Oman's Investor Visa Program
The Ministry of Commerce and Industry of the Sultanate of Oman oversees the government's efforts to attract foreign direct investment. "In the context of the Sultanate's effort to encourage the establishment of businesses and attract foreign investments, the Sultanate focuses on its policy of encouraging foreign capital to push the development movement to reduce reliance on oil and diversify sources of national income," the Ministry said. As part of its efforts to improve the Sultanate's attractiveness as an investment destination, the government revised its tax code in 2000. In this regard, the Sultanate provides a number of amenities, including first-rate physical infrastructure, reasonable corporate taxes (as well as tax exemptions for some types of organisations), and efforts to streamline the process of starting a firm and improve corporate transparency. The purpose of the Omani investor visa is to encourage foreign entrepreneurs and investors who meet the requirements to establish and manage a business in the Sultanate of Oman. Foreign investors also have the option of purchasing an existing firm in Oman (i.e. become a shareholder in an existing Omani company). Visas for investors in the Sultanate of Oman are valid for up to two years and can be extended in advance. If an investor or entrepreneur wants to extend their stay in Oman, they'll need to prove that they still fit the criteria for receiving a renewal investor visa and that they have no intention of withdrawing their investment from the country.The Omani Investment Residency Program (IRP): What is it?
Beginning in September of 2021, the Omani Investment Residency Programme (IRP) will be available to those who qualify. The program's goal is to boost foreign direct investment in key sectors like tourism, mining, logistics, agriculture, fishing, healthcare, education, and information technology (IT). Promoting a greener circular economy in Oman is a primary goal in implementing the IRP. Those who qualify under this programme will be able to obtain a renewable long-term resident permit valid for either five or ten years. The purpose of the Omani investor visa is to encourage foreign entrepreneurs and investors who meet the requirements to establish and manage a business in the Sultanate of Oman. Foreign investors also have the option of purchasing an existing firm in Oman (i.e. become a shareholder in an existing Omani company). Visas for investors in the Sultanate of Oman are valid for up to two years and can be extended in advance. If an investor or entrepreneur wants to extend their stay in Oman, they'll need to prove that they still fit the criteria for receiving a renewal investor visa and that they have no intention of withdrawing their investment from the country.Eligibility for an Oman Investor Visa
To obtain an investment visa in Oman, one must meet the following conditions:- The investor or business owner needs permission from Oman's Ministry of Commerce and Industry. They need evidence that the applicant is a serious foreign investor with access to necessary capital. The amount, industry, and investment strategy of the proposed investment must all be disclosed by the applicants.
- In addition, the Omani Ministry of Manpower must issue a work visa (MOM)
- To invest in Oman, one needs also have a residence visa.
How to Apply for an Investor Visa for Oman?
The following is a step-by-step guide (written from the perspective of someone applying from outside Oman) to obtaining an investor visa for Oman:- Submit an application to the Omani Ministry of Commerce and Industry for investment approval.
- To obtain a work visa in the Sultanate of Oman, you must contact the Ministry of Manpower (MOM)
- Investors and businesspeople can obtain entrance visas to Oman at their local embassy or consulate.
- After arriving in Oman, an investor or entrepreneur can apply for a residence permit.
Documents Required to Apply Investor Visa for Oman
- Two passport photos of the investor or business owner (6 x 4 cm)
- Copy of the person's passport, which must be valid for at least six months
- If you are investing in an existing Omani business, you will need a copy of the partnership agreement.
- If you want to invest in an existing business, you'll need a copy of their business registration from the Ministry of Commerce and Industry and a copy of their membership card from the Oman Chamber of
- Commerce and Industry.
- A detailed plan for spending money
- Proof that there are funds to invest
- The work permit from the Ministry of Commerce and Industry People from India, Pakistan, Bangladesh, the Philippines, Indonesia, Sri Lanka, Egypt, Sudan, Ethiopia, Syria, and Nepal must bring the original and a copy of their medical certificate.
- If the foreign worker wants to bring their spouse with them, the Oman Ministry of Foreign Affairs must stamp a copy of the marriage certificate.
Cosmetic Trading Business in the UAE?
Even though times are hard, the cosmetics industry has never been in a recession, and its steady growth is clear in Dubai. It has to do with the business of beauty and health. People in Dubai want to look good and stay healthy at any cost, which is why the city is growing so quickly. In the whole Middle East, the UAE spends the most on beauty products, and Dubai spends the most. The government of Dubai also knows how important this business is and helps it in a number of ways. In both the Mainland and the free zones of Dubai, you can start a business that has something to do with beauty. In the UAE, there is a lot of growth in the business of selling cosmetics. Dubai is a popular place for tourists, and people from all over the world can find the beauty products they want there. Also, when compared to other cosmetic hubs, the UAE has the most diverse range of products. To start a cosmetics business in Dubai, you need to apply for a cosmetic trading licence. With company formation in the mainland region, investors can also trade freely in Dubai and the other Emirates. Indian business people and people from other countries who want to start their own businesses can look into it.Cosmetic Trade License in Dubai
The government of Dubai requires that you have a valid business licence if you want to sell cosmetics there. A licence from the Dubai Health Authority or Department of Economic Development is needed for a cosmetics company on the mainland. A Trakhees Commercial Licensing Division licence is needed for an approved business activity for a freezone cosmetics company.Steps involved in Cosmetic Product Trading Company formation in UAE
Just like registering any other kind of business, registering a cosmetics business in Dubai is easy and takes less time. Here's what to do:- Choose a name for your business that is different from that of any other business in Dubai.
- Get initial approval from the Department of Economic Development for Mainland and the specific free zone authority for a Free Zone.
- Get a licence for the DED to do business.
- The next step is to get more permissions, such as a Health License from the Department of Public and Safety.
- Send in the necessary paperwork, pay the fees, and register the business as a distributor of cosmetics (re-seller or importer)
1. Business Activities
To start a cosmetics business in Dubai, you must make a list of all the business activities you need to do. Make sure you list all of the business activities you'll be doing once your company is up and running. You can also ask for permission from outside sources to make changes to your list of activities. You can do that by getting in touch with the business experts at Black Swan. We'll help you ask for approvals from outside sources by taking care of application forms, paperwork, etc.2. Name approval Registration
The first step in starting a cosmetics business in Dubai is to register your name. It helps protect your brand and gives your brand an identity. Make sure you follow all the rules for naming things to get the government's protocols in line. Never call someone names or say things that hurt their feelings or religious beliefs. Also, keep in mind that registering a trademark with a foreign trading name will cost you extra money.3. Choose the best place for your business
Where in Dubai do you want to open a business selling cosmetics? You have a lot of choices, like going to the mainland or one of the free zones. The best place for your business to be will depend on how you run your business and how much money you have. In both the Mainland and the Free Zone, you can start a cosmetics business. Make sure to choose the best place for your business based on your needs.4. Register the Product
Before they can start selling their cosmetics, the Indian investors and other expats must register their products. All you have to do is go to the product registration portal for the Dubai Municipality and finish the registration process. Business consultants at Shuraa India can help you register cosmetics in Dubai on the portal for the Municipality and do a lot more. The best part is that all of these services are among the least expensive in their fields.5. Apply for a Cosmetics Trading License
After you've done all of the steps above, you can apply for a licence to sell cosmetics. Indians who want to start a business on the mainland can also talk to the DED about getting a licence. If you want to set up a business in a free zone or offshore, you can contact the relevant jurisdiction. Also, make sure you send in all the required documents and pay any outstanding bills by the due dates.6. Open a bank account and take care of visas
In the UAE, getting a visa is easy and straightforward. By following the process for setting up a business, you and your family can apply for visas. If all the paperwork and applications you sent in are in order, you'll get the visas. A corporate bank account is a key part of keeping track of your business's money. Always open a bank account at a reputable bank that has great services and benefits for the long term. In Dubai, if you want to start a business selling cosmetics, you have to apply for a test report that shows what's in the products you want to sell. One can follow the rules of the Dubai Central Laboratory or give a report from the country of origin if the goods are being brought in. In Dubai, you can sell cosmetics like oils, creams, soaps, makeup powders, perfumes, deodorants, gels, anti-wrinkle creams, hair care products, lotions, shaving products, depilatories, and lip and eye makeup. Also, don't forget that after you register your business, you need to take one more important step: you need to register your cosmetic products in Dubai.What are the documents required to register my cosmetic products in Dubai?
- Laboratory Test Report
- Company Registration Certificate
- Certificate of Free Sales
- Analysis Report on the Product
Register your Cosmetic Trading Business in Dubai
You made the right choice to start a cosmetics business in Dubai for a number of business reasons. You can sell a wide range of goods, choose where to do business, and get tax breaks in different ways. Now, all you have to do is talk to the business experts at Black Swan. We take care of licencing, banking, translation work, and a lot more for your convenience. Now is a good time to start a cosmetics business in Dubai, and Black Swan is the perfect partner for you. Tags : Setup Cosmetic Business Dubai, ECommerce Licence in Dubai, Trading Licence in Dubai, Trademark Registration in Dubai, Business Incorporation Dubai, Business Setup Dubai, Company Formation Dubai, Company Registration Dubai, Dubai Freezone Company Formation, Dubai Mainland Company FormationReservation of Trade name to set up clinic in Dubai
Choosing a trade name for your medical practise is the first step in the registration procedure. The first stage in the registration process is to submit this name for review by D.E.D.Initial approval from DED to set up clinic in Dubai
After the trade name has been reserved, the shareholder needs to send an application to DED. So that a clinic can get the first approval it needs. With this application, you must also send a copy of your passport and a few other important documents. Layout plan The clinic also needs to be approved by the Dubai municipality for this to happen.Initial approval from DHA to opening dental clinic
After the first approval from DED, the investor will apply for a licence from DHA in the third step. The approval includes getting a licence after giving documents like a clinic's feasibility report.Executing Documents to set up clinic in Dubai
In the fourth phase, the investor will set up papers like a lease agreement and a memorandum of agreement (MOA) to set up a clinic in Dubai.Final approval from DED to set up clinic in Dubai
The last two steps are for DED to give its final approval. You will give all the ready documents, as well as a copy of the initial approval and the fees for registering a company. The trade licence will be given out by the DED after these documents have been checked.Final approval from DHA to set up clinic in Dubai
In the last step, the investor will create a user ID on the DHA portal and apply online for a DHA licence. There will be a lot of information about the consultant's licence and the medical professionals. After checking the documents, the authority (DHA) will give the licence to start a clinic. This is the last step before getting approval. The investor will then be able to open the clinic wherever he or she wants. Read also- Steps to open Dental Clinic in Dubai
- Dental Clinic Setup in Dubai
- How to setup dental clinic in Dubai
- Healthcare Clinic Licence in Oman
- Healthcare Business Setup in Dubai
- Professional license in Dubai
Requirements to apply for a Dental Clinic License
If a dentist wants to get a professional licence in Dubai, he or she must have the following:- Must have a DDS, BDS, DMD, or a degree from a reputable school or college.
- The Ministry of Higher Education and Scientific Research must approve the programme for UAE graduates (MOHESR).
- The dentist must have completed a one-year internship after finishing school.
- The person applying must have a valid licence that is accepted in their home country or where they work.
- The clinical certificate must say that the clinical PhD course will take at least three years.
How much does it cost to open a clinic in Dubai?
But the cost of setting up your healthcare business may depend on things like where the site is, who lives there, and what it is used for. No matter what, Dubai seems to be the best place to start a dental clinic or health care unit for the following reasons:- Your company is owned by you in full 100%.
- No custom duties
- There are many places in the city that can help your setup dental clinic.
- You can work with other health care services in Dubai if you want to.
- Investors can do business in Dubai without having to pay taxes.
The following business structures are available for company registration in Oman :
General Partnership
There are two or more partners with unlimited liability in this entity type. No minimum amount of capital is necessary to form a general partnership.Limited Partnership
There are two distinct types of limited partnerships:- General Partners who are jointly and severally liable for partnership obligations. This would indicate that all partners are equally responsible.
- A partner whose liability is limited to the amount of his or her capital commitment. The liability of this partner is restricted to the amount of the capital commitment.
Limited Liability Company (LLC)
This type of business employs between two and fifty employees. This type of entity's liability is limited to a certain amount. If this company requires any type of approval, then the regulatory body's approval must be obtained. Minimum capital requirements for this sort of entity are as follows:- OMR 20,000 (for Omani and GCC citizens)
- OMR 150,000 (for a mixed shareholding with foreign shareholders).
Joint Venture
A Joint Venture is an agreement between two or more parties to form a firm for a specific project or objective. In Oman, there is no minimum capital requirement for joint ventures. A candidate for company registration in Oman may utilise the above structure if it is for a limited time or a specific purpose.Joint Stock Companies
These organisations are founded with minimal cash. It is permitted for Joint Stock Companies to offer shares to the general public. Minimum of three shareholders are required to form this entity type. Minimum capital requirements for a Joint Stock firm are as follows:- Public Joint Venture Firm: 2 million OMR
- Closed Joint Venture Company
- Converted from another unit of measure: 1 million OMR
Holding Company
A holding company would have tremendous influence over its subsidiaries and sister companies. There would be greater than 51 percent ownership of the subsidiary corporations. A holding company may be either a corporation limited by shares or a limited liability company (LLC). The minimum required capital for a holding company is OMR 2 million.Branch Office
A branch office is only an extension of the parent company's foreign operations. These offices can engage in profit-generating activities.Representative Office
A representative office is an extension of the foreign parent firm, similar to a branch office. The representative office is prohibited from engaging in profit-generating activities. The representative office is only permitted to engage in activities that promote the foreign parent firm and marketing. Tags: Company Registration in Oman, Oman Mainland Company Formation, Company Formation in Oman, Company Registration in Oman, Oman Company Incorporation, Opening Branch Office in Oman, Oman Freezone Company Formation, Salalah Freezone Oman, Special Economic Zone at Duqm, Freezone of Sohar, Freezone of Al MazunahHow many types of visas are there in Oman?
There are mainly 4 types of visas in Oman:- Employment Visa
- Relative/Friend’s Visa
- Official Visit Visa
- Tourist Visa
Employment Visa
Employment Visa is provided at the request of a local sponsor and on his/her responsibility to a foreigner seeking employment in Oman who is over the age of 21. The validity of an employment visa is three months from the date of issuance, and the sponsor must be a local citizen with full legal authority who is responsible for the accuracy of the information provided on the application form. To apply for a work visa, a candidate must submit an electronic application form downloadable from the website. It must be endorsed and stamped by the sponsor, typed in Arabic for Arab nationals and English for non-Arabs, and include the following visa requirements for Oman:- 2 passport size photographs
- Foreign national's passport photocopy, valid for at least six months
- A copy of the original Ministry of Manpower-issued work permit and the original permit must be submitted with each application.
- In the event that someone other than the sponsor submits the application, that person must be an Omani citizen and in possession of a documented authorization given by the Directorate General of Passport & Residence.
- Copy of the approval of the concerned authority for specific professions, such as those in education, religion, the media, medicine, etc. A medical fitness certificate issued for citizens of certain countries specified by the Ministry of Health (India, Pakistan, the Philippines, Bangladesh, Indonesia, Sri Lanka, Egypt, Syria, Sudan, and Ethiopia).
Relative/Friend’s Visa
It's available to those who are related to or sponsored by an Omani citizen. Relatives of foreign nationals currently residing in Oman can also apply for and get sponsorship from their sponsor in order to visit the country. The visa is good for a period of six months. You'll need the following papers to apply for a family visa in Oman:- 2 passport size photographs
- Foreign national's passport photocopy, valid for at least six months
- Copies of the Ministry of Commerce and Industry-issued sample signatures for authorised signers. Signature comparison requires a copy of the sponsor's government-issued photo identification when a personal sponsorship is being considered.
- A photocopy of the visitor's passport for the person living abroad (to verify the relationship degree)
- A letter stating the sponsor will be accountable for the visitor while they are in Oman and describing their relationship to the visitor is required.
Official Visit Visa
This visa is issued to a foreign national at the behest of a government agency in the country where the foreign national will be working. It's good for three months after it's issued, and it can be renewed for another three months after that. Someone seeking an Official Visit Visa must submit an application form that can be found online. It needs to be typed in Arabic for Arab nationals and English for non-Arab nationals, with the sponsor's signature and stamp, and it must have the following items:- 2 passport size photographs
- A photocopy of the foreigner's passport, showing at least six months of validity.
- Include a letter from the government agency that is paying for your trip, outlining your plans for the trip.
Tourist Visa
- The competent authority issues this document to a tourist who desires to enter and remain in Oman for up to one month, with the possibility of further extensions of the same length. It's good for six months after it's issued, and it can be renewed for another six months after that.
- A local sponsor (one of the tourist companies or offices or hotels licenced for a tourist) is required to submit an electronic application form on your behalf in order to obtain a tourist visa for Oman.
- A letter from the sponsor or guarantor of a foreigner sponsorship application, signed by an authorised signatory and bearing the official institution seal.
- A copy of the authorised signature page together with a copy of the business registration and chamber of commerce certificate
- A copy of the foreigner's passport, which must be valid for at least six months from the date of entry.
- 2 passport size photographs
Our Visa Services in Oman
Applying for, obtaining, and renewing an Oman visa are all tasks we can help you with. Specifically, we offer the following assistance with Oman visas:- All types of visa Application Process
- Visa renewal
- Visa transfer
- Visa cancellation
- Notarized document Submission
The Sultanate of Oman located in the Persian Gulf has become a striking business investment spot. Muscat, the capital of Oman has raised its economy and positioned itself as one of the fastest-growing economies in the Arabian country.
As per a trusted source, the economy of Oman would grow 10% more by 2040. The Omani government has taken several measures to establish Oman as the main center of business opportunities. Business setup in Oman has many business establishment options that assist international investors in initiating the process. In this blog, you'll learn how to get ideas for many business opportunities available in Oman.
Omani Government Initiatives
The Omani government adopts the essential practices in leveraging the business opportunities for LLC companies and sole proprietorships in Oman. Some of them are listed below:
Oman Business Forum
The Oman Business Forum collaborates with private and public sectors to unlock business ideas and growth opportunities in Oman. The Omani government aims to achieve GDP growth through multiple businesses and to maintain a safe inflation rate. Start-ups, SMEs, and entrepreneurship can boost the country's economy to a great level.
Boosts Entrepreneurship And Start-Ups
The government of Oman is initiating plans to build a smart city. A good networking base built through trade agreements can help entrepreneurs and start-ups to climb the business ladder.
Exporting Non-Oil Products
Arabian countries are popular for exporting oil and its by-products. But the Omani government is now shifting its focus to non-oil sectors.
Vision 2040
The aim of vision 2040 is to enhance the GDP by 10%. It significantly improves the count of expats living there. Analysts predict that a 5 million population count can be reached within two years. If the population increases, the demand for business activities will be even more.
Growing Business Opportunities In Top Sectors
The government of Oman can divert its attention to a few sectors to leverage the untapped potential. These sectors are:
- Fisheries
- Manufacturing
- Education
- Mining
- Tourism and Travel
- Transportation and Logistics
- Event Management
- Technology-Based Startups
- Health Sector
- Medical Consultancy
Advantages Of Establishing A Business
- No personal tax
- Get access to a global market
- Stable business and investment
- World-class infrastructure facilities
- Availability of bilingual workforce
Oman has spread their wings to businesses of several sizes and nature. When you want to establish a company in Oman, you must get the help of a business consultant who will help you in business. Black Swan can assist you in the complete process of incorporation and help you build your business in Oman.
Tags: Company Registration In Oman, Oman Mainland Company Formation, Company Formation In Oman, Company Registration In Oman, Oman Company Incorporation, Opening a Branch Office In Oman, Oman Free Zone Company Formation, Salalah Free Zone Oman, Oman Special Economic Zone of Duqm, Free Zone of Sohar, Free Zone of Al Mazunah
Oman is one of the critical logistical centers in the world. The Omani government strives to formulate policies to make their country's economy robust. This is the reason why doing business in Oman has now become easier. Incorporating your business won't be the final step, but you have to adapt to the changing business environment.
You must apply for a corporate bank account soon after your company's registration. Opening a business bank account is one of the evident proofs of your company's existence in doing business.
How Does A Corporate Account Work?
A corporate bank account focuses on offering its services to businesses and companies. One of the essential benefits of a corporate account is that it allows companies to get advice from bankers who will help them out when their business faces fiscal hardships.
Corporate Banking Features
-
Provides Assistance During Audit
The corporate bank account keeps the detailed transaction record of the company. If a company bank account is separate from a personal bank account, you don't have to comb through business and personal transactions to get the relevant information. It saves more time and the work of the auditor and the business.
-
Enhances The Image
When paying creditors or suppliers, issuing checks from your personal account won't gain any confidence. Only the business account conveys to your prospective clients and customers that you're conducting the business. When you have a separate account book then the creditors will get to know that your company is serious.
-
Ensures A Professional Appearance
Maintaining a business account augments your company's image. This means when you use cheques, the creditors will understand your business.
-
Assisting With Company Liquidation
When there is a sale in a company, an audit is taken by the buying party. If you provide more documents then it'll turn out better. It is because banks are known to be legitimate authorities for verification. These banks maintain data and statistics that make a great deal during the company's transfer.
Opening A Corporate Bank Account In Oman
When opening a corporate bank account, you should follow the regulations and rules set by the Omani Government. They have a hassle-free and simple procedure. You must gather all required documents and submit them to your preferred bank.
Oman Corporate Bank Account Opening Documents
- Shareholder's identity card.
- Valid passport.
- Passport-size photos of shareholders.
- Relevant visa.
- Original trade license.
- A resident card.
- Reference letter from your previous bank.
- A NOC (No-Objection Certificate) stating that the expected monthly salary is deposited to the employer account.
- Proof of your residential address.
These aforementioned documents are needed to open a corporate bank account. To make it easier, we at Black Swan can help you to set up a bank account in Oman and assist you with all the necessary help in establishing your business.
Tags: Company Registration In Oman, Oman Mainland Company Formation, Company Formation In Oman, Company Registration In Oman, Oman Company Incorporation, Opening a Branch Office In Oman, Oman Free Zone Company Formation, Salalah Free Zone Oman, Oman Special Economic Zone of Duqm, Free Zone of Sohar, Free Zone of Al Mazunah
Here are ten simple steps to obtaining a trade license in Dubai:
1. Identify Economic Jurisdiction
When beginning out in the UAE, the first decision you must make is which economic jurisdiction you want to function in. Dubai has three economic jurisdictions: the Mainland, Free Zones, and Offshore Company.2. Identify the Company Structure
The following stage is to determine the company structure. The legal structure of your firm will establish the rules and restrictions it is subject to in the future, so choose wisely.3. Choose Business Activities
The trade license you need to apply for will be determined by the business activity you wish to conduct in Dubai. Select all of the business activities you wish to carry out since you cannot carry out any activity that you have not previously selected.4. Obtain Initial Approvals
After you've made these three selections, it's necessary to seek preliminary clearance from Dubai's Department of Economic Development. You must complete an application form provided by them.5. Acquire an Office Space
You must obtain an office space because the rental contract and EJARI are required in order to obtain a trading license from the DED. If you do not require a physical office location, you might choose a virtual office.6. Make the MOA
The Memorandum of Association (MOA) is a crucial document. It is recommended that you seek legal counsel when creating this document.7. Obtain External Approvals
The staff at Dubai's Department of Economic Development will specify a few external approvals that you must obtain from various government entities and agencies.8. Present the documents to the DED.
- There are a few crucial documents required by the DED. The following
documentation must be submitted to the DED:
- Photocopies of all shareholders' passport
- The DED's initial permission letter
- Completed DED application form
- The Memorandum of Association
- The tenancy contract and EJARI