Free Zone Company Formation in Oman
Free zones are an eye-catching factor for investors looking to start a business in GCC countries. These tax-free zones bring international business to certain areas and countries.
It’s the perfect spot to start a business in Oman for international investors due to the availability of free zones. If you plan to expand Oman’s business, then opt for the free zones of Oman. Follow this guide to get an overall idea of company formation in Oman’s free zone.
Industrial Free Zones In Oman
The Sultanate has four free zones focusing on the growth of different activities and business sectors. This zone brings in raw materials for putting together, processing, storing, packaging, shipping, and warehousing finished products.Oman’s free zones are:
These free zones are classified based on business support and sectors. One must select a zone as per their business and industry needs. Here are four free zones in Oman:
Al Mazunah Free Zone
Founded in 1999 and located close to the Yemeni border, the Gulf is a gateway to enter East African countries and the Republic of Yemen. This zone is usually a hub for the service, commercial, and industrial sectors.
Salalah Free Zone
Most of the time, this free zone helps businesses that want to grow in Africa, the Middle East, Asia, and southern Europe.This location is an attractive destination because of the low cost of utilities, labour, and infrastructure.
Sohar Free Zone
This 4,500-hectare deep-sea port attracts US$26 billion and is the fastest-growing port in the world. It has the responsibility to manage Oman’s National Food Reserve.
Duqm SEZ
The future’s biggest economic zones lay in Duqm SEZ. The area has 1,745 square kilometres, with the zone divided into eight sub-zones with different grounds for investment like seaports, industries, dry-docks, fisheries, and tourism.
Take a look at the benefits you can reap by starting a company in Oman.
Benefits Of A Company Set Up / Formation In Oman Free Zone
- 100% ownership
- No minimum requirements for share capital
- No corporate tax for ten years
- No duties get imposed on export and import procedures.
- At least 5 years of lease
- Trade starts in Oman without any local agents.
Steps to Business Set Up in Oman's Free Zone
The investor must follow these processes to incorporate a business in Oman’s free zone:
- Application form
- Submit the Plot
- Get agreement on commercial terms
- No Objection Letter submission to the Ministry of Environment and
- Climate Affairs
- Clearing due diligence
- Choose a plot and get its approval
- Pay the license fee, incorporation fee, and lease
- The Certificate of Incorporation has to be collected
- Signing the lease agreement
Documents Needed For Setting Up A Business In Oman's Free Zone
- Investors’ name along with the country of origin
- Plot size to set up a business
- Business plan with capital investment
- Figurative representation of complete employee generation
- Electricity and water requirements (total)
- Contact details of the investor
- Projected cargo volume
Fees Needed For Setting Up A Free Zone Company In Oman
- Activities Fee
- Business Registration Fee
- Logistics or Commercial License Fee
- Manufacturing or Industrial License Fee
- Visa Fee
You can talk with business consultants who are well-versed in Oman’s legal regulations and business setup processes. This can incorporate an entity in a hassle-free way and at a faster pace.
