Reasons to Start Business in Oman

Reasons to Start Business in Oman: Are you looking for some country in the middle east to start your own business? You should consider Oman as your destination country. The sultanate of Oman is beautiful and welcoming culture. Traditionally Oman has been dependent on oil, and the government has been encouraging investments and establishing new businesses in the country. There are some benefits given by the government in the case of foreign investors. With a widely and recently diversifying economy, Oman offers to be the next big business destination to start a new business.

Location

Opening your business in a favourable location is essential. The same holds when selecting the country for establishing your new business as well. Oman is the gateway to the Arabian countries. Additionally, it serves as a bridge between Asia and the Arab countries, making it uniquely placed for profitable business opportunities.

Ending Oil Monopoly

The Sultanate of Oman saw a significant development trend when oil was discovered. Oman became synonymous with oil and related markets. Now, the country is at the point of slowly moving away from the oil market and focusing on expanding and diversifying into various other business opportunities.

Economic growth in Oman

The government has launched programs targeting economic growth consistently. Currently, at the end of the ninth five-year development plan, Oman has already announced Oman vision 2040, with plans to create business opportunities in infrastructure, hospitality, technology, manufacturing, tourism and more. There are many on-going and future projects aimed at building Oman as a link between Asia and Africa.

Infrastructure and Human Resources

Investments have been made to set up global standard airports and ports. Roadways have also been developed extensively to facilitate travel. Substantial investments are being made to expand the railway network to comprehensively cover all areas of the country.

Foreign investment benefits and Favourable Tax Environment

Oman charges a flat rate for corporate tax. There are no taxes for foreign exchange, and there are tax-free business opportunities to consider as well. An investor-friendly business environment has been created in Oman with no limits of capital and repatriation of profits. It is economically stable, provides a safe and vibrant environment for starting new businesses. Oman is considered in the top 20 destinations worldwide for establishing a business. You can register as an LLC, typically with 70% ownership or open a branch of your business in Oman. You can also operate in the free zone.

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