Oman, also known as the Sultanate of Oman, is a strategically located growing business centre. It is one of the growing GCC nations that is also an established home to the foreign expats with a lot of business opportunities. The Omani Government has been continuously proceeding towards the nation’s development and has initiated multiple steps to give comfort to the foreign expats and grab more foreign investors. If you are planning to diversify your business at an international level, Oman is a location which you can count on. This article will give you an overview as to why choose Oman as an investment location. Let’s start with the different business structure that can be incorporated.
Types of Business Entities in Oman
The location of Oman is well-suited for the following business structures:
Benefits of Establishing a Company in Oman
Doing business in Oman turns out to be a good opportunity for the foreign expats. There are several reasons to start a business in Oman. The ground provides the following benefits:
- A strategic business location
- Availability of natural resources
- Fast developing economy
- Government support to boost new business
- No personal tax
- Emerging business in the non-oil sector
How to Start a Business in Oman?
Just like the other GCC countries, the process of setting up a business in Oman requires the involvement of a few steps that need to be cleared accordingly. Before we move towards the concrete process, let’s have a look at the basic requirements that turns out to be a must.
Prerequisites for Registering a Company in Oman
- Minimum 2 shareholders
- Minimum 1 Director (can be of any nationality)
- Registered Office Address
- Minimum Capital Requirement of OMR 150,000
Oman Company Registration Process
Company Formation is a process wherein the business entity is given a physical platform. To start the process, there are certain steps that need to be followed accordingly. Below mentioned are the steps related to the incorporation as well as post incorporation process that you need to follow once you have decided to set up a business in Oman.
This is the initial stage where all the necessary documents need to be submitted to initiate the incorporation process. The essential documents required are:
- Memorandum and Articles of Association
- Shareholders’ Visas and Passports
- Tax Registration Certificate
- Identity Card of Shareholders
- Certificate of Initial Deposit
- Filed Company Registration Form
- Chamber of Commerce and Industry Affiliation Certificate
2. Capital Account Opening
Once the documents have been submitted, a capital account needs to be opened to deposit the initial incorporation fee.
This step involves the submission of the essentials:
- Legalized Opening Forms
- Municipality Approval
- Share Capital Certificate
1. Apply for Visa
The next step after the incorporation process is to apply for visa services for all your employees. You can have a word with visa consultants to avail the visa services at a faster pace.
2. Employee Registration
The employees must be acknowledged as a part of the business entity and for that registration of the employees under the company name is mandatory.
3. Conversion of Bank Account
The business capital account needs to be converted to the current account so as to ease the business transactions successfully.
Our Business Setup Services in Oman
Commitbiz comes with a business setup solution package that includes:
- Company Incorporation and Registration
- Local Sponsorship
- Public Relations Officer (PRO) Services
- Accounting and Bookkeeping
- Tax Consulting
- VAT Registration
- Intellectual Property Services
Commitbiz has been one of the best business consultants in Dubai, helping out various clients to establish and grab the business opportunities in Oman. Our experts are well-versed with the Omani business framework and will help you to deal with in a hassle-free way. To proceed towards starting a business in Oman today, do contact us. We’d be happy to assist.