Oman’s Economic Growth: Impact on the Business Entities in Oman

Holding a rich history, the Sultanate of Oman shares its borders with the United Arab Emirates. Known for providing a wide range of experiences from exploring the incredible mountains to swimming in the wadis, the region offers an unforgettable experience to worldwide visitors. Over the period, the Sultanate has diversified its economy and has established itself as one of the booming business grounds today. Continuous developments initiated by the Omani Government have been grabbing the attention of the worldwide audience. They focus on providing a modern touch to the original Arab culture. The nation focuses on building itself as a game-changer in the year 2020, which turns out to be an excellent opportunity for business investors to come forward and invest.

This guide has been curated to provide the core essentials that a business investor should be aware of. According to the latest report published by Doing Business 2020, Oman grabs the rank of 68^th among 190 nations. If you are a businessman looking forward to expanding your business or investing in a foreign country, then Oman stands as a practical choice.

How to Incorporate a Business in Oman?

To proceed ahead towards the company incorporation process in Oman, the business owners need to follow the below-mentioned process.

1. Selection of a Business Structure

This is the first and foremost step that you need to take ahead based on the number of shareholders available and the total share capital to be invested. The region turns out to be a profitable zone for the following business entities:

• Sole proprietorship.
• Joint-stock company.
• Branch office.
• Representative office.
• Limited liability company.
• Commercial agency.
   

2. Reservation of Your Business Trade Name

The company name stands as a brand for your business. However, certain restrictions need to be followed while choosing a name for your business.

• The selected name can’t be a copy of the existing competitors.
• A name that might sound offensive in multiple ways including religious, political, military, meaning, or content.
• An honorary sign or unique character in any of the regional, Arab, or international organizations.
• A name that carries the word “Oman” or “Omani.”
• A name that denotes an incorrect geographical division of the Sultanate of Oman.

Upon selecting the business trade name, the business shareholders must obtain the authorized signatory form and the bank certificate that needs to be presented to the Ministry of Commerce and Industry (MOCI) in Oman.
 

3. Submit the Required Documents

Documentation plays a vital role in building the foundation for any business. When it comes to business entity incorporation in Oman, you need to present the below-mentioned documents:

• Company registration form.
• Copy of valid IDs of the company shareholders and authorized signatories of the entity.
• Copy of address proof of the shareholders.
• Shareholder’s visa and passport.
• Company statutes.
• Chamber of Commerce and Industry Affiliation Certificate.
• Certificate of Initial Capital Deposit at the Bank.
• Memorandum and Articles of Association.
   

4. Registration with the Oman Chamber of Commerce and Industry (OCCI)

Once you are familiar with the documents mentioned above, you need to register with the Ministry of Commerce and Industry (MOCI), and Oman Chamber of Commerce (OCCI) for the commercial rules that need to be acquired by a business entity.
 

5. Gather the Required Approvals

Based on the business activities to be performed by a business entity, relevant approvals need to be obtained from various departments that include:

• The tax registration department.
• Registration with the Royal Oman Police.
• Registration with the Ministry of Manpower
• Registration with the Municipality.
• The Import-Export Authority of Oman, if involved in the import-export of goods.
• Industrial, environmental, and other relevant permits.
   

6. Get the Company Seal

The last step of the process is to obtain the company seal.

Now, since you are clear about the process, let’s take a step forward and understand the benefits that you can avail by investing in Oman.

Benefits of Setting up a Business in Oman

By setting up a company in Oman, business investors, and owners can avail the following benefits:

• Exemption from personal tax.
• Oman holds a strategic location that is beneficial for business expansion.
• The region has multiple Double Taxation Agreements with foreign countries.
• Stands as an international gateway.
• Robust development of the infrastructure and network connectivity.
• Focused as a future-oriented business platform.

Now, it is clearly understood that investing in Oman is a profitable move for business professionals. However, proceeding ahead alone to clear the legal proceedings turns out to be a tough task. To carry out the process in a smooth manner, it is recommended to proceed ahead with the guidance of a certified business consultant who is well-versed in the company incorporation procedure.
 

Reasons to Avail Professional Services

Business owners prefer to utilize their time most wisely and productively. Hence, they focus on the following rights that provoke them to outsource the tasks to professional experts.

• The tasks get completed at a faster pace.
• The records are maintained professionally.
• The legal documentation process gets handled.
• Minimizes the burden of the business owners and investors.
• Available resources can be utilized most productively.
   

How Can We Help?

Intending to provide one of the best business incorporation services, Commitbiz LLC offers hassle-free setup solutions that will help you transform your business idea into reality. Since its inception, we have been assisting multiple business investors across UAE, Oman, Qatar, and Bahrain to establish their business entity at ease. Our experts are well-equipped with the business incorporation proceedings in the UAE and can help you by providing tailored solutions suiting your business needs.

In case you have any queries regarding establishing your business in Oman, feel free to have a word with our experts. Contact us today we will be glad to assist.