ business.
Documents Required to Establish a Business in Duqm SEZ
- Copy of the ID of the proprietor, investors, founders, etc.
- Signature of the member nations of the Investment Proposal in compliance with Annex(1)
- Overview of the investment project and it’s needed in compliance with Annex (2) to the Application for an Investment
- Memorandum and Articles of Association
- If a partner is a legitimate individual, the needed documents should be sent along with the partner’s share.
- In the event of a branch office, a letter from the parent team is required indicating that the parent company is responsible for business operations.
- Certificate of Business Registration
- An official letter from the owner of the company demanding Branch Office registration
- If the candidate has a residence permit, a no objection letter from the authorized sponsor must be sent.
The next query you might be having in your mind is
How to Establish a Company in Duqm SEZ?
Establishing a business in Duqm SEZ involves a few steps:
- Submit a Plot Application Form (PAF) by submitting the required information.
- Based on the commercial conditions, land lease price, and contract term, and an agreement needs to be drawn.
- The MECA has to obtain a Letter of No Objection.
- The method of due diligence shall be carried out on the major shareholders and promoters
- Necessary fees must be paid accordingly.
- Once paid, the certificate of company formation needs to be obtained from the Chamber of Commerce and Industry of Oman.
Facilities Provided by Duqm SEZ
- The enormous territory spread up to 2000 sq.km, for enterprise setup
- A diversified climate for diverse business operations
- A center for Logistics and Marine
In brief, we can say that when it comes to free zones in Oman, Duqm stands to be a strong pillar. It ends up giving foreign expats numerous benefits. Therefore the Omani government has consistently taken the necessary steps to make the Free Zone one of the largest free zones, diversified in various business directions. If you plan to set up your business in Duqm SEZ, contact us today-we’d be glad to assist you.