How to start a business in Oman?

Oman is a prime location and a future link between Asia and Africa. As such, starting a business here seems ideal, especially with the business-friendly atmosphere and the government’s initiatives in many sectors to bring in more investors.

To start a business in Oman, you should research thoroughly about the country, the city where you wish to operate and the viability of the business solution. Blackswan BSS will help to start a business in Oman.

Start a new Business in Oman

Research on the type of company

There are three main types of business models that you can choose. You can start an LLC with a local investor as a sponsor, or you can start your company in a free-zone. You can also open a branch of a foreign company in Oman.

Select location

Select the location of the business carefully. The site will impact footfalls, rent and sales. Free zones will give you more benefits on tax, but your business might be better suited to be in an area where you will get better traffic.

Get your documentation ready

Make a Memorandum and Articles of Association, get all the required documentation ready, open a bank account, have the investors visa and gather other required permits.

Reserve your company name

Ministry of Commerce and Industry operates under the Omani law and maintains a list of names for the business. Register your unique name with the MCI, according to the naming conventions of the Omani Law.

Start the incorporation process

Once all your documentation is ready, submit the company opening forms, bank certificates and other necessary documents to the Ministry of Commerce and Industry for approval.

Register with the Oman Chamber of commerce and Industry

Every business also needs to register itself with the Oman Chamber of Commerce and Industry (OCCI). They will give approval for your business to operate under the regulation of the Omani Law, and for compliance with commercial rules.

Managing Bank account

You should open a bank account initially to deposit the capital for investment. This bank account can be later converted into a current account once your business get all the necessary permission to operate.

Getting a visa for employees

Oman allows you to sponsor the visa for some of your employees to manage your business in the country. Make sure that the employee is registered under your business to get the visa.

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Originally posted 2021-09-29 08:51:08.