Oman is rapidly emerging as a hot spot for overseas business people who want to build their businesses in the Middle East. Given its strategic geographical location, favorable business environment rules, this has never been a simpler procedure than it is now when it comes to setting up a business in this country. This tutorial outlines these stages to enable you to appreciate how foreigners who desire to start businesses can do so without facing many challenges within this rising market.
Why Invest in Oman?
Foreign investors are attracted by a number of fringe benefits in Oman. The country’s economy is stable, it has various free-trade agreements and the environment favorable to businessmen which implies that it’s an ideal start-up point for any entrepreneur. Besides, this nation serves as an entry point to other Gulf Cooperation Council (GCC) markets which open to over fifty million nationals. Besides direct investment, for instance tax holidays as well as 100% ownership in some industries are some of the incentives the Omani administration uses to attract overseas investors during certain periods.
Choose the Right Business Structure
Before Setting up your business in Oman, it is important to figure out which kind of business you want. Different possibilities for foreign investors in Oman are.
Limited Liability Company (LLC): An LLC is one of the most popular forms for foreign investors in Oman and it is required to have minimum of two partners with at least 30% Omani ownership whereas foreigners may hold 70%.
Branch Office: If you have a business in another country, you can start your own branch in Oman without starting another one from the scratch. A local Omani sponsor should be put in place by the entity.
Free Zone Company: Free zones in Oman, such as Sohar Free Zone or Duqm Free Zone, allow foreigners to have full ownership of businesses they operate there and enjoy tax exception. Starting a business there is usually easier and faster.
Prepare Your Documents
After you have selected your business entity, the next thing you have to do is to get documents ready. These mainly consist of:
- A copy of your passport
- Proof of address
- A business plan detailing your company’s activities
- Bank reference letter
- Legal documents verifying your business’s existence (if applicable)
It is inevitable every papers get to be translated to Arabic, which stands as the official language in the sultanate of Oman.
Register with the Ministry of Commerce and Industry (MOCI)
It is the Ministry of Commerce and Industry (MOCI) that is responsible for company registration in Oman. MOCI will handle your business documents to give you a commercial registration (CR) number when registering your business.
- The registration process typically involves the following steps:
- Filling out the application form
- Submitting all required documents
- Paying the registration fees
After approval, you will get your business registration certificate that gives you a go ahead to operate within Oman’s shores.
Obtain Other Necessary Licenses and Permits
Depending on your nature of business there may be other licenses or permits needed from various government authorities besides us. For instance, any entrepreneur dealing with manufacturing and or construction must look for industry-specific permissions. Again, trading licenses are a mandatory requirement for retail oriented companies.
There are different services for businesses in Oman provided by the Oman Chamber of Commerce and Industry (OCCI) including registration requirement for overseas investors.
Open a Business Bank Account
In order to operate you will require a local corporate bank account in Oman. You will need to provide the financial institution with your Commercial Registration number together with any other pertinent documentations related to your enterprise. You must register a corporate banking account first before you start receiving money from customers or performing any other financial activities.
Hire Employees and Set Up Office Space
Once your company is officially registered, get some employees and lease some office space. Oman has a large number of skilled workers who are encouraged to be employed by foreign investors.
Free Zones in Oman provide pre-made office spaces and additional services so that foreign businesses could be settled faster. On the other hand, Oman can boast with its competitive labor market as well as relatively cheap costs that attract many people who want to do business here.
Call +968 781 98 097 for Company Registration in Oman
To register a company in Oman is a very easy undertaking, especially in a country that is pro-business and offers attractive incentives for foreigners who want to invest in that jurisdiction. You have only to choose the appropriate business structure, prepare your papers, register with appropriate organs and there you are- owning your own business in Oman. This Arab nation has a booming economy which has made it become one of the best locations for trade between east and west Asia, north and south east Europe as well as northwest Africa therefore providing good environment for those who wish set up business in the middle east.