Duqm Special Economic Zone

Oman has turned out to be an emerging destination for establishing businesses. It is highly beneficial for business owners and investors from all around the world due to its strategic location, business-friendly policies, etc.

The country welcomes mainland and freezone companies, which results in the growth of the economy and increases the demand for more successful businesses. 

There are various freezones in Oman that contribute to the country, and one of the rising jurisdictions is the Duqm Special Economic Zone. 

The Duqm Special Economic Zone was established in 2011, and it is the largest special economic zone in the Middle East and North Africa. It is situated on the southeastern coast of Oman and is committed to sustainable development. 

It is suitably located in the Middle East and provides access to the Gulf and the markets of Asia. It has become an ideal place for businesses due to connections with primary shipping lanes, the Indian Ocean and Duqm ports. 

Let’s get into this article to know more about the Duqm Special Economic Zone in Oman. 

What is a Special Economic Zone?

A special economic zone is an area within the country that is subject to specific regulations and policies that differ from the rest of the country. It is established to create an environment and attract regional and international investment. It is highly beneficial for business individuals who wish for setting up a business in Oman Duqm.

Duqm Special Economic Zone Authority

The authority of the Special Economic Zone at Duqm (SEZAD) is a government agency responsible for the development and management of the Special Economic Zone in Oman. Activities like planning, management, strategic initiatives, and implementing certain steps are the key roles of the authority leading to the development of Duqm SEZ.  Furthermore, the SEZ authority at Duqm introduces different investment strategies to welcome a wide range of economic activities in the zone. It also looks after the environmental and social elements for the expansion and growth of the free zone. Their motive is to make this location an attractive place for residents, visitors, and investors. 

Benefits of Setting Up a Company in Duqm SEZ

You must be wondering how company formation in freezones is attractive to entrepreneurs. Let’s look at the benefits of the Duqm special economic zone to answer this –

  • Exemption of taxes for a period of 30 years.
  • Availability of 100% foreign ownership.
  • There are no restrictions on matters of minimum capital requirement.
  • No Currency Restrictions.
  • 100% repatriation of capital and profits invested and earned.
  • Flexibility of free movement of goods inside the zone.
  • Easy availability of visas for expatriates.
  • Easy network connections with the Gulf and International Markets.
  • Permits for the foreign workforce are easily granted due to the presence of the Labor Department. 
  • Politically stable zone for business activities.
  • Mandatory of 10% Omanization rate stipulated by the SEAZAD Board. 
  • Freedom to establish representative offices.

These benefits increase the demand for Oman free zone company formation and emphasise the economy of the country.

Investment Opportunities in Duqm Special Economic Zone

The authorities provide various opportunities to investors to unlock business projects. Investment opportunities mentioned below are all available for companies in the Duqm special economic zone.

i) Refineries, oil storage and refining, and petrochemical industries.

ii) Heavy, medium and light industries.

iii) Transport and logistics.

iv) Tourism and construction of hotels and resorts.

v) Providing health and therapeutic services and construction of hospitals and health centres.

vi) Establishment of private schools, training institutes and colleges.

vii) Establishment of markets and malls.

viii) Establishment of sports facilities.

ix) Mining.

x) Fishing Industries.

xi) Real estate development.

Facilities Provided by Duqm SEZ

  • Enormous ground spread up to 2000 sq. km. for business setup
  • A diversified environment for different business activities
  • A logistics and marine hub.

In a nutshell, we can say that Duqm stands to be a strong pillar when it comes to Free Zones in Oman. It ends up providing multiple benefits to foreign expats. Therefore, the Omani Government has been continuously taking the necessary steps to turn the Free Zone into one of the largest Free Zone, diversified in multiple business directions.

However, reach out to a consultancy firm like Commitbiz to understand the policies and other requirements of the Duqm Special Economic Zone. Contact us if you wish to set up a business in the freezone - we’d be glad to assist you.