Black Swan Business Setup Testimonial by Pawan Kumar Bansal Technical Services LLC
Starting a Business in Oman, like other GCC countries involves certain steps that need to be cleared appropriately. Let’s start by taking a look at the basic requirements before turning on to the specific processes.
Requirements to Register a Company in Oman
- A minimum capital requirement of OMR 150,000
- At least 2 Shareholders
- A registered office address
- One or more Directors of any nationality
Company Registration Process in Oman
The business ensemble is given a physical platform by the company formation process. The company Formation process involves certain steps which are to be followed for the incorporation and the post-incorporation process to set up a business entity in Oman.INCORPORATION PROCESS
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Documentation
- Shareholders identity card
- Shareholders visa and passport
- Articles and memorandum for Association
- Tax Registration Certificate
- Certificates from Chamber of Commerce and Industry Affiliation
- Field company Registration form
- Initial deposit certificate
- Opening a Capital Account
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Incorporation
- Approval from municipality
- Legalized opening forms
- Certificate of share capital
POST-INCORPORATION PROCESS
The post-incorporation process involves the following steps-
Application for Visa
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Registration of Employees
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Bank Account Conversion
- Salalah Free Zone Oman
- Oman Special Economic Zone of Duqm
- Oman Mainland Company Formation
- Company Formation in Oman
- Business Setup Service in Oman
Setup your Business Today!
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.
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. You will also be interested on:- Salalah Free Zone Oman
- Oman Special Economic Zone of Duqm
- Oman Mainland Company Formation
- Company Formation in Oman
- Business Setup Service in Oman
Setup your Business Today!
His Majesty Sultan Haitham Bin Tarik has issued a Royal Decree granting the Omani citizenship to 157 expats in the country.
It is not the first time Oman’s Sultan grants expats the citizenship. Earlier in December last year, he granted the citizenship for 32 expats.
Expats who are looking to get Omani citizenship and obtain an Omani passport will have to file an application that costs OMR600, while the spouses or previous spouses of Omani citizens will need to pay OMR300, according to the Ministry of Interior.
Applicants will need to prove that they live and work in Oman, and that they have not had any legal cases brought against them. They will also need to present a medical certificate to prove that they do not have communicable diseases, or risk not being able to gain a citizenship.
Documents required
Executive regulation 92/2019 released by the ministry stated: “The application for Omani Citizenship will cost OMR600, while the application for the expat wife, widow, or divorcee of an Omani citizen will cost OMR300, as does the citizenship for an underage child of an Omani woman.”
Applying to give up Omani citizenship or to have it returned will cost OMR200, according to the law.
Expats applying for Omani citizenship have to fulfill a number of criteria in order to be considered, and must present 12 documents with them.
According to the law, “The foreigner must present the following documents when applying for the citizenship: A copy of the passport with a valid visa, a copy of the personal identification card or similar identification, a copy of a valid residency card, a copy of the marriage certificate if he is married, as well as copies of the wife’s passport and that of any children. If married to an Omani woman, a copy must be presented of his certificate for marriage of a foreigner, a certificate of good conduct from Oman and another from the country from which he comes, a valid medical certificate proving that he is fit and free of transmittable diseases, an income document from his employer, a certificate from the embassy of his country proving that he is allowed to forfeit his original passport, a written proof of intent to forfeit his current passport, a written declaration at the ministry that includes the names of all his underage children and their documents.”
Long-term resident
Anyone who gains the Omani citizenship must report to the ministry to receive an Omani passport, and must remain a long-term resident of Oman.
Article 16 of the law states: “Any who receive the Omani citizenship must visit the ministry to complete the procedures required for an Omani passport for him and underage children who will automatically receive it, within six months.”
The expats who begin this procedure will have to undergo an Arabic language exam. The exam can be written, or it can be an interview in Arabic, at the ministry itself. Expats who fail the exam can repeat it once six months have passed, although they have four chances to repeat it.
The new citizens of Oman will not be able to spend six months outside the country at once during the ten years after they gain their citizenships, unless they receive a permit from the Ministry of Interior.
You will also be interested on:
- Salalah Free Zone Oman
- Oman Special Economic Zone of Duqm
- Oman Mainland Company Formation
- Company Formation in Oman
- Business Setup Service in Oman
People can apply for Omani citizenship at the Sultanate’s Ministry of Interior.
Source https://gulfnews.com/world/gulf/oman/omans-sultan-grants-citizenship-to-157-expats-1.77197883
Expo 2020 will now welcome the world on 1 October 2021
UAE Free Zones Cost, Time Frames, Renewal & Liquidation
A new law was announced in 2021 permitting 100% foreign ownership in the United Arab Emirates. This law grants foreign ownership in mainland or “onshore” businesses.
The traditional law only allowed 49% of foreign ownership. The 100% foreign ownership was permitted only in free zones or while setting up the professional services company. The milestone economic reform for the United Arab Emirates has the law to increase FDI in the United Arab Emirates by 15-20%.
It's the best time to invest in the United Arab Emirates. UAE is seen as the gateway to international business opportunities and even more. This country is known for their pro-business culture and conducive infrastructure of foreign investment.
UAE is inclined towards a political climate extremely favourable for investments. The benefits are zero corporate taxes of the gained profits and complete exemption of income tax. Currently, there are endless opportunities with the new reform that benefits UAE’s economy and foreign investors alike.
The reason to choose mainland over free zone foreign investment
The free zone areas have some restrictions when it comes to foreign investments. When the tax and customs benefits are lucrative, the restrictions complicate things for first-time entrepreneurs. Restrictions like staff numbers and ownership of spaces are absent when you invest in the mainland business setup.The company formation in UAE is now simpler for foreign entrepreneurs
Sectors that directly benefit from the new law are artificial intelligence, renewable energy, technology and space. With the traditional law, foreign investors work closely with local sponsors for their mainland business. New law removes this obligation. When you are an entrepreneur looking to invest in the UAE, you get more autonomy now. So you can directly focus on your company formation without worrying much. This shall increase productivity and explore added avenues to make profits.Guiding to benefit from UAE’s new foreign ownership rule
The mainland business setup is preferred over the free zone business setup because of various reasons. This has increased access to the world market as a lucrative enough offer for many. The new law also has few restrictions imposed on free zone businesses. You must be guided by professional consultants when you are a first-time investor. The professionals make the process seamless and hassle-free, making you choose the best UAE destination for your business. Select the best assistance to guide your company formation in the mainland Emirate. Grow your business to new heights by making the most of the new foreign ownership law.
Dubai Company Formation Testimonial by Mr Haroon
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For company formation, renting an office is mandatory. official business address cannot be designated to a private residence. Different types of offices are available which are subjected to the competent authority. workstations in an open-plan office of a business center, already fitted out offices or shell and core premises to warehouses with attached office space are various options. you cannot only rent commercial spaces but also buy them which is subject to the location of the company and the individual case.
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