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Investors who want to start a business in a Gulf Cooperation Council (GCC) country have always been interested in free zones. As they have tax-free zones in some parts of their countries, these zones have been very important in getting international businesses to move to those countries. Oman has always been a popular place for international investors who want to start a business. This is because there are free zones there. Free zones are a great choice if you want to grow your business in Oman. This guide will show you how to start a business in Oman’s free zones.
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Oman’s Industrial Free Zones
The Sultanate has four free zones where different types of businesses and activities can grow. In the zone, it is legal to import raw materials, process, assemble, package, export finished products, and store and warehouse products. Many places in Oman are free.
The free zones have been put into groups based on what kinds of businesses they help. Choose a zone based on your business needs and the type of business you run. There are four free zones in Oman:
Al Mazunah Free Zone
Al Mazunah, which opened in 1999 and is close to the border with Yemen, is the gateway from the Gulf to the Republic of Yemen and countries in East Africa. This area is where the business, service, and manufacturing sectors all meet.
Salalah Free Zone
Companies that want to grow in the Middle East, Africa, Southern Europe, or Asia can get help from this free zone. Because of how cheap the labour, utilities, and infrastructure are, the place is a good place to go.
Sohar Free Zone
It is a deep-sea port that covers 4,500 hectares and brings in nearly US$26 billion in business. It is one of the ports that is growing the fastest in the world. The National Food Reserve of Oman is expected to be run by the port.
Duqm SEZ (Special Economic Zone)
One of the largest economic zones in the world will be in Duqm SEZ. The zone is about 1,745 square kilometres in size and has been split into eight sub-zones that offer different ways to invest, such as in industries, seaports and dry docks, tourism, fishing, and so on.
Let’s look at why it’s a good idea to start a business in Oman.
The Advantages of Starting a Business in the Oman Free Zone
- 100% ownership for Investors
- No Minimum Share Capital requirement
- No Corporate tax for a period of ten years
- No duties are imposed on import and export procedures
- Minimum 5 years of lease trade can start within Oman without a local agent
Required Documents for Starting a Business in the Oman Free Zone
- Name of the investors along with their country
- Plot size required to set up a business
- Business Plan along with Capital Investment
- A outline of total employment generation total electricity and water requirement
- Contact details of the investor
- Projected cargo volume
How do I start a business in the Sultanate of Oman’s Free Zone?
To incorporate a business in the Oman free zone, an investor must follow the steps outlined below:
- Submit Plot Application Form
- Reach an agreement on the Commercial Terms
- Submit a No Objection Letter to the Ministry of Environment and Climate Affairs
- Clear the due diligence process
- Select a plot and get approval for its application
- Pay the lease, incorporation, and license fee
- Collect the Certificate of Incorporation
- Sign the lease agreement
Tags: Oman Mainland Company Formation, Company Formation in Oman, Company Registration in Oman, Oman Company Incorporation, Opening Branch Office in Oman, Oman Freezone Company Formation, Salalah Freezone Oman, Special Economic Zone at Duqm, Freezone of Sohar, Freezone of Al Mazunah
Originally posted 2022-10-20 05:27:13.
