Corporate Banking Services in Oman

One of the booming platforms chosen by international investors and business freaks to invest in a business turns out to be Oman. The Sultanate provides a gateway to set

One of the booming platforms chosen by international investors and business freaks to invest in a business is Oman. The Sultanate provides a gateway to set businesses to transpose and expand their business ideas from one GCC country to another.

The idea of setting up a business in Oman doesn’t end with just the company incorporation process. Still, it goes several layers ahead, which includes tasks like dealing with taxation, visa, IP services, etc. One of the essential points that a business owner should aim for after the incorporation process is opening a corporate Oman bank account. This article will take you through the process of proceeding with banking services in Oman. Let’s proceed…

An Overview of Banks in Oman

The banking platform in Oman has widened its wings to serve and support business industries ranging from small start-ups to well-established MNCs. Moreover, the Central bank has introduced Corporate Internet Banking (CBI), which provides the opportunity for the bank to provide internet-based solutions for a speedy and smooth process from one’s comfort zone. The overall banking system can be divided into three categories:

• Local Commercial Sector
• Foreign Bank Sector
• Specialized Sector

All the localized commercial banks are controlled by the Central Bank of Oman, which is the highest regulatory and offers bonds and Omani notes. Some of the prominent banks in Oman are stated below.

A Few Prominent Banks in Oman for Setting Up a Corporate Bank Account

Some of the best banks in Oman to set up a corporate account are

• Bank Muscat
• Bank Dhofar
• National Bank of Oman
• Alizz Islamic Bank
• Oman Arab Bank
• Bank Nizwa
• Ahli Bank
• Bank Sohar
• Beirut Oman Bank
• HSBC Oman

You can see that Oman's banking industry provides multiple options for business investors to initiate the process of opening a bank account. 

As already mentioned above, different Omani banks have been designed accordingly in order to deal with different business structures, so it becomes essential to choose the right one based on your business needs. Moving forward, let’s head on to the core procedure.

Requirements to Open Bank Account in Oman

Opening a corporate bank account is not simple as it may sound. To initiate the process of opening a corporate bank account in Oman, strict rules are to be followed and do involve a good amount of paperwork. Expats who have established their companies in Oman, mostly end up hiring a business consultant who can sort the corporate account opening process in a much easier way. Let’s have a look at the essentials to be submitted.

• Identity card
• Two passport-sized photographs
• Residency/Work Permit copies
• Tenancy agreement to prove the residential address
• A No-Objection-Certificate from the Omani employer that states the expected monthly salary will be deposited into the respective accounts
• Valid Passport along with a valid visa and resident card
• Original trade license
• Letter of Reference from the expat’s bank in the country of origin

All the stated essentials are essential for foreign investors to present so as to initiate the account opening process. Once you have all the documents ready without an error, choose your convenient bank and submit all the documents and proceed with the application. Opening a corporate bank account will help your business in many ways. 

At Commitbiz, we take care of our clients to establish their companies and open bank account. We can help you in opening a corporate bank account in Oman by clearing all the necessary processes. 

Our team experts are well-versed with the Omani laws and will help you to carry out the process in a trouble-free and secure way. To step in and initiate the process of opening a corporate bank account in Oman, contact us today. We’d be glad to assist.