Oman offers a wide range of business opportunities to Omani citizens as well as foreign citizens to set up companies either with the help of an Omani entity or a wholly foreign-owned company. The Sultanate of Oman offers you to establish a company in its commercial zones or free zones. The country has four free zones to provide. With no personal income taxes, the country has only 5% of corporate taxes levied on its citizens and business-seekers. The country is classified as one of the high-income economies by the World Bank. The country has been rapidly diversifying its economy and looking to develop other industrial sectors, especially infrastructure and real estate.
Getting your company registered is not the last thing to do after you set up a company in Oman. There are a few more steps you need to take care of before you make a sigh of relief and reap benefits from the primary motive of the company. The owners or directors of the company need to perform these duties.
These essential steps need to be followed, especially within a week after the registration of your Omani company, so that your business is appropriately set up and receives a boost from the government. Let us take this opportunity to give you an idea about the necessary steps to perform.
Things to Do
After incorporating a business, you need to do the following steps.
1. Open a Current Account for your Business
You need a bank account in any private or nationalised bank so that the business can start performing business activities. This covers a wide range of activities like paying for the raw materials to the issuance of shares.
2. Tax Registration
The Omani Tax Authority must get to know that your business has commenced its working. This is a vital step as this gives you the ability to utilize the various tax benefits that the Omani government provides. This is why the Omani taxation services are essential.
3. Audit and Accounting Services
Every company must keep a proper record of all their transactions and activities performed in the fiscal year. This helps at the end of the fiscal year when the company files for taxes. This is the reason accounting and bookkeeping services in Oman are needed. You can also hire auditors to either cross-check or outsource for your company’s certificates accuracy.
4. Other Licenses
All the licenses for your company’s relevant activities should also be applied before starting your company’s operations. This step may take some time and must be done relatively early to comply with the law.
5. Trademark Registration
Symbols or words that are officially registered and are used to represent a company or product are called trademarks. Registering a brand would not only project you against impersonators but also helps the growth of your business.
6. Directors’ Disclosure of Interest
After deciding on the mission and vision of your company along with the procedure that the directors aim to take advantage and achieve them must be revealed to all the shareholders in the first AGM conducted.
7. Letterhead and Seal
Once your company is registered, the company should preferably print its letterhead that consists of all the vital details like the name of the company, Email ID, Telephone Number, CRN Number, etc. You should also approve of a common seal that has the company’s name engraved in legible characters.
Check for various requirements for VAT registration in Oman, after you register your company. Talk to experts at Commitbiz to understand the entire concept of VAT in Oman and assistance in registering it.
The Annual General Meeting (AGM) is to be held at least once in a year and within half of the financial year.
For you to create awareness of your brand’s existence and its motive, it is advised to create a website that depicts your ideas and products. The website must illustrate the services you provide. This step can be taken care of by getting a website host and secure a domain name to be registered under your establishment’s name.
The directors of every Oman establishment must take care of the steps mentioned above to reap various benefits of the market and enjoy the smooth working of the company. Managing all these tasks on your own may become a tedious and costly affair. It is suggested to take help from a firm that offers such services.
We, at Commitbiz, offer various business setup services to a wide range of establishments spread over a broad spectrum of demographics. To avail our services or to have a word with our experts, contact us.