A shelf company in Oman is also called a pre-registered company or a ready-made company. As the name says, the company is ready-made and is available and incorporated with the government, but it is not involved in any kind of business activity.
These companies are readily available, as if they are kept on shelves, and individuals or businesses can purchase these instead of going through the whole business setup process.
Key Factors about the Shelf Company in Oman
Here are some key factors that will help you in incorporating a shelf company in Oman:
- The company is already registered with the Omani government with a valid trade register number.
- No business activity has been conducted with clean financial records. Anyone can buy the company and start their business activities by skipping the incorporation process.
- Purchasing an Omani shelf company will save you time and money. The new owner can quickly start operating the business without any hassle.
Benefits of Starting a Shelf Company in Oman
The following are the benefits of starting a shelf company in Oman:
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Tax Benefits
A shelf company that has been there for ages can fall under the category of tax exemption. Read more about the taxes in Oman in detail.
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Government Contracts
Every government project has a restriction on a company that has crossed a certain period of time, but if you buy a shelf company, that will let you bid, even if you just bought it.
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Helps in Building Trust
Incorporating a new company might not seem to be reliable for the new customers, but the Omani shelf company makes them more likely to trust you as the company’s age is long worth trusting.
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Easy Availability of Loans
Banks may feel hesitant to provide loans to new companies, but in the case of a shelf company, you can easily avail of loans without much restrictions and hassle.
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Special Requirements
Requirements like special licenses and the need for more than 2 shareholders are mandatory in some companies, but the shelf company in Oman readily helps you to meet this requirement.
How do you start a Shelf Company in Oman?
If you are interested in a Shelf company registration in Oman, you need to follow the process listed below:
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Choose a Business Structure
Decide the suitable business structure, also known as legal entities, such as a sole proprietorship with 1 shareholder or a Limited liability company (LLC) with more than 1 shareholder. All the different entities in Oman require a general manager with a proper visa.
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Decide a Business name
Business name, in other words, is also known as the company name. You need to decide 3 names and suggest those to the authority. While choosing the names, adhere to the governmental norms, such as:
- Avoid Offensive Names
- Avoid religious or any god’s names.
- Try to select the name related to your business activity.
- The name you choose should not be a repetitive name. It should be unique.
Note: Decide the name and get it registered and avail name registration certificate.
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Apply for Visa
You can apply for more than 1 visa, but again it depends on your business size. The application should be submitted to the Royal Oman Police for verification. You can read more about the visa services in Oman here.
Note: The processing time for the application is 3 to 5 working days.
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Rent/lease an Office Space
Physical office space is required for some business activities to play the role of address proof. With this space you can apply for Ejari from the relevant authority.
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Open a Corporate Bank Account
Corporate bank account opening is required for all types of businesses, irrespective of their size. Choose the bank wisely as per your requirements.
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Payment to the relevant Authority
After finishing all the above requirements do the payment and the fees you pay may vary depending on the business activity you choose.
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Open the Company
When all the procedures are done after submitting all the documents and waiting for the approval it might take a few working days. Start your business activity when you receive the approval along with the license.
Required Documents to Open a Shelf Company in Oman
Here is the list of documents that is required to open a shelf company in Oman:
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ID Proof
Passport copies and passport-size photos of all the shareholders and directors of the company.
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Valid Visa
Copy of a valid visa of all the shareholders and directors of the company. The validity of the visa will be 2 years.
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Name Suggestion
You have to decide 3 names for your business and suggest that to the authority for a trade name registration certificate.
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Application form
Fill in the information required in the application, such as the chosen business structure, business name, and the activity chosen by you.
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Memorandum of Association (MoA)
This is the document that outlines the company's objectives.
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Articles of Association (AoA)
AoA is about the internal regulations of the company, including the shareholder's details and their roles and responsibilities.
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Address Proof
This is the document that has the passport information of Emirates ID that also includes the address of the shareholders and director of the company.
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No Objection Certificate
This document includes your sponsor's consent to engage in the business activity.
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Other Documents
Additional documents depending on your business activity or the location of your business. Certain activities might also require some special approvals and licenses.
Seeking Professional Help
The business setup in Oman process may seem complex. If you are new to Oman and think of doing a hassle-free process, it's highly recommended to consult an expert to hand over your company setup process and take a back seat to relax while your process is done efficiently by the professionals of Commitbiz.
Contact us now for more information.
