Duqm is a port town on the coastal strip of the Arabian Sea to the Indian Ocean. It has seen many developments over the previous years. Business people wish to establish enterprises due to the numerous benefits, business-friendly policies, minimal compliance, etc.
Table of Contents
- Benefits of Setting Up a Business in Special Economic Zone at Duqm
- How to Setup a Business in a Special Economic Zone at Duqm?
There are various free zones in Oman, which is another major reason for endless investment opportunities and a booming economy. One such zone is the Special Economic Zone at Duqm. Let’s look at this article to understand the business setup procedure and benefits of the Duqm Free Zone.
Benefits of Setting Up a Business in Special Economic Zone at Duqm
Do you wonder why this zone is an attractive location for business individuals? We will explore the benefits of establishing a business within the free zone in Oman in the following –
a) Incentives and Tax Benefits:
The free zones are known for their lower tax rates. In comparison to other jurisdictions, there are various tax benefits and exemptions involved under the Duqm Free Zone, which leads to a greater number of company formations.
b) Strategic Location:
Another major reason for successful businesses in this place is because of the location. Duqm is strategically located on the southeastern coast of Oman with the best shipping routes, making it an attractive place for trade, business activities and access to international markets.
c) Customs Regulatory Framework:
SEZAD Duqm offers pretty straightforward and simplified customs procedures and legal regulations. This makes it favourable and easier for businesses to import and export goods.
d) Modern Infrastructure:
There is growth and development in Oman due to the infrastructure, construction, and airports.
It welcomes all types of business activities and industries in the market. This eventually benefits the company and supports efficient operations.
e) Government Support:
Certain factors like financial assistance, training programs, additional incentives, etc, are completely supported by the government of the Special Economic Zone at Duqm. This promotes more business setups in the Oman Free Zone.
f) Easy Access to Markets:
Business formations in this zone benefit due to access from the Gulf Cooperation Council (GCC) market. This represents a significant consumer market and helps businesses grow.
g) Growing Economy:
The markets of Oman are constantly improving with new updates, industrial developments, investments, etc, which leads to attracting more business people and helps in the growth of the economy.
h) Other Benefits:
Lastly, businesses in the Duqm Free Zone are beneficial because they focus on environment-friendly practices. They are able to give attention to specific industries/sectors, which allows collaboration and cooperation.
How to Setup a Business in a Special Economic Zone at Duqm?
We will provide detailed steps of business setup in SEZAD Duqm with the documents required and the legal regulations imposed. The steps are as follows –
i) Submit an Application Form:
Individuals who wish to establish their respective businesses must submit a plot application form with the required details.
ii) Draft Agreements:
In the next step, an agreement must be drafted based on the commercial conditions, contract terms, and land lease price.
iii) Acquire the No Objection Certificate:
Now, the business owners must obtain the no objection certificate from the Ministry of Environment and Climate Affairs (MECA).
iv) Submit Necessary Documents:
A business setup in the Duqm Free Zone needs to provide important documents to obtain the required approvals and licenses.
In the last step, the business owners need to collect the incorporation certificate from the Chamber of Commerce. However, the payments must be completed, documents must be reviewed, and all these procedures must adhere to the local regulations of the Duqm Free Zone.
This must be clear in understanding how setting up a business in the Special Economic Zone at Duqm in Oman is highly beneficial. The opportunities, location, policies, and economy are all reasons for successful businesses in the Oman Free Zone. However, it will be even easier if the entrepreneurs reach out to a consultancy firm like Commitbiz to meet the requirements, follow the steps and avail the services we provide. Contact us now!
What are the facilities provided by Duqm SEZ?
It provides many facilities and some are,
- Enormous ground spread up to 2000 sq.km. for business setup
- A diversified environment for different business activities
- A Logistics and Marine hub
What is a Special Economic Zone?
A SEZ is an area that deals with business and trade laws that are slightly different from the normal company incorporation ground and is located within the country’s national boundary.
What are the investment opportunities in Duqm economic zone?
There are many opportunities with respect to business in Duqm economic zones and some of them are,
- Petrochemical industries
- Transport and Logistics
- Fishery Industries
- Real-Estate Development etc
Is incorporating a business in Duqm free zone profitable?
Yes, with several opportunities and benefits, Dqum is a wonderful place to start a business.
How much will it cost to set up a company in Duqm special economic zone?
The cost depends on the activity you select, the requirements and the scale of the business etc.