Why should you Start a Business in Oman?
You can find a great transformation in Omans Social & Economic in past few years, attracting investors to invest for business in Oman. As we know oman receives a good revenue from oil and oil product related business which runs the economy to a great extend. We can also see that tourism business is emerging in Oman and all related businesses are emerging. Oman has developed several free zones to increase industrial related business and also to attract foreign investors, various companies are emerging beyond the oil industry. The free trade zones in Oman are located in Al Mazunah, Sohar, Salalah, and Duqm SEZ favouring the Logistic facility by Sea, Road & Air. In Oman Free Zone one card setup Industries which allow it to perform manufacturing, import & export, warehousing & storage, and manufacturing.Types of Business Entities in Oman for Company Incorporation
The location of Oman is well-suited for the following business structures & Entities :Sole Proprietorship Company in Oman
A sole proprietorship is a one-person company which can be opened with a single sole director and limited or no minimum paid-up share capital requirements. A proprietorship company is the most commonly used entity for foreigners planning to start or setup business in Oman via a simple corporate structure.Joint Stock Company in Oman
With a minimum of three shareholders a joint-stock company can be formed in Oman. Joint-stock companies can be private or public. These companies can be incorporated by businesses who would like to be involved in large investment of funds or raising capital.Limited Liability Company in Oman
An LLC company can have an Omani, GCC or USA shareholder. An Omani LLC is the commonly used entity for foreigners who are willing to register business in OmanJoint Venture
A Joint Venture is an internal mutual agreement between two or more parties whereby one party can perform business in his/her personal name while the profits/losses of the business are shared. A Join venture company is not a legal entity and therefore Joint Venture Companies does not require any form of registration with, nor has protection from, the local authorities.Holding Company
A holding company is an entity that owns at least 51% of the shares in one or more joint-stock or limited liability companies.What are the Benefits of Business Setup in Oman
The good news is that the foregin investors have a great opportunity to invest in Oman and set up business. You will have several reasons to start a business in Oman. Given below are benefits of Company incorporation in Oman:- A strategic business location to do any business
- Availability of natural resources within oman
- Fast developing economy for growing business
- Government support to boost new business & startups
- You will have No personal tax
- Exemptions Available in Oman
- Oman Emerging business in the non-oil sector
- Oman developing in tourism sector
- Business-Friendly Relations with Neighboring Countries
- World-class infrastructure globally ranked ports, airports, roads.
- Tallent Pool with strong hold on Research and Development
How can you Start a Business in Oman?
Just like the UAE & other GCC countries, the Oman company incorporation process requires a list of steps. Before having an overview of the company setup process, let's discuss the company registration process in Oman.Oman Company Registration Process
During Oman company registration process the business entity is given a physical platform to run or setup business. To start the business setup process, there are few steps that need to be followed strictly Now you can continue reading the steps related to the company incorporation and also the post incorporation process that has to be followed once you have decided to open a company in Oman.Company Incorporation Process in Oman
Selection of Unique Trade Name in Oman
A trade name selected should be unique and related to the business. Decide the name which best matches your business / product or service which you are offering and submit the application to the Ministry of Commerce and Industry (MCI).Documents to be submitted for Oman Company Incorporation
In the initial stage all the below documents are to be submitted for initiating the company registration process in oman. The essential documents required for oman company registration are:- 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
Corporate bank Account Opening
Once all the incorporation documents have been submitted, a capital corporate bank account needs to be opened to deposit the initial incorporation fee.Register with Oman Chamber of Commerce
Its to be registered with the Oman Chamber of Commerce and Industry (OCCI) for all compliance with the Oman commercial rules and regulation required of a corporation in Oman.Register the Business in Oman
Register the business in oman involves step to submit to following documents :- Legalized Opening Forms
- Municipality Approval
- Share Capital Certificate
Post Company Incorporation Process in Oman
Apply for Visa
Now its time to apply for a Visa for all employees soon after the incorporation process is over. You can contact a company incorporation expert or a visa consultEmployee Registration
The employees which are hired must be acknowledged as a part of the business entity and for which registration of the employees under the company name is to be done.Conversion of Bank Account
The business capital bank account should to be converted to the current account so as to ease the business transactions successfully.Business Setup Services in Oman
Black Swan brings to you with flexible & affordable business setup solution package which includes:- Company Incorporation and Registration
- Local Sponsorship
- Public Relations Officer (PRO) Services
- Accounting and Bookkeeping
- Auditing
- Tax Consulting
- VAT Registration
- Intellectual Property Services
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
Set your foot in HR Consultancy
Companies truly struggle in picking out befitting candidates for the vacant roles from the busiest, influential and talented world of Dubai. Thus, HR Consultancy companies come into life. Although there are many popular HR consultancies, there is still a need for start-up HR firms to pick the best candidates for the vast industrial and business market. Be thriving and energetic because technologies, artificial intelligence and machine skilling have seen enormous growth. All the angles of HR consultation has a plethora of potential business opportunities that comprises recruitment, selection of candidates, general consultation, assigning employees, providing training, learning, employment rules, regulations and so on. Most of the HR consultancies provide basic HR assistance and general particulars. This kind of consultancy does more focus on a few areas and they possess high in depth proficiency.Authorized services of Dubai’s HR Consultants
Recruiting process is not bounded by the United Arab Emirates Consultancy services. HR consultant firms can do different variant services of Manpower enforcement. Companies and Industrial sectors that focus on production and other product & sales complications could hold support from a third party firm for its reduced tightness of workforce management. Setting up a HR consultancy in Dubai is a wise option. You cannot simply set it up but all we need is a license to start. The list of services permitted under HR consultancy business in Dubai are, Human Resource Management – Either initiate your consultancy as a man-power sourcing recruitment firm or step into a complete consulting service provider. Any business or company that lands in Dubai views HR management service as crucial and very essential factor. Dubai, as a centric place of UAE, has properly structured labor acts and regulations that should be followed by every segment of companies. Human Resource management is thus simply managing and enforcing man power of clienteles. Planning administration and restructure – Entire re planning of administration and organizational restructure show as the needs of engaging Human Resource experts in support. Companies themselves need not to be involved in doing restructuring process. All a clientele firm need to do is handover to an HR consultation. Programmed HR objective – The employee number in a company does not only depend on its number of projects. It depends on the core focus of the company, vision and mission of the company and the plans it holds. Number of employees and potentiality of a staff enrolled in are decided by the HR consultancy. Thus, HR consultant firms in Dubai take care of objectives, resolutions and plans of the company. Auditing of HR – You are permitted to stretch your hand in HR based auditing service to your client firm when you possess Human Resource Consultancy License in Dubai. Sometimes business firms or industrial units struggle with less productions whilst having sufficient employee rates. The fundamental flaw here is irregular labor management. So, HR audits are beneficial to remove interims affecting businesses. Employee scanning and payroll management – Industries and companies concentration must be focused on its core business process. Engaging with a HR consultation relieves payment calculation, salary disbursement, interviews, and hiring employees with promising talent a company looks for. HR consulting agency in Dubai has complete approval to take care of payroll managements and performance analysis for neglecting weakness of entity.Documents needed to apply
- Description of your business duties
- Ejari, called as tenant contract of office space
- Brief Background of owners
- Owners copy of passport
- Mandatory Experience of 5 years internationally or 3 years in local market
- White background taken photo of owners
- Visa of shareholder – either residence or tourist visa
- Minimum qualification of Bachelor’s degree in Human Resource Management
- Emirati Identification proof
- Family book and Passport copy of UAE’s sponsor
Process of setting up HR Consultancy
Authorities for beginning a HR service company in Dubai, UAE, impose a free and simple procedure. Make sure all the procedures are being followed and every required documents are submitted for the easy approval and possible delays of the application. There are Two kinds of HR agency licenses in Dubai. One is a license for Temporary Recruitment and the other is Brokerage license. Think and choose your required license scheme and focus on applying for the respective license in Dubai. Follow the steps provided for application of Human Resource Consultancy setup license of the United Arab Emirates. Choose your company location – Your recruitment agency can be put on in Mainland or free zone areas of Dubai. Depending on the locality you are selecting to establish your firm, procedures vary a bit. The regulatory body of government, DED – The Department of Economic Development holds responsibility for license issuance for HR consultancy start ups in Dubai Mainland. Whereas special authority of free zone business areas hold free zone HR agency license approvals. Select and Register your business name – Before dropping an application for HR consultancy, choose a proper name as per the rules and regulations by the authority of UAE. Issue every document properly under the chosen business name. Legal System – Form an appropriate legal system for your established consultancy office. Countersign your legal structure with recognized notary. After all these steps are completed in proper format and without errors, HR consultancy license comes without procrastination.Pros of Dubai’s HR consultant license
Dreaming and establishing a HR consultancy office in Dubai to further provide services to tie up companies of Dubai is advantageous. Many kinds of business, big and small, makes UAE a best market place. Exceptional growth chances, No heavy taxes, Chances of getting numerous clients, simple establishing procedure makes Dubai an attractive place to set up HR Consultant service business.Activities under the VAT System in Oman are:
- Commercial
- Professional
- Industrial
- Artisanal
- Service activity
- Healthcare services
- Financial services
- Educational services
- Bare land
- Local passenger transport
- Mining
- Rental of properties
- Export of processed products
- Fish processing and fishing
- Farming and breeding
- Medical care
Withholding Tax in Oman
10% of withholding tax can be applied for the below mentioned services in Oman:- Research and development
- Royalties
- Management fees
- Right to use computer software
Muscat is the capital city of Oman, also known as the largest city of the country. It is the best location for starting up a venture in the new infrastructure network. This has access to global markets, a secure and stable investment environment, an educated workforce, trade agreements, international networking and a healthy economy.
Vision 2040
With the aim of increasing GDP to 10% by 2040, the number of expats increases in the country. The analysis has the population count of 5 million people in the upcoming years.
With the sprouting business idea in the favorable zone, particularly at an international level, one can go forward with global competition. For instance, the Sultanate of Oman is the emerging country that is preferred by business magnets of the Middle Eastern region.
Surrounded by Yemen, Saudi Arabia and the United Arab Emirates, it has the international investors attention in one place. The business set up at Muscat is the intelligent decision an investor makes, as the new companies emerge to expand their branches.
If entering into the core grounds, let's look into the imperative dots to get an understanding.
Export Of Non-Oil Products
Being the well-known exporters in oil products, Arabian countries broadens its focus on non-oil sectors. Oman is mimicking the same patterns of its economy by introducing business opportunities to reach the non-oil sectors and benefit from the economy.
Oman- The Business Magnate's Podium
The Sultanate of Oman depends on the oil-based segments that get handsome revenue for their economy. In the global scenario of digitalization, the emerging opportunities are lined up with the Omani government that is focusing on.
The business opportunities in Oman are the most dynamic destinations for a freelancer and multi-millionaire.
If you're having a business idea in mind, this can be the right time to form a company in Oman. Global foreigners find the destination to be the better investment platform to generate huge profits.
Free Zones in Oman for Registration
- Oman Free Zone Company Formation
- Salalah Free Zone Oman
- Oman Special Economic Zone of Duqm
- Sohar Free Zone Oman
- Al-Mazunah Free Zone Oman
Muscat Company Registration Process
The following steps are used for the registration process:
Choosing A Business Structure In Muscat
To incorporate a business entity, the business investors have to choose the business entity structure based on the number of shareholders and available capital.
Investors gets the following options like:
- General Partnership
- Sole Proprietorship
- Joint Stock Company
- Limited Partnership
- Branch Office
- Holding Company
- Representative Office
Document Submission For Company Incorporation In Muscat
Submit the business papers for the registration process, soon after the finalization of your business name.
Needed Documents Are:
- Constitutive Contract
- Duly Filled Application
- Memorandum & Articles Of Association
- Initial Deposit Certificate
- Tax Residency Certificate
- Certificate of Chamber of Commerce & Industry Affiliation
- Initial Deposit Certificate
Ensure to check the records before submitting to the respective authorities.
Black swan Can help you in Company registration in Oman & end to end Oman business Setup Process. You can request a quote or call us to get more information on Oman Company Incorporation.