The Sultanate of Oman is one of the growing Gulf Cooperation Council, GCC nations. It is home to foreign expats willing to explore different business opportunities. The Omani Government has implemented multiple initiatives to provide brilliant investment opportunities to foreign investors.
Oman is a location to count on to diversify your business.
This blog will give you an overview of how to start a business in Oman and reasons to choose Oman as an investment location.
Reasons to Start a Business in Oman
You are planning to start a new or spread your business abroad to earn in Omani Rials. Money and international business exposure are two reasons people jump into the international market.
However, you must see the reasons to choose Oman as an international spot for your business.
Oman was one of the Gulf countries dependent on the oil business. The country has changed its economic structure and made a phenomenal transformation.
The Oman government has transformed its social and economic structure by not only depending on the oil business. Oman placed tourism as the target source of revenue.
Here are the top two reasons that attract foreigners to start a business in Oman.
- Several free zones
- Diversified economy
Popular Industries in Oman
Try your hands at the following in-demand industries in Oman.
- Manufacturing
- Import and export
- Warehousing and storage
- Assembling and manufacturing
How to Start a Business in Oman?
The method of setting up a business in Oman is as simple as it is in the other GCC countries. However, the Oman company registration process has a few steps to start a new business or spread the wings of your existing business in Oman.
Here are the basic requirements to start your business in Oman.
Oman Company Registration Process
The task of company registration is crucial to get a physical platform for your business entity. The following are the steps to register your company in Oman.
- Decide a trading name and apply it to the Ministry of Commerce and Industry (MCI).
- Submit the following essential documents of Incorporation.
- Memorandum and Articles of Association
- Shareholders’ Visas and Passports
- Tax Registration Certificate
- Identity Card of Shareholders
- Certificate of Initial Deposit
- Filed Company Registration Form
- Chamber of Commerce and Industry Affiliation Certificate
Read More: Commercial Document Attestation
Capital Account Opening
After registering your company, open a capital account to deposit the initial incorporation fee.
- Register with the Chamber of Commerce and Industry (OCCI)
- Register the business
Post-Incorporation Process in Oman
- Apply for a visa for your employees
- Register employees under the name of your company
- Convert your business capital account to the current account
Types of Business Entities in Oman
Oman is well-suited for the following business structures:
Sole Proprietorship
You can run this entity as a solo director without a paid-up share capital. A one-person company is the most commonly used entity for foreigners wishing to do business in Oman via the least complicated corporate structure.
Joint Stock Company
A joint-stock company must have a minimum of three shareholders. JSCs that trade their shares publicly are known as Public JSC, and those that do not offer shares to the public are known as Private JSCs. This entity is best if your interest is in fund investment or raising capital.
Limited Liability Company (LLC)
This entity is the most commonly used by foreigners willing to do business in Oman. But, for this entity, you must have an Omani, GCC, or USA shareholder.
Joint Venture
This type of venture has no legal registration to get protection from the local authorities. A joint venture is an internal agreement between more than one party to share profits and losses.
Holding Company
A holding company owns a maximum of 51% of the shares in joint ventures or LLCs. People register a holding company for projects and investments of funds or raising capital.
We can make things easy for you to start a business in Oman. We can help you get an Oman embassy attestation for your legal documents, which is as vital as a visa to do business in Oman.
Benefits of Starting a Business in Oman
There are many reasons to build a business in Oman, far from your home country. Money is the most common reason people move from their native country to a new one. Here are the other popular reasons that motivate foreign expats to start a business in Oman.
- Different business structures
- Fast developing economy
- Business-friendly regulations
- Government security
- No personal tax
- Luxurious business location
- Availability of natural resources
Conclusion
Setting up a new business in a foreign country is easy if you follow all the rules and regulations. Here are the eight simple steps to make your journey to start a business in Oman speedy and less complicated.
- Complete the Company Incorporation and Registration Process
- Apply for a Local Sponsorship
- Avail of Public Relations Officer (PRO) Services
- Maintain Accounting and Bookkeeping Essentials
- Accomplish Auditing Task
- Take Tax Consultation in Oman
- Get a VAT Registration
- Take Guidance on Intellectual Property Services
- Get Document Attestation Services
