“Can I own 100% of my company in Oman?” For most investors, yes, and that’s been true since January 2020. Even so, we still meet people who’ve already signed a lease for a café concept, a car-wash franchise or a property management business, and only then find out that the activity is reserved for Omani investors.
That’s why knowing what’s allowed only gets you so far. What you really need is a clear picture of what isn’t. This guide walks through 100% foreign ownership in Oman as it stands in 2026, how the negative list has grown, what’s on it and what happens if you ignore it.
Table of Contents
The law that changed things
Oman’s Foreign Capital Investment Law was issued by Royal Decree 50/2019 and came into force on 1 January 2020, replacing the 1994 law. It made two big changes. It scrapped the old 70% cap on foreign ownership of an Omani company, and it removed the OMR 150,000 minimum capital requirement that the old law imposed on foreign investment.
Foreign investors can now own 100% of a company in more than 2,000 commercial and industrial activities. Foreign investment projects also get the same advantages and incentives as Omani ones.
There’s one catch, and it sits in Article 14. That article lets the Minister of Commerce, Industry and Investment Promotion issue a list of activities where foreign investment isn’t allowed. This is what everyone calls the negative list.
A list that keeps getting longer
Since the law took effect, the list has grown at a steady pace.
| Decision | Date | Activities reserved for Omanis |
|---|---|---|
| Original list under the new law | 2019 | 37 |
| Ministerial Decision 209/2020 | December 2020 | 70 |
| Ministerial Decision 364/2023 | June 2023 | 96 (25 added, 2 removed) |
| Ministerial Decision 435/2024 | August 2024 | 123 (28 added) |
Legal commentary in the Times of Oman in mid-2026 described the list as amended up to Ministerial Decision 435/2024. The ministry has said it will keep updating the list in line with economic conditions, so check the latest version before you commit to anything.
What you can’t do: the main categories
There are 123 activities on the full list, each defined by an activity code. Based on the activities summarised in recent legal commentary, these are the groups foreign investors run into most often.
| Category | Examples of activities reserved for Omanis |
|---|---|
| Heritage and traditional crafts | Omani halwa, khanjar, kummah, abayas, tailoring, traditional perfumes and cosmetics, pottery, silver and copper products, leather goods, traditional fishing tools |
| Small retail and community services | Grocery stores, mobile coffee shops, fruit and vegetable trading, meat and fish shops, honey and dates, medicinal herbs, phone accessories, souvenirs and antiques, drinking water retail |
| Public-facing service centres | PO box rental, Sanad centres, general clerical services |
| Automotive services | Tyre and radiator repair, vehicle washing, oil changes, towing, fuel and LPG stations |
| Fisheries and agriculture | Marine fishing, freshwater aquaculture, beekeeping |
| Property and rentals | Property management, real estate brokerage and valuation, event supply rental, crane and construction equipment rental |
| Other services | Pet care, used battery and oil collection |
Look at the list as a whole and the logic is easy to see. It protects Omani heritage, small community businesses and the kind of activities that suit Omani SMEs and entrepreneurs. Most of what larger foreign investors go after isn’t touched at all: manufacturing, logistics, technology, healthcare, education and most professional services remain open.
Exceptions worth knowing about
The list isn’t absolute in every case.
Large-scale agriculture. Poultry hatcheries, poultry slaughtering and live cattle wholesale are allowed when the project has large production capacity.
Tourist establishments. Hairdressing, barbering, laundry and dry-cleaning are permitted inside tourist establishments such as hotels.
Existing projects. If a project was lawfully set up before its activity was added to the list, it can keep going. Selling it to a new foreign owner, though, needs ministry approval.
What happens if you ignore it
Breaking the Foreign Capital Investment Law can bring fines of OMR 20,000 to OMR 150,000. The part people tend to miss is that the same penalty applies to any Omani who takes part alongside a foreign investor in the breach. So an informal “nominee” arrangement to get around the list puts both sides at risk, not just the foreigner.
The list isn’t the only thing to check
Just because an activity is open to foreign investment doesn’t mean it’s unregulated. Plenty of sectors have their own regulators and licences, and some have their own ownership rules too. Banking, insurance, telecommunications, media, oil and gas, and healthcare all need sector approvals on top of company registration.
Free zones and the Special Economic Zone at Duqm run under their own regulations. Check the activity rules there separately instead of assuming the mainland position carries over.
Checking your activity before you invest
Start by pinning down your activity code. Oman licenses activities by code, so your business has to match an exact description. Next, check that code against the current negative list, either on the ministry’s Invest Easy platform or through an adviser. Then find out whether a sector regulator also has to approve the activity.
It’s worth looking at related activities as well, because ones that sound similar can be treated differently. Mobile coffee shops, for example, are on the list. Only once all of that is clear should you sign any lease or contract.
A quick sense check for common ideas
Some business ideas are generally open to 100% foreign ownership. A software or IT services company usually is. So is a manufacturing plant, though you’ll need industrial approvals, and the same goes for logistics and warehousing, with the relevant sector licences.
Others are reserved for Omanis: real estate brokerage, property management, a car wash or tyre shop, and a grocery store.
Whatever your idea, confirm it against the current list for your exact activity code.
Get the activity right from the start
We register foreign-owned companies in Oman regularly, and picking the correct activity is where most of the real work happens. Black Swan Business Setup Services runs its Oman branch from Office 207, 1991 AQAR, Al Ghubrah Street, Muscat. Send your business plan to info@blackswanbss.com or call +971 56 658 2477, and we’ll check your activities against the current list before you spend a single rial.
The bottom line
100% foreign ownership in Oman is real, and it’s available across most of the economy. What’s off-limits in 2026 is a defined list of 123 activities, mostly in heritage, small retail and community services. Check that list first and the rest of the process gets a lot simpler.
Sources: Times of Oman legal commentary, May 2026 · Oman Observer on Decision 435/2024 · UNCTAD Investment Policy Monitor · US State Department 2021 Investment Climate Statement
FAQs
Can foreigners own 100% of a company in Oman?
Yes, in most activities. That’s been possible under the Foreign Capital Investment Law since 1 January 2020.
How many activities are on Oman’s negative list?
There are 123, following Ministerial Decision 435/2024, the latest amendment cited in commentary from mid-2026.
Can a foreigner run a real estate brokerage in Oman?
No. Real estate brokerage, valuation and property management are all reserved for Omanis.
What’s the penalty for breaching the list?
Fines range from OMR 20,000 to OMR 150,000, and the same penalty applies to any Omani who takes part.
Are there exceptions to the negative list?
Yes. Some services are allowed inside tourist establishments, and certain agricultural activities are permitted at large scale.