Establishing a Completely Owned Foreign LLC company in Oman

Oman is continuously involved in trading overseas linked with marine based dealing over watercrafts which navigates them easily to European, African and Asian shoreline areas. This marine business vessel has been going in Oman for many tens of years. Oman is considered as the third largest Arab country. Before the invention of oil rich basements, this country was popular for its agricultural economy.

After its realization of the oil and gas market, it began to focus much on making the country industrialized. It made economic diversity by the early 1970’s into non oil based sectors by the leadership of the Sultan Quboos. He was also known for his many reforms in social and economic sectors. It also attracted many investors in foreign to come and lay business in Oman.

Steps of establishing foreign ownership LLC in Oman

• Do choose your trade name first
• Make application for the municipal business license in the selected business region
• Oman Chamber of Commerce and Industry, called OCCI, is responsible for business activities. Thus, registration is mandatory with them.
• Also, register with region localite Public Relation Office
• Complete preparation of all documents to submit it error less
• Pick your area of commerce. Lease an office space if needed, or a warehouse kind.
• Commercial registration has also been done with the Ministry of Commerce & Industry.
• Then, make registration with the customs office, MOM – Ministry Of Manpower, MOF – Ministry of Finance.
• Design your seal for the company.

List of documents for establishment of completely owned foreign LLC company in Dubai

Below are the list of documents of your LLC company

• AOA – Article of Association for foreigner investor and memorandum is to be prepared
• Certification by tax registrar
• Foreign investor’s board for resolution
• Auditing accounts of yours for the past 3 years at least has to be submitted
• Capital deposit amount receipt
• Shareholders or investors passport copy
• Required identity cards together with authority signs are must

All about Foreign branch office or incorporation of branch office in Oman

Initial process of any foreign company to set up its branch in Oman is to do registration with the Oman government. It can also enter by contracting with the Omani government. After registration, operation of foreign branches can be taken forward. No individual legal affair or endurable system is maintained for branch set up. Localite sponsor is required to provide the needed visas. Local agents will also be very helpful in guiding you throughout the registering and licensing process. Whether it is a corporate business firm or other registered firm, Oman maintains a steady and invariable income tax percentage. This income tax is the same for all businesses irrespective of what kind it is. Minimum amount of tax predicted is around 10 to 12%.

Few LLC companies which have Oman ownership and hold few other conditions are met with 3 to 5% taxes.

Highest tax is incorporated for petroleum outputs and any income which comes via petroleum based product sale are grouped under petrol tax. The tax rate here is 55%

An average of 15% is the income tax amount for all company types including LLC companies. The only exception is for single ownership companies.

Other than Omani government taxes and fees collected, no local or regional taxes are generated and collected.

Originally posted 2022-03-02 09:40:32.