The first step to consider after your company registration is to apply for a corporate bank account. To open a business bank account is proof that your company is doing business and exists in the market.

The corporate bank account focuses on offering their services to businesses and companies. One such benefit is that the corporate account permits companies to get advice from bankers who can help you in business if facing fiscal hardships.

One must stick to the rules set by the Government of Oman when opening the corporate bank account. The procedure is very simple. You must collect the relevant documents and submit them to the bank you like to. The bank where the account is opened should be chosen after proper inspection.

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Corporate Bank Account’s Features in Oman

Assist in Audit

The corporate bank account has the detailed information of all transactions that are conducted by the company. When your company bank account doesn’t overlap your personal bank account, you don’t need to go through all your transactions to find essential information. This can save more time and labor for both the business and the auditor.

Enhances Your Image

When paying the creditors or suppliers, you can issue a check from the business account to let your customers know that you’re conducting a business. Also, using separate account books can make your creditors believe that your company is true.

Gives A Professional Appearance

The company’s image will enhance if you keep a business account. So while using cheques, the creditors will acknowledge your business.

Company’s Liquidation

If there comes a sale in the company, a process like an audit is performed by the buying party. In that time, you need to provide more documents. Hence the banks can consider the legitimate authority for verification. These banks maintain all data and statistics which gives the ease to transfer the company.

Documents Needed To Open The Corporate Bank Account

Eligible Visa
Valid Passport
Id of shareholder
Two photos of shareholders
Residency copy
Work-Permit
Resident Card
Original trade license
Reference Letter from bank (expats country of origin)
No-Objection Certificate from Omani employer (stating expected salary disbursed into respective accounts)
Proof of residential address

These documents should be with a business person when opening an account in the corporate bank. We can guide you to set up an account in Oman that provides all necessary steps. Our experts’ team can assist you throughout the process. Are you looking for a Business Setup Company in Oman ? You have landed the right website, Blackswan can help you in corporate bank account opening and also entire Oman company incorporation process

Originally posted 2022-02-15 09:58:13.