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Category Archives: Oman

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Categories Business, company, Oman

Expats Living in Oman no Longer Need to get Passports Stamped with Visa

Local media said that foreigners who live in Oman will no longer have to get their passports stamped with the visa.

According to changes announced by the Royal Oman Police (ROP), all visa needs will be met by a resident card (ID card).

"When an expat's visa is renewed, the visa no longer needs to be stamped on his or her passport". 

The population of Oman has grown by 200,926 since the end of 2021, when it was 4,527,446. In June 2022, it will be 4,728,372, up from 4,527,446 at the end of 2021. There were 2,833,715 Omanis and 1,894,657 people from other countries.

The most expatriate workers live in Muscat, the country's capital, which has 632,666 of them. North Batinah, which has 221,723, is next, with Dhofar being the last (182,548).

Tags: Oman Visa Service, Business Setup Service Oman, Oman Mainland Company Formation, Company Formation in Oman, Company Registration in Oman, Oman Company Incorporation

 

Categories Business, company, Oman

Visa on arrival in Oman for GCC Residents of all Professions

People who live in the GCC and work in any field can now enter Oman from any border for business, tourism, or any other reason.

Local media said that residents still need visas, which they can get when they arrive at any GCC border post.

According to a circular from Oman Airports, Oman currently lets all GCC residents with a valid residence and work visa from the UAE, Bahrain, Kuwait, Saudi Arabia, or Qatar, no matter what they do for a living, into the country. But visas will be given out at the airport for a fee.

The new circular from the Directorate General of Passports and Residence about visas for residents of GCC countries says: "All residents of the GCC countries have the right to enter the Sultanate of Oman for all commercial professions; it is not required for people to come from the country of residence." This means that a resident of any GCC country doesn't have to come directly from that GCC country to use this service. It is allowed at any time and from any place they arrive from. The residence visa must be valid in the GCC for at least three months, and the procedures mentioned above must be followed.

Tags: Business Setup Service Oman, Oman Mainland Company Formation, Company Formation in Oman, Company Registration in Oman, Oman Company Incorporation, Oman Visa Service

Categories Business, Business Setup, company, Oman

Open a Bank Account in Oman – Corporate Banking Services in Oman

Oman is one of the places where international investors and business people choose to put their money to work. The Sultanate makes it easy for businesses to move business ideas from one GCC country to another and grow them. Setting up a business in Oman is more than just forming a company. There are many other things to think about, such as taxes, visas, intellectual property services, etc. After a business is incorporated, one of the most important things the owner should do is open a bank account. This article will tell you what you need to do to get banking services in Oman. Let's move on...

An Outlook of Banks in Oman

The banking system in Oman has grown to serve and help businesses of all sizes, from small start-ups to large, well-known MNCs. Also, the Central bank has started Corporate Internet Banking (CBI), which gives the bank the chance to offer internet-based solutions for a quick and easy process from home. The whole banking system can be broken up into three groups:
  • Local Commercial Sector
  • Foreign Bank Sector
  • Specialized Sector
Central Bank of Oman is in charge of all the local commercial banks. It is the highest regulator and also sells bonds and Omani notes. Here are a few of the most important banks in Oman.

Banks in Oman for Setting Up a Corporate Bank Account

  • Bank Muscat
  • HSBC Oman
  • Bank Dhofar
  • Bank Nizwa
  • National Bank of Oman
  • Alizz Islamic Bank
  • Oman Arab Bank
  • Ahli Bank
  • Bank Sohar
  • Beirut Oman Bank
You can see that the banking system in Oman gives business investors more than one way to start the process of opening a bank account. As we've already said, different Omani banks are set up to handle different business structures, so it's important to choose the right one based on your business's needs. Let's move on to the next step, which is the core procedure.

How to Open a Bank Account in Oman?

To start the process of opening a business bank account in Oman, you have to follow strict rules and fill out a lot of paperwork. When foreigners set up businesses in Oman, they usually end up hiring a business consultant who can make the process of opening a corporate account much easier. Let's look at the most important things that need to be sent in:
  • Identity card
  • Original trade license
  • Two passport-sized photographs
  • Residency/Work-Permit copies
  • Agreement to prove the residential address
  • A NOC from the Omani employer that states the expected monthly salary will be deposited into the respective accounts
  • Valid Passport along with a valid visa and resident card
  • Letter of Reference from the expat’s bank in the country of origin
Foreign investors must bring all of the listed essentials in order to start the account opening process. At Blackswan, we help our clients set up their businesses and the bank accounts that go with them. We can help you open a business bank account in Oman by taking care of all the paperwork. Our team experts know a lot about Omani law and will help you get through the process quickly and safely. Get in touch with us today to start the process of opening a business bank account in Oman. We'd be happy to help. Tags: Business Setup Service Oman, Oman Mainland Company Formation, Company Formation in Oman, Company Registration in Oman, Oman Company Incorporation, Open Corporate Bank Account in Oman, Steps to Open Bank Account in Oman
Categories Business, Business License, company formation, Oman

How Open a Company in Oman Mainland

In Oman, setting up a business is similar to how it is done in other GCC countries. If a business wants to register a company in Oman, Oman gives them a place to do it. To start a business in Oman, you need to take the following steps: The person who wants to start a business in Oman comes up with a trading name. First, he or she needs to come up with a unique name for the business and send an application to the Ministry of Commerce and Industry for approval (MCI). After approval, you need to make a first deposit. Lets deeply discuss on how to setup company in Oman Mainland

How to form a Mainland Company in Oman

Before you move forward with Mainland Company Formation in Oman, you should know the basics about this legal entity. This article will give you a brief explanation of what a Mainland Company is, what kinds of licences can be given to a business, and what benefits you can expect from forming a Mainland company in Oman. After that, you can start the process of forming a company by working with a business expert. https://www.youtube.com/watch?v=Dwb1pn2nThg

What is a Mainland Company?

What is an Oman Mainland Company? To put it another way, an onshore company has all the power it needs to do business. Oman is one of the best places to do business in the world. Both companies in a free zone and companies on the mainland can find opportunities there. To start a business in Oman, you will need to get different licences that give you permission to do different things in business. Being a foreigner is not as hard as you might think if you have a business in Oman. This is one of the benefits of having a business there. There are areas just for foreign investors, so you can be sure to get the help you need. And if you already have a business in Oman, you can grow it there. Then, you can start your business in a Free Zone in Oman, as long as you check the records of your previous businesses before giving them to the government. In Oman, there are two different kinds of joint-stock companies. Society Anonyme Omanaise (SAOG) is one type of joint-stock company, and the other is a private joint-stock company. An SAOG can be a private or public joint-stock company, which makes it perfect for people who don't want to raise money from the public. Both types of businesses need the same amount of money to start up.

Types Of Business Entities In Oman

There are three types of business entities in Oman: general partnerships, limited liability companies, and sole proprietorships. Public alliances are made up of two or more entities, while one or two people make up a limited liability company. Many joint-stock companies are owned by the government of Oman. The most common type of business in Oman is a limited liability company. Every type of business entity has a lot of good points. Here are some things to think about when choosing the best one for you. Limited liability company: An LLC is a legal entity in which shareholders are only responsible for the number of shares they own. To set up an LLC in Oman, you need at least two shareholders. One must be from Oman, one from the GCC, and the other must be from the US. The minimum amount of share capital is 150,000 OMR. Oman's legal requirements also require you to have one director. The capital laws in Oman are pretty good for foreign investors. Commercial agency: As the name suggests, this type of business is a contract with an Omani agent to do business in Oman. Its goal is to sell products or services in Oman or to set up a business there. As part of the Royal Decree 55/90, the Commercial Code sets rules for commercial agents. In Oman, a commercial agent must have a representative who lives there.

Types Of Licenses Issued In Oman

When setting up a mainland business in Oman, you need to get a lot of different licences. Branch offices are extensions of foreign parent companies and can do business that makes money. Representative offices, on the other hand, can only do marketing. The limited liability company is the most common type of company that people in Oman form on the mainland. You must get a trade licence from the Ministry of Commerce and Investment in order to start a business in Oman. Based on the civil law tradition, large parts of Oman's law can be interpreted in many different ways. The CL's General Provisions section starts with the history of a company and goes on to talk about its foundation and the different types of companies that are legal. It then talks about the different types of capital and corporate classes. Finally, it talks about how corporate law affects crimes.

Benefits of Mainland Company Formation in Oman

Companies that are based on the mainland, also called "onshore" companies, can do business outside of their home area. The Sultanate of Oman has many options for starting a business on the mainland, such as free zones. Commitbiz is a service provider and mentor with a lot of experience who helps business owners get started and understand how the law works. If you want to start a business in Oman, you can get more information from Commitbiz. It helps people start their own businesses by giving them one-on-one mentoring and advice. Choosing the Omani Mainland has a lot of good points. One of these is how easy it is to use. After you register your business with the MOCI, you must send in the Rest paperwork. After you get your registration, the process can take anywhere from four to six weeks to finish. Because of this, Oman Legal Services helps investors with their paperwork and other formalities. Foreign investors don't have to worry about company paperwork and formalities. Instead, they can focus on their business. Another good thing about Mainland Company Formation in Oman is that it has many advantages. Besides being a free zone, it also has a number of tax benefits. For example, a local company will be able to apply for Oman tax residency, which will let it bid on lucrative government tenders. You can also benefit from the fact that the government spends so much money in Oman.

Tax Exemptions in Oman

In many areas, foreign investors in Oman's Mainland don't have to pay taxes. You can also benefit from free trade zones and special land grants from the government. This country has shown that it can do business on a global scale, and its economy is one of the top twenty in the world. The Ministry of Commerce and Industry in Oman is always looking for new ways to help new businesses get started in the country. Here are some of the best tax benefits for forming a Mainland company in Oman. Salalah Free Zone : Al Mazunah Free Zone is a free zone in the southern part of the Sultanate of Oman. This area has the lowest prices for infrastructure, people, and utilities. You'll also get duty-free goods and tax breaks for 30 years. The country has good relationships with other nations and has spent USD 26 billion on building new infrastructure. Joint Stock Companies in Oman : A Joint Stock Company (JSC) is a business that doesn't have to have a minimum amount of paid-up share capital. In Oman, you can also start a Single Person Company (SPC) without any paid-up share capital. Public JSC and Private JSC are the two most important JSCs in Oman. To start a business in Oman, you need to pick the right type of SAOC.

Documents Required for Company Formation in Oman

To start a business in Oman, you need to get the following papers ready. The fee for forming a company and the documents of the shareholders must be notarized. You'll also need to open a capital account to put the fees for forming a business into. You must also sign up with the Oman Chamber of Commerce and Industry if you want to follow business rules. In Oman, it takes about three weeks to sign up for something. Depending on the type of business you have, you may want to set up a limited liability company. A limited liability company (LLC) is a legal entity that can only do business in Oman. Oman needs a minimum of OMR 150,000 in capital, and a portion of this amount must be shown as proof of funds. An LLC can also be made by a single shareholder or an LLC. In Oman, you have to get a business licence. A company that is based on the Mainland is also called an onshore company. This kind of business can do business in places other than where it was founded. Free zones in Oman are a good choice for people who want to start their own businesses, but they should double-check their paperwork before giving it to the government. It would help if you always talked to a lawyer about your documents before sending them in. You can also get help from a local company that helps people start businesses. Send in all the necessary paperwork to start the process of incorporating. Here are the most important papers you will need to send in:
  • Memorandum of Association and Articles of Association
  • Passports and Visas for Shareholders
  • Certificate of Tax Registration
  • Identification Card for Shareholders
  • Certificate of initial deposit
  • Filled Company Registration Form
  • Certificate of Industry Affiliation and Chamber of Commerce

Mainland Company Registration Process in Oman

The process of registering a Mainland Company in Oman can be hard, but it is not impossible. Oman's growth is driven by international emigrants, the country's protected climate, and its free trade zones. The country has a moderate population. The Omani government is doing everything it can to help new businesses start up and help existing businesses grow. Companies in Oman can also take advantage of the country's safe climate, freehold properties, and high level of property rights security. In Oman, it's easy to start a business. You don't have to be physically in the country to start a business. You can even do it all online. Once you're registered with MOCI, you'll need to send in more paperwork, which can take between four and six weeks. You should use Oman Legal Services if you are not from Oman and want to focus on growing your business instead of taking care of paperwork. They will take care of all the paperwork and formalities so you can focus on running your business. After you get your business licence, you will need to get other permits. It takes a while for the Ministry of Commerce and Investment to answer. It is important to check the documents you use to register your business for mistakes and wrong information. Once your records are in order, you can give your LLC a name. Choose a name that shows what you want to do with your business. Make sure the name means something in the law. When setting up a business in Oman, there are a few important rules to follow.

1. Decide on the Trade Name

The names of businesses must be unique and related to what they do. Please choose a name and send it to the Ministry of Commerce and Industry.

2. Present documents of incorporation

Send in all the necessary paperwork to start the process of incorporating. Here are the most important papers you will need to send in:
  • Memorandum of Association and Articles of Association
  • Passports and Visas for Shareholders
  • Certificate of Tax Registration
  • Identification Card for Shareholders
  • Certificate of initial deposit
  • Filled Company Registration Form
  • Certificate of Industry Affiliation and Chamber of Commerce

3. Funds Account Opening

After the papers are turned in, Open a capital account to put the money for the first year of business in.
Register with the Chamber of Commerce
Sign up with the Oman Chamber of Commerce and Industry to follow the rules and regulations for business in Oman.
Register the Business
Below documents are to be submitted
  • Legalized Opening Forms
  • Approval of Municipalities
  • Certificate for Share Capital

Why Blackswan ?

Blackswan Business Setup can help you in company incorporation process in oman and you can Open a Company in Dubai Mainland at an affordable cost. Tags: Business Setup Service 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, Oman Free Zone Licence & Business Setup Cost, Sole proprietorship, Joint Stock Company, Representative Office, Salalah Free Zone, Al Mazunah Free Zone, company incorporation process in oman
Categories Business, Business Setup, company, Oman

How to Setup Business in Oman

The path of an entrepreneur consists of random acts of inspiration, planning, and execution. It is essential to do your homework before settling on a location for your new business. If you want to keep up with the global competition, it's essential that you plant the seeds of your business idea in the most advantageous zone. As an example, the Sultanate of Oman is a promising investment destination in the Middle East because of its position as a developing nation. Investors from around the world flock there because of its convenient location between Saudi Arabia, the United Arab Emirates, and Yemen. Investing in BlackSwan Business Solutions is prudent because it creates a dynamic ecosystem where new enterprises can flourish. But before we go into that, let's review the essentials!

Oman Emerging business hub in the GCC

In the Sultanate of Oman, the majority of the economy's revenue comes from the oil and petroleum industry. The government of Oman, on the other hand, has been concentrating on the new possibilities presented by the worldwide digitization of society. Oman is one of the most exciting places for a self-employed person or a multi-millionaire to set up shop. Forming a company in Oman is a great first step to take if you have a business idea and are trying to expand your horizons. Investors from other countries perceive the location as a great opportunity to make a lot of money.

Business Registration Process in Oman

There is a link between a few key elements of the Oman corporate register. To register, complete these simple steps:

Choose a Business Model

When deciding how to incorporate a company in Oman, an investor must consider the amount of capital available as well as the number of stockholders. An investor has the following options:

Reserve your Business Name

The company's name is also its identity, so keep that in mind. So, what do you think of when I say the names Amazon and Pepsi ? Isn't it just a store and a Coke bottle? And now here you are, reading this very piece of writing. Yet an instantaneous mental picture appeared upon hearing the brand name. Choosing a business name is more complicated than it first appears. First and foremost, you should make sure that your business name stands out from the crowd. And you need to watch out that the company's moniker doesn't offend anyone's sensibilities by making fun of religion. Contact us to Register your Business Name

Choose the Best Location

In order to be successful, a business must be established in an area with a sizable population of its target demographic. At the same time, it's important to make sure the investors' first investment requirements are met. In Oman, there are special economic zones where businesses can put their money where it will go the farthest. If an existing firm already operating in UAE or UK wants to expand its operations, it can do so by setting up a subsidiary on the Mainland. However, Oman's Free Zones are the most practical option for would-be business owners because to their low overhead. Contact us for Business Space, Virtual Office and Office Spaces in Oman

Documents Required setting up of business in Oman

When you've settled on a name for your company, it's time to get it officially registered. Some of the most vital records are as follows:
  • A complete application form
  • Shareholder Agreements and Other Constitutive Documents
  • The Articles of Organization and Memorandum of Association
  • Tax residency certificate
  • Initial Deposit Receipt
  • Validation of Membership in a Chamber of Commerce or an equivalent document

Submit the Oman Chamber of Commerce and Industry (OCI) with the Company Essentials.

Obtaining a business licence in Oman is another crucial step. Make sure you join the Oman Chamber of Commerce and Industry to ensure you're in line with regulations (OCCI).

Create a Capital Savings Account

An organisation can't function without having a corporate account to handle money transfers and other financial dealings. Rather than randomly picking a bank, a business should first investigate the different options available to it. In order to deposit the initial fee for forming a company, you must first open a capital account.

Obtain a Business Seal

Letterhead with a company's official seal displays the company's official signature. This is crucial when dealing with company shareholders since it prevents falsification of the most important business documents.

Post-Incorporation Process

A few extra actions are required after you have registered your firm. Here are just a few examples:

Recruit the Best Working Staff:

Organizations in Oman can legally recruit from anywhere in the globe, offering you access to the most qualified candidates. It is important to foresee the company's demands and draw up a departmental structure before making any hires. Understanding the current requirements will allow you to take the necessary next steps.

Complete the Visa Application Process

The next step, after finding the proper employees for your organisation, is to help them obtain work visas. An employment visa will be issued to the successful applicants, while an investor or employer visa will be required.

Employees Registration

When a person accepts a position with a company, they become legally considered an employee of that company. It's crucial to think about getting them registered under the business's name.

Bank Account Conversion

Finally, the original capital account is updated to the current version to ensure the seamless running of the business.

Why Choose BlackSwan for Business setup in Oman

Black swan can help you in entire business setup service in Oman, Fill up the form below or call us for a free consultation. Tags: Business Setup Service 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, Oman Free Zone Licence & Business Setup Cost, Sole proprietorship, Joint Stock Company, Holding Company, Representative Office
Categories Business Setup, Free Zone, Oman

Oman Free Zone Licence & Business Setup Cost

Free zones have historically been the enticing element for investors to establish a business in GCC nations. As tax-free zones, these zones have been instrumental in attracting international business to their respective nations. Due to the existence of free zones, Oman has long been a popular location for international investors to establish a business. If you have plans to expand your business in Oman, you should consider Oman's free zones. This guide will provide you with an overview of business formation in Oman's free zones.

Industrial Free Zones in Oman

The Sultanate has four free zones where different types of businesses and activities can grow. The zone makes it possible to import raw materials, process, assemble, and package them, export finished goods, and store and warehouse them. There are free zones in Oman.
  1. Al Mazunah Free Zone
  2. Salalah Free Zone
  3. Sohar Free Zone
  4. Duqm SEZ
The free zones have been put into groups based on the types of businesses they help. One should choose a zone based on their business and how they do business. In Oman, there are 4 free zones:

1. Al Mazunah Free Zone

Al Mazunah was built in 1999 and is close to the Yemeni border. This makes it the gateway to the Republic of Yemen and East African countries from the Gulf. This area is a centre for business, service, and manufacturing.

2. Salalah Free Zone

This free zone helps businesses that want to grow in the Middle East, Africa, Southern Europe, and Asia. The low cost of labour, utilities, and infrastructure make the place an attractive place to live.

3. Sohar Free Zone

It is a deep-sea port on 4,500 hectares that brings in almost US$26 billion and is one of the ports with the fastest growth in the world. The port will likely be in charge of running Oman's National Food Reserve.

4. Duqm SEZ

Duqm SEZ is home to one of the most important economic zones of the future. With an area of almost 1,745 km2, the zone has been split into 8 sub-zones that offer different ways to invest, such as in industries, a seaport and dry-dock, tourism, fishing, etc. Now, let's take a look at the benefits you can get from setting up a business in Oman.

Benefits of Setting Up a Company in Oman Free Zone

  • Investors own everything.
  • No Minimum Share Capital requirement
  • For ten years, there will be no corporate tax.
  • There are no taxes on importing and exporting.
  • At least 5 years on the lease
  • Without an agent in Oman, trade can start.

How to Set Up a Business in Oman Free Zone?

To start a business in the Oman free zone as an investor, you need to follow the steps below:
  • Send in the Application Form for a Plot
  • Come to a deal on the business terms
  • Send a letter to the Ministry of Environment and Climate Affairs that says you have no objections.
  • Clear the process of due diligence
  • Choose a plot and get permission to build on it.
  • Pay the rent, the fee to incorporate, and the licence fee.
  • Get your company's Certificate of Incorporation.
  • Put your name on the lease.

Documents Required to Set Up a Business in Oman Free Zone

  • Names of the investors and the country where they are from
  • How much land do you need to start a business?
  • A business plan and money to start up
  • A symbolic representation of how many jobs are made.
  • The total amount of electricity and water needed
  • Information on how to reach the investor
  • Estimated amount of cargo

Fees Required to Set Up a Free Zone Company in Oman

Activities Fee
Business Registration OMR 1,000-2000
Commercial/ Logistics License OMR 350 - 400 (annual)
Industrial/ Manufacturing License OMR 380- 400 (annual)
2-Year Visa OMR 200
By putting all the information together, we can say that Oman's free zones are making progress and are a great place for business investors to put their money. The location has a lot of potential for both established businesses and new ones. It also gives investors a chance to grow their businesses in the countries next door. To start the process, it's best to talk to a business consultant who knows the Omani legal rules and regulations and the process for setting up a business. This will make it easier and faster for you to incorporate the entity. Not sure who to talk to? Don't be afraid. We're looking out for you. If you are looking for a Business Setup Company in Oman to register a company in Oman Free Zone , Call us on +968-78198097 or fill up the form below Tags: Business Setup Service 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 Mazunah
Categories Business, Free Zone, Oman

Why Start your Company in Oman Free Zones ?

Investors who want to start a business in a Gulf Cooperation Council (GCC) country have always been interested in free zones. As they have tax-free zones in some parts of their countries, these zones have been very important in getting international businesses to move to those countries. Oman has always been a popular place for international investors who want to start a business. This is because there are free zones there. Free zones are a great choice if you want to grow your business in Oman. This guide will show you how to start a business in Oman's free zones.

Oman’s Industrial Free Zones

The Sultanate has four free zones where different types of businesses and activities can grow. In the zone, it is legal to import raw materials, process, assemble, package, export finished products, and store and warehouse products. Many places in Oman are free. The free zones have been put into groups based on what kinds of businesses they help. Choose a zone based on your business needs and the type of business you run. There are four free zones in Oman:

Al Mazunah Free Zone

Al Mazunah, which opened in 1999 and is close to the border with Yemen, is the gateway from the Gulf to the Republic of Yemen and countries in East Africa. This area is where the business, service, and manufacturing sectors all meet.

Salalah Free Zone

Companies that want to grow in the Middle East, Africa, Southern Europe, or Asia can get help from this free zone. Because of how cheap the labour, utilities, and infrastructure are, the place is a good place to go.

Sohar Free Zone

It is a deep-sea port that covers 4,500 hectares and brings in nearly US$26 billion in business. It is one of the ports that is growing the fastest in the world. The National Food Reserve of Oman is expected to be run by the port.

Duqm SEZ (Special Economic Zone)

One of the largest economic zones in the world will be in Duqm SEZ. The zone is about 1,745 square kilometres in size and has been split into eight sub-zones that offer different ways to invest, such as in industries, seaports and dry docks, tourism, fishing, and so on. Let's look at why it's a good idea to start a business in Oman.

The Advantages of Starting a Business in the Oman Free Zone

  • 100% ownership for Investors
  • No Minimum Share Capital requirement
  • No Corporate tax for a period of ten years
  • No duties are imposed on import and export procedures
  • Minimum 5 years of lease trade can start within Oman without a local agent

Required Documents for Starting a Business in the Oman Free Zone

  • Name of the investors along with their country
  • Plot size required to set up a business
  • Business Plan along with Capital Investment
  • A outline of total employment generation total electricity and water requirement
  • Contact details of the investor
  • Projected cargo volume

How do I start a business in the Sultanate of Oman’s Free Zone?

To incorporate a business in the Oman free zone, an investor must follow the steps outlined below:
  • Submit Plot Application Form
  • Reach an agreement on the Commercial Terms
  • Submit a No Objection Letter to the Ministry of Environment and Climate Affairs
  • Clear the due diligence process
  • Select a plot and get approval for its application
  • Pay the lease, incorporation, and license fee
  • Collect the Certificate of Incorporation
  • Sign the lease agreement
Tags: 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 Mazunah
Categories Business, company, Oman

Company Registration Process in Oman

Various sectors in Oman accept Foreign direct investment. In most sectors, 100% foreign investment is allowed. There is no requirement to appoint a nominee or a resident of Oman to incorporate a company. Most foreign investors in Oman choose to set up a Limited Liability company (LLC). So, the steps below for registering a company in Oman would be for setting up an LLC. A person who wants to register a business in Oman must go through the following steps:

Choosing the Activities carried out in the Business

First, the person who wants to start an LLC has to decide what the business will do. If banking and insurance activities are done, the applicant would have to get permission from the Ministry of Commerce and Investment.

Registering the Company

The applicant would have to apply for a trade licence from the Ministry of Commerce and Investment before registering the company. The applicant may also need to get hold of other permits.

Submit Documents

It could take a while for the Ministry of Commerce and Investment to get back to the applicant. During this time, the person who wants to start a company in Oman (LLC) would have to make sure that all the paperwork is in order. The company's memorandum of association and articles of association are two important documents.

Reserve Name

Then, the person who wants to start an LLC has to come up with a good name for it. The name of the business must show what it wants to do. It must also be given in Arabic and mean something legal in Arabic.

Certificate of Registration

The applicant would get a certificate of Registration after the above steps have been taken. Call us today or fill up the form below to make the Oman company registration process simple. Tags: 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 Mazunah
Categories Business, company, Oman

How to get Investor Visa in Oman

Oman, a small country in the south of the Arabian Peninsula that shares borders with the United Arab Emirates, Saudi Arabia, and Yemen, has a lot to offer business people and investors from all over the world. Oman is a Middle Eastern country with a population of just over five million. Despite appearances, it is approximately 30% larger than the United Kingdom. Famous for its terraced orchards, fortifications, ancient mosques, rolling sand dunes, and vibrant culture, Oman is the oldest autonomous state in the Arab area. Although work visas are available, foreign nationals are limited in the industries and occupations they can pursue once within Oman. Information about Oman's investor visa, including requirements and how to apply, is provided below.

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:
  1. Submit an application to the Omani Ministry of Commerce and Industry for investment approval.
  2. To obtain a work visa in the Sultanate of Oman, you must contact the Ministry of Manpower (MOM)
  3. Investors and businesspeople can obtain entrance visas to Oman at their local embassy or consulate.
  4. After arriving in Oman, an investor or entrepreneur can apply for a residence permit.
There is no minimum investment required, however a higher investment has a better probability of being approved for immigration. To qualify for an investor visa in Oman, most applicants must demonstrate that they have invested at least US$100,000 (about 40,000 Omani Rials).

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.
Tags: 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 Mazunah
Categories Business, company, Oman

Business Structures for Company Registration in Oman

Foreign direct investment is permitted in numerous industries. In contrast to many Gulf countries, the government of Oman has liberalised foreign investment. In most industries, 100 percent foreign investment is permitted. This is advantageous for many types of investors. A corporation may be incorporated without appointing a nominated shareholder or an Oman resident. Nevertheless, due to cultural differences, it is usually appropriate to name a local nominee shareholder. In Oman, there is no minimum share capital required for the formation of a corporation. An investor can utilise many types of business structures. In Oman, an LLC (Limited Liability Company) can be readily formed with a single shareholder and director. There is no necessity for an Oman-based shareholder or director. Consequently, a foreign stakeholder has flexibility in conducting business. Foreign investors in Oman are eligible for a variety of benefits, including interest-free loans and various subsidies. In addition, there are tax exemptions for international corporations.

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 Mazunah
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