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How to Open Corporate Bank Account in Oman for Companies
Categories company, How To, Oman

How to Open Corporate Bank Account in Oman for Companies

The first step to consider after your company registration is to apply for a corporate bank account. To open a business bank account is proof that your company is doing business and exists in the market. The corporate bank account focuses on offering their services to businesses and companies. One such benefit is that the corporate account permits companies to get advice from bankers who can help you in business if facing fiscal hardships. One must stick to the rules set by the Government of Oman when opening the corporate bank account. The procedure is very simple. You must collect the relevant documents and submit them to the bank you like to. The bank where the account is opened should be chosen after proper inspection.

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
These documents should be with a business person when opening an account in the corporate bank. We can guide you to set up an account in Oman that provides all necessary steps. Our experts' team can assist you throughout the process. Are you looking for a Business Setup Company in Oman ? You have landed the right website, Blackswan can help you in corporate bank account opening and also entire Oman company incorporation process
Company Registration in Muscat
Categories company, Oman

Company Registration In Muscat

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

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:

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.

Procedure For Formation Of Company In Oman
Categories company, company formation, Oman

Procedure For Formation Of Company In Oman

Foreign investors in Oman usually incorporate a Limited Liability company. Here you can see the procedure to register a company in Oman for incorporating an LLC.

Choose the activities for business

You have to choose the activities carried by LLC. If insurance and banking activities are carried out, the applicant can take consent from the MOCI.

Company Registration

If registering the company, applicants must apply to the Ministry of Commerce and Investment to get a trade license. The applicant can secure through other permits as well.

Document Submission

Applicants must have all the documentation to register a company in Oman.Essential documents are articles of association and memorandum of association of the company.

Reserve Name

Applicants must pick a relevant name for the LLC. The name should be aligned with the objectives and goals of the business. It should be in Arabic and have a legal meaning in the Arabic language.

Certificate Of Incorporation

After the above mentioned steps the applicant will receive the incorporation.

Eligible Criteria For Oman's Company Formation

Trade License
Foreign investors who register a company in Oman use the limited liability company. The LLC should secure a trade license from the MOCI. MOCI has different kinds of licenses to carry out a business in Oman. Based on the requirements of the applicant, the license has to be secured.
Minimum Shareholders
The company must appoint the minimum shareholders. For instance, a JSC in Oman can have a minimum of 3 shareholders. Likewise, the needs of the shareholders are sufficed in the Oman company incorporation process.
Minimum Directors
At least one director is needed to carry out the operations.
Name Reservation
The name has to be reserved with the MOCI. The LLC's name should reflect their nature of activities. The name must satisfy the needs of MOCI. It should not breach any copyright, intellectual property, or trademark. The name should not deceive the public or the shareholders.
Why setting up your company in Oman Free Zones
Categories company, FREE ZONE COMPANY, Oman

Why setting up your Company in Oman Free Zones

There has been a favorite spot to start a business in Oman by international investors, due to their availability of Free zones. If you like to expand your businesses in Oman, you can choose Oman's free zones. Here's the guide to give you a complete overview of company formation in Oman's free zones. Companies that are under special economic zones and Free zones of Oman can benefit the tax exemptions and commercial incentives like 100% foreign ownership. Recently, Oman has had free zones like Sohar Free Zone, Salalah Free Zone and Al Mazunah Free Zone and special economic zones like Knowledge Oasis Muscat and Duqm Special Muscat with the intention to attract several businesses of Oman. Every zone has their own incentives.

Salalah Free Zone

They're located in the south of Oman. It attracts investors of logistics, industrial estate and mixed-use developments. Salalah Free Zone has 100% foreign company ownership and the Omanisation rate of 20%. They have zero custom duties and the 30-year tax holiday. Investors don't have to meet the minimum share capital to incorporate there.

Sohar Free Zones And Port

It is near the Sohar Industrial Estate and Port of Sohar. They support investors in logistics, steel and metal also in food sectors. Investors can incorporate companies like trade activities for setting up their business. Companies under the Sohar Free Zone have exemptions of custom duties like imports and a minimum share capital requirement. Share capital is declared for Sohar Free Zone in investors' application has to be deposited in the company's bank statement. Omanisation gets reduced upto 15% for the 10 years from the incorporation date and Sohar Free Zone companies can have a 25-year tax holiday.

Al Mazunah Free Zone

They're in the South of Oman near Yemen. It encourages investors in the food processing, warehousing and industrial sectors. Sohar Free Zones' companies are incorporated in Al Mazunah Free Zone that are exempted from custom duties of imports or the minimal capital requirements. Investors can have a 30-year tax holiday and relaxing Omanisation rates of nearly 20%. Yemeni nationals can work in the Free Zone without the work visa or permit.

Duqm Special Economic Zone

Duqm has an internationally renowned key hub and gateway of South Asia, Middle East, East and North Africa. They have a dry dock, fishing port, industrial estates, fisheries industries, tourism, logistics and mixed-use developments. Investors get a relaxing Omanisation rate of 25%. Plus, no custom duties, minimum share capital and 30-year income tax exemption. Investors have competitive land lease rates at Duqm Special Economic Zones.

Knowledge Oasis Muscat Economic Zone

Economic Zones can attract investors to incorporate IT service companies of Oman. These investors have reduced Omanisation rates like 25%, rather than Special and Free Economic Zones of Oman.
business-setup-in-Al-Mazunah-Free-Zone-Oman
Categories Business, Business Setup, company, company formation, Oman

Business Setup / Company Formation in Al-Mazunah Free Zone Oman

Al-Mazunah free zones are located in the Dhofar region of the South-West of Oman that covers an area of 4,500,000 sqm.

Free zone of Al-Mazunah has been one of the free zones in Oman, attracting millions of expats to set up their business in Oman.

The free zone commenced in the year of 1999 and has seen top growth in the business establishment count. It attracts the business investors to deal with light industry and trading.

The Sultanate of Oman has aimed to build Oman as the investment platform to attract more business investors globally.

There is an increasing demand for investors to start various investment grounds in Oman and follow the benefits of that region.

Investment Opportunities In Al-Mazunah

Al-Mazunah has investment opportunities like

  • Commercial Sector that stores and trades cars, goods, fruits, spare parts, machine equipment and vegetables.
  • The Light Industrial Sector has plastic, foodstuffs, and clothes.
  • The Assistance Service Sector has restaurants, transport, translation office, distribution and clearing, fax and printing.

If you're an investor or businessman, who looks to expand your business in the same industry, you can choose the Al-Mazunah Free Zone.

Benefits To Set Up A Company In Al-Mazunah

You can set up a company in Al-Mazunah Zone and have benefits like:

  • 100% foreign ownership
  • A well-built communication network
  • Initial Tax-Free Zones
  • No Personal Income Tax
  • No minimum capital required

The nationals of Oman can work without work permits or visas.

Ways To Set Up A Company In Al-Mazunah

You must follow a few steps to start a company in Al-Mazunah. They are:

  • Submit Application

You'll have to submit the online application for company incorporation. Some details are fetched from the Al-Mazunah Free Zone website. If submitted, the officials can review the same.

  • Register At Chamber Of Commerce

After reviewing, you'll have to get the business entity registered with the Chamber of Commerce in Al-Mazunah.

  • Register At Municipality

If registered with COC, you'll get the entry registered at Municipality and receive their certificate. Few essentials has to be provided like:

  • Letter of Intent
  • Detailed Business Plan
  • Company Profile
  • Company Registration Document
  • Company’s Financial Report
  • Tenancy
  • Industrial and Environmental Approval
  • Industry Production
  • Chamber Of Commerce Membership

Benefits Of Al-Mazunah Free Zone

  • Green parking Zones
  • Commercial Mall
  • Warehouses
  • Administrative Centers

Company Incorporation Process in DMCC
Categories Business, company, dubai, Free Zone, How To

Company Incorporation Process in DMCC

DMCC is the centre of Global Trade. They are for investors and entrepreneurs who like to expand in the Middle East region. They offer different kinds of licenses for sectors of commodities, diamond, trading activities, gold, steel and precious stones. Looking for company incorporation in DMCC Free zone Dubai ? Blackswan swan can help you in Company registration in DMCC . You can read the step by step process involved in setting up of business & company formation in DMCC.

Dubai is considered as the preferred destination for the global commodities trade, also DMCC is the world's number one free zone.

Type of Licenses Available in DMCC

  • Service License- permits service providers production, transformation, re-production and distribution of services.
  • Industrial License- licensee can import raw materials, manufacture, production, package, and export.
  • General Trading License- AED of 1 million share capital is needed, who like to export, import, distribute, and warehouse goods.
  • Trading License- export, import, consolidate, distribute,warehouse and storage of goods.

Cost Of Licenses in DMCC

Starting prices:

  • Trading & Service License- AED 20, 265
  • Business Center- AED 50, 265
  • General Trading License- AED 50, 265

Documents Required to Setup Business in DMCC

  • Submit the Initial Inquiry with DMCC
  • Set up username and password (portal registration)
  • Upload documents through DMCC portal (application for activity, name, and get CID approval)
  • Verify uploaded documents and for pre-approval
  • Submit original documents and payment of license fees, registration and MoA
  • Verify attested or original documents for company registration
  • Bank Account Opening Letter and issuance of provisional approval
    Licensing
  • Issuance of corporate documents and license
  • Post-licensing requirements

Output

  • Trade License
  • Articles Of Association
  • Certificate Of Registration
  • Share Certificate
  • Memorandum Of Association

Visa Procedure in DMCC Free Zone

  • Application for Entry Permit or Employment Visa
  • Deposit a fund if the portal account is active (visa fees and bank guarantee)
  • The company should initiate the EVEP application online and upload the requirements.

Applicant- share certificate, passport, colored photo, information like religion, mother's name, civil status, father's name, place of birth, contact number, home country address, and educational attainment.

Company- the copy of company trade license.

  • Issuance and approval of EVEP valid for 60 days
  • Applicant's entry in the UAE before the visa expiration
  • Medical exam by an accredited government
  • Submit the requirements for visa processing

Applicant- passport, passport sized colored photos, EVEP (employment visa entry permit), medical report, educational certificate notarized by the notary public, new employment contract form, and emirates ID application form with EIDA stamp.

Company- Original license, share certificate, residence visa stamping, and personnel secondment agreement.

Key Benefits of Company formation In DMCC

  • Can purchase premises
  • Zero foreign exchange controls
  • Complete capital repatriation
  • Complete business ownership
  • Sole shareholders
  • Reasonably priced licensing
  • Corporate bank account setup with ease
  • Their strategic location and close to industries and ports.

How-to-do-Company-Incorporation-Registration-In-Dafza
Categories Business, company, dubai, How To

How to do Company Incorporation / Registration In Dafza

The freezone of Dubai’s Airport was established in the year of 1996. They have a dynamic business hub situated at the heart of global trade.

Benefited from the direct access to the world's most business international airport, Dubai Airport Free Zone has the ideal gateway to the unrivalled connectivity to Europe, Middle East, Far East and to the Indian Subcontinent.

Dubai Airport Free Zone is home to above 1,800 registered businesses from 20+ sectors and industries with 18,000 professionals, benefiting from total ownership, world-class facilities, and the repatriation of earnings.

DAFZ is announced to designate a freezone with the best incentive package to investors. Located near the boundaries of Dubai International Airport, DAFZ has a variety of modern facilities with best class infrastructure and the gateway to connect markets in Europe, Middle East, Africa, and the rest of Asia.

Office space and warehouse is provided to foreign companies as a complete ownership in the tax free environment of Dubai Airport Free Zone.

DAFZ presents opportunities to organizations to set up in Dubai with facilitated procedures and to begin activities within a few days.

Located in the heart of Dubai, DAFZ has the proud position of being a business hub of the Middle East and Gulf. Plus, Dubai’s geographical location gives access to create markets with over 1.5 billion customers to incorporate the member states of Arab nations, Gulf Cooperation Council, Africa, Europe, Asia and Commonwealth of Independent States.

Business Licenses of DAFZA

Investors can have six kinds of business licenses. They are:

Trade License: can conduct trading activities. Export, import, distribution, re-export, and storage of specific products.

Service License: used for service cantered businesses, for example: IT Services.

Industrial License: can carry out industrial and light manufacturing, assembling, and packaging.

E-commerce License: can trade services and goods on the internet.

General Trading License: can trade general items like export, import, storage, re-export, and distribution.

Dual License with DED: permits DAFZA companies to apply for the DED license without any physical office space in the mainland.

For Dual License And Service License: must consult with the registered agent and facilitate the selection of the right category.

Companies In Dubai Airport Freezone

Free Zone Company (FZCO) - has a minimum of one shareholder and the maximum of 50, either as non-individual or individual.

Subsidiary/Branch- A subsidiary office of the existing company where the foreign company set up a branch of its existing company in a free zone.

DAFZA Industrial Park

It has the new industrial freezone in DAFZA. They are strategically located to the DAFZA's existing facilities nearby Dubai International Airport. It has the flexibility to expand and has a world-class infrastructure.

Features Of Industrial Park (DAFZA)

  • Fast operational efficiency
  • Industrial units
  • Flexible units from 312 upto 50% of floor area
  • Model of multi-client warehousing
  • Availability to suit business size
  • Zero operational hassles
  • DAFZA's world class expertise
  • Ideal for warehousing, logistics, and distribution facilities

Light Industrial Units

It has a high quality thermal insulated build units for distribution and storage purposes. They are used for light-duty production and assembly.

Specifications

Visa quota- visas for 20 employee
Area- 350 sqm
Office- has mezzanine and ground floor offices of 90 sqm

DAFZA DUBAI ACTIVITIES

Activities spread in various sectors like:

  • Investment
  • Aircraft and Spacecraft
  • Insurance
  • Legal Services
  • Crude Petrol, natural gas and oil
  • Architectural and engineering activities
  • Technical consultancy
  • Business and management consultancy
  • Travel Agent
  • Shipping, transport, and storage
  • Metal Ores and metals
  • Chemical
  • Building Materials
  • Waste Trading
  • Machines and Equipment

The freezone launched a new daughter zone known as Dubai Commercity, that focuses on e-commerce businesses.

Dropshipping business will be accessible in the near future. This makes trading through DAFZA highly convenient and competitive.

Set Up Cost Of Dubai Airport Free Zone Company

It is not cheaper to form a company in Dubai Airport Free Zone, but we have affordable packages to offer.

The cost-efficient setup can be the company with a smart desk. It costs 34, 655 AED with the license.

Other types of Licenses can cost 15,000 AED for business activs. The DAFZ company set up cost is the same cost as any Dubai freezone company formation.

Company Incorporation Process in Oman
Categories Business, company, Oman

Company Incorporation Process in Oman

The Omani government proceeds with the nation's development and has multiple steps for foreign expats to seek the attention of foreign investors.

Free Zones in Oman

Corporate Structures in Oman

Fix A Trade Name

A trade name is related to business and has to be unique. You must decide a name and submit the application to MCI (Ministry of Commerce and Industry).

Document Submission Of Incorporation

Necessary documents are submitted in the initial stage for initiating the incorporation process. Essential documents are:
  • Memorandum and Articles of Association
  • Shareholders Passports and Visas
  • Id of Shareholders
  • Initial Deposit Certificate
  • Company Registration Form Filed
  • Certificate for Chamber of Commerce and Industry Affiliation

Opening Of Capital Account

If documents are submitted, the capital account has to be opened to deposit an initial incorporation fee.

Registration With The Chamber Of Commerce

You have to register with the Oman's Chamber of Commerce & Industry to comply with commercial rules and regulations needed for corporations in Oman.

Business Registration

You must submit the essentials like
  • Municipality approval
  • Share Capital Certificate
  • Legalized Opening Forms

Post-Incorporation Process in Oman

Visa Application: After the incorporation process, you have to apply for visa services for your employees. Talk with visa consultants to get visa services at a faster pace. Employee Registration: Employees should acknowledge the part of the business entity and must register the employees under the company name. Conversion Of Bank Account: Business capital account has to be converted to current account to ease the successful business transactions.
Company Formation in Sharjah
Categories company, company formation

Company Formation in Sharjah

Sharjah is the safest city of the world that has abundance in cheap energy. Their economy is liberal with property lease rates and competitive fee structures. They have the presence of highly qualified and consummate men with economical and bilingual skills.

Protocol for Business Setup in Sharjah

You have to decide the type of economy for your business. Get a local sponsor, then choose the legal form for business. Submit the application for company registration with the company name to the DED. File your company's document with the DED to get a trade license at the Chamber of Commerce and Industry. Trade name of the company must be registered to get the initial approval. Get approval for inspection of the location from the Municipality. Obtain the Memorandum of Association and company's lease agreement signed by the public notary. Get the payment voucher issued by submitting the required documents. Pay the license fee and complete the licensing requirements to get the trade license issued. Get approval from the Name Board and apply for the establishment card. Approval is needed to hire the employee from the Ministry of Labour. You have to get stamped on your visa from the Immigration Department. Also obtain special approvals if required. If renewing a business license after a year and not renewed on time, you must pay the penalties.

Documents

  • No-Objection letter certificate
  • Tenancy contract certificate
  • Passport
  • Visa
  • Photocopies of residency proof
  • Photocopy of ownership certificate
  • Legal Affairs Approvals
  • Ministry of Economy's Approval
  • Other government entities approval
  • Certificate of partnership contract from public notary
  • National ID
  • Photocopies of family book
  • Signboard
  • Certificate of trade name
  • Report of technical evaluation
How to Setup a Free Zone Company in Abu Dhabi
Categories Business, company, Free Zone, FREE ZONE COMPANY, How To

How to Setup a Free Zone Company in Abu Dhabi

Government initiates the company formation in the free zones of Abu Dhabi to promote foreign investment, thereby their protocol of business setup is straightforward, simple, zero bureaucratic barriers and are less-time consuming. The free zones are the independent jurisdictions that have a single-window administration and an expatriate entrepreneur for completely owning a company, without any partners from the UAE. Abu Dhabi Free Zone Authority has the independent government body issuing free zone operating licenses. They generally handle the non-resident company registration and assist companies to establish their business. The eight free zones of Abu Dhabi are:
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