Company Formation & Business Setup in Oman

Everyone needs a successful business and for starting a successful business a person should select an appropriate location. Now Oman is an appropriate Hub for companies who are planning to start an overseas company from any part of the world. Oman, also known as the Sultanate of Oman, is a strategically landing place for growing business. Oman is one of the top growing GCC nations and a place with plenty of domestic & international business opportunities. The Omani Government has taken multiple insatives & steps to make foregin companies & investors be a part of Oman’s developing economy. Multiple steps have been taken to attract Investors to Oman. If you are planning to divert your business to an international level, Oman is the right place. You will be reading on how you can setup or incorporate your business in Oman and also you can see different business structures to incorporate your business in oman.

Why should you Start a Business in Oman?

You can find a great transformation in Omans Social & Economic in past few years, attracting investors to invest for business in Oman. As we know oman receives a good revenue from oil and oil product related business which runs the economy to a great extend. We can also see that tourism business is emerging in Oman and all related businesses are emerging. Oman has developed several free zones to increase industrial related business and also to attract foreign investors, various companies are emerging beyond the oil industry. The free trade zones in Oman are located in Al Mazunah, Sohar, Salalah, and Duqm SEZ favouring the Logistic facility by Sea, Road & Air. In Oman Free Zone one card setup Industries which allow it to perform manufacturing, import & export, warehousing & storage, and manufacturing.

Types of Business Entities in Oman for Company Incorporation

The location of Oman is well-suited for the following business structures & Entities :

Sole Proprietorship Company in Oman

A sole proprietorship is a one-person company which can be opened with a single sole director and limited or no minimum paid-up share capital requirements. A proprietorship company is the most commonly used entity for foreigners planning to start or setup business in Oman via a simple corporate structure.

Joint Stock Company in Oman

With a minimum of three shareholders a joint-stock company can be formed in Oman. Joint-stock companies can be private or public. These companies can be incorporated by businesses who would like to be involved in large investment of funds or raising capital.

Limited Liability Company in Oman

An LLC company can have an Omani, GCC or USA shareholder. An Omani LLC is the commonly used entity for foreigners who are willing to register business in Oman

Joint Venture

A Joint Venture is an internal mutual agreement between two or more parties whereby one party can perform business in his/her personal name while the profits/losses of the business are shared. A Join venture company is not a legal entity and therefore Joint Venture Companies does not require any form of registration with, nor has protection from, the local authorities.

Holding Company

A holding company is an entity that owns at least 51% of the shares in one or more joint-stock or limited liability companies.

What are the Benefits of Business Setup in Oman

The good news is that the foregin investors have a great opportunity to invest in Oman and set up business. You will have several reasons to start a business in Oman. Given below are benefits of Company incorporation in Oman:

• A strategic business location to do any business
• Availability of natural resources within oman
• Fast developing economy for growing business
• Government support to boost new business & startups
• You will have No personal tax
• Exemptions Available in Oman
• Oman Emerging business in the non-oil sector
• Oman developing in tourism sector
• Business-Friendly Relations with Neighboring Countries
• World-class infrastructure globally ranked ports, airports, roads.
• Tallent Pool with strong hold on Research and Development

How can you Start a Business in Oman?

Just like the UAE & other GCC countries, the Oman company incorporation process requires a list of steps. Before having an overview of the company setup process, let’s discuss the company registration process in Oman.

Oman Company Registration Process

During Oman company registration process the business entity is given a physical platform to run or setup business. To start the business setup process, there are few steps that need to be followed strictly Now you can continue reading the steps related to the company incorporation and also the post incorporation process that has to be followed once you have decided to open a company in Oman.

Company Incorporation Process in Oman

Selection of Unique Trade Name in Oman

A trade name selected should be unique and related to the business. Decide the name which best matches your business / product or service which you are offering and submit the application to the Ministry of Commerce and Industry (MCI).

Documents to be submitted for Oman Company Incorporation

In the initial stage all the below documents are to be submitted for initiating the company registration process in oman.

The essential documents required for oman company registration are:

• Memorandum and Articles of Association
• Shareholders’ Visas and Passports
• Tax Registration Certificate
• Identity Card of Shareholders
• Certificate of Initial Deposit
• Filed Company Registration Form
• Chamber of Commerce and Industry Affiliation Certificate

Corporate bank Account Opening

Once all the incorporation documents have been submitted, a capital corporate bank account needs to be opened to deposit the initial incorporation fee.

Register with Oman Chamber of Commerce

Its to be registered with the Oman Chamber of Commerce and Industry (OCCI) for all compliance with the Oman commercial rules and regulation required of a corporation in Oman.

Register the Business in Oman

Register the business in oman involves step to submit to following documents :

• Legalized Opening Forms
• Municipality Approval
• Share Capital Certificate

Post Company Incorporation Process in Oman

Apply for Visa

Now its time to apply for a Visa for all employees soon after the incorporation process is over. You can contact a company incorporation expert or a visa consult

Employee Registration

The employees which are hired must be acknowledged as a part of the business entity and for which registration of the employees under the company name is to be done.

Conversion of Bank Account

The business capital bank account should to be converted to the current account so as to ease the business transactions successfully.

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Business Setup Services in Oman

Black Swan brings to you with flexible & affordable business setup solution package which includes:

• Company Incorporation and Registration
• Local Sponsorship
• Public Relations Officer (PRO) Services
• Accounting and Bookkeeping
• Auditing
• Tax Consulting
• VAT Registration
• Intellectual Property Services

Various steps are involved in Company Formation in Oman. You can Consult Black Swan if you are looking for Company Registration in Oman. You will get a full End to End Solution for Company Incorporation in Oman.

Originally posted 2022-02-22 09:02:31.