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Establishing a Completely Owned Foreign LLC company in Oman
Categories company, LLC COMPANY FORMATION, Oman

Establishing a Completely Owned Foreign LLC company in Oman

Oman is continuously involved in trading overseas linked with marine based dealing over watercrafts which navigates them easily to European, African and Asian shoreline areas. This marine business vessel has been going in Oman for many tens of years. Oman is considered as the third largest Arab country. Before the invention of oil rich basements, this country was popular for its agricultural economy. After its realization of the oil and gas market, it began to focus much on making the country industrialized. It made economic diversity by the early 1970’s into non oil based sectors by the leadership of the Sultan Quboos. He was also known for his many reforms in social and economic sectors. It also attracted many investors in foreign to come and lay business in Oman.

Steps of establishing foreign ownership LLC in Oman

  • Do choose your trade name first
  • Make application for the municipal business license in the selected business region
  • Oman Chamber of Commerce and Industry, called OCCI, is responsible for business activities. Thus, registration is mandatory with them.
  • Also, register with region localite Public Relation Office
  • Complete preparation of all documents to submit it error less
  • Pick your area of commerce. Lease an office space if needed, or a warehouse kind.
  • Commercial registration has also been done with the Ministry of Commerce & Industry.
  • Then, make registration with the customs office, MOM - Ministry Of Manpower, MOF - Ministry of Finance.
  • Design your seal for the company.

List of documents for establishment of completely owned foreign LLC company in Dubai

Below are the list of documents of your LLC company
  • AOA - Article of Association for foreigner investor and memorandum is to be prepared
  • Certification by tax registrar
  • Foreign investor’s board for resolution
  • Auditing accounts of yours for the past 3 years at least has to be submitted
  • Capital deposit amount receipt
  • Shareholders or investors passport copy
  • Required identity cards together with authority signs are must

All about Foreign branch office or incorporation of branch office in Oman

Initial process of any foreign company to set up its branch in Oman is to do registration with the Oman government. It can also enter by contracting with the Omani government. After registration, operation of foreign branches can be taken forward. No individual legal affair or endurable system is maintained for branch set up. Localite sponsor is required to provide the needed visas. Local agents will also be very helpful in guiding you throughout the registering and licensing process. Whether it is a corporate business firm or other registered firm, Oman maintains a steady and invariable income tax percentage. This income tax is the same for all businesses irrespective of what kind it is. Minimum amount of tax predicted is around 10 to 12%. Few LLC companies which have Oman ownership and hold few other conditions are met with 3 to 5% taxes. Highest tax is incorporated for petroleum outputs and any income which comes via petroleum based product sale are grouped under petrol tax. The tax rate here is 55% An average of 15% is the income tax amount for all company types including LLC companies. The only exception is for single ownership companies. Other than Omani government taxes and fees collected, no local or regional taxes are generated and collected.
Company Formation & Business Setup in Oman
Categories Business, Business Setup, company, company formation, Oman

Company Formation & Business Setup in Oman

Everyone needs a successful business and for starting a successful business a person should select an appropriate location. Now Oman is an appropriate Hub for companies who are planning to start an overseas company from any part of the world. Oman, also known as the Sultanate of Oman, is a strategically landing place for growing business. Oman is one of the top growing GCC nations and a place with plenty of domestic & international business opportunities. The Omani Government has taken multiple insatives & steps to make foregin companies & investors be a part of Oman’s developing economy. Multiple steps have been taken to attract Investors to Oman. If you are planning to divert your business to an international level, Oman is the right place. You will be reading on how you can setup or incorporate your business in Oman and also you can see different business structures to incorporate your business in oman.

Why should you Start a Business in Oman?

You can find a great transformation in Omans Social & Economic in past few years, attracting investors to invest for business in Oman. As we know oman receives a good revenue from oil and oil product related business which runs the economy to a great extend. We can also see that tourism business is emerging in Oman and all related businesses are emerging. Oman has developed several free zones to increase industrial related business and also to attract foreign investors, various companies are emerging beyond the oil industry. The free trade zones in Oman are located in Al Mazunah, Sohar, Salalah, and Duqm SEZ favouring the Logistic facility by Sea, Road & Air. In Oman Free Zone one card setup Industries which allow it to perform manufacturing, import & export, warehousing & storage, and manufacturing.

Types of Business Entities in Oman for Company Incorporation

The location of Oman is well-suited for the following business structures & Entities :
Sole Proprietorship Company in Oman
A sole proprietorship is a one-person company which can be opened with a single sole director and limited or no minimum paid-up share capital requirements. A proprietorship company is the most commonly used entity for foreigners planning to start or setup business in Oman via a simple corporate structure.
Joint Stock Company in Oman
With a minimum of three shareholders a joint-stock company can be formed in Oman. Joint-stock companies can be private or public. These companies can be incorporated by businesses who would like to be involved in large investment of funds or raising capital.
Limited Liability Company in Oman
An LLC company can have an Omani, GCC or USA shareholder. An Omani LLC is the commonly used entity for foreigners who are willing to register business in Oman
Joint Venture
A Joint Venture is an internal mutual agreement between two or more parties whereby one party can perform business in his/her personal name while the profits/losses of the business are shared. A Join venture company is not a legal entity and therefore Joint Venture Companies does not require any form of registration with, nor has protection from, the local authorities.
Holding Company
A holding company is an entity that owns at least 51% of the shares in one or more joint-stock or limited liability companies.

What are the Benefits of Business Setup in Oman

The good news is that the foregin investors have a great opportunity to invest in Oman and set up business. You will have several reasons to start a business in Oman. Given below are benefits of Company incorporation in Oman:
  • A strategic business location to do any business
  • Availability of natural resources within oman
  • Fast developing economy for growing business
  • Government support to boost new business & startups
  • You will have No personal tax
  • Exemptions Available in Oman
  • Oman Emerging business in the non-oil sector
  • Oman developing in tourism sector
  • Business-Friendly Relations with Neighboring Countries
  • World-class infrastructure globally ranked ports, airports, roads.
  • Tallent Pool with strong hold on Research and Development

How can you Start a Business in Oman?

Just like the UAE & other GCC countries, the Oman company incorporation process requires a list of steps. Before having an overview of the company setup process, let's discuss the company registration process in Oman.

Oman Company Registration Process

During Oman company registration process the business entity is given a physical platform to run or setup business. To start the business setup process, there are few steps that need to be followed strictly Now you can continue reading the steps related to the company incorporation and also the post incorporation process that has to be followed once you have decided to open a company in Oman.

Company Incorporation Process in Oman

Selection of Unique Trade Name in Oman
A trade name selected should be unique and related to the business. Decide the name which best matches your business / product or service which you are offering and submit the application to the Ministry of Commerce and Industry (MCI).
Documents to be submitted for Oman Company Incorporation
In the initial stage all the below documents are to be submitted for initiating the company registration process in oman. The essential documents required for oman company registration are:
  • Memorandum and Articles of Association
  • Shareholders’ Visas and Passports
  • Tax Registration Certificate
  • Identity Card of Shareholders
  • Certificate of Initial Deposit
  • Filed Company Registration Form
  • Chamber of Commerce and Industry Affiliation Certificate
Corporate bank Account Opening
Once all the incorporation documents have been submitted, a capital corporate bank account needs to be opened to deposit the initial incorporation fee.
Register with Oman Chamber of Commerce
Its to be registered with the Oman Chamber of Commerce and Industry (OCCI) for all compliance with the Oman commercial rules and regulation required of a corporation in Oman.
Register the Business in Oman
Register the business in oman involves step to submit to following documents :
  • Legalized Opening Forms
  • Municipality Approval
  • Share Capital Certificate

Post Company Incorporation Process in Oman

Apply for Visa
Now its time to apply for a Visa for all employees soon after the incorporation process is over. You can contact a company incorporation expert or a visa consult
Employee Registration
The employees which are hired must be acknowledged as a part of the business entity and for which registration of the employees under the company name is to be done.
Conversion of Bank Account
The business capital bank account should to be converted to the current account so as to ease the business transactions successfully.

Business Setup Services in Oman

Black Swan brings to you with flexible & affordable business setup solution package which includes:
  • Company Incorporation and Registration
  • Local Sponsorship
  • Public Relations Officer (PRO) Services
  • Accounting and Bookkeeping
  • Auditing
  • Tax Consulting
  • VAT Registration
  • Intellectual Property Services
Various steps are involved in Company Formation in Oman. You can Consult Black Swan if you are looking for Company Registration in Oman. You will get a full End to End Solution for Company Incorporation in Oman.
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
Oman Tax System for Successful Business
Categories Business, Oman

Oman Tax System for Successful Business

Taxation is the dimension where no business entity could deny. Be it a corporate entity or an individual, it must comply with the taxation system. Oman is part of the GCC nations, and individuals that don't need to pay any tax. On April 1st 2021, the nation incorporated the VAT system in the United Arab Emirates, Saudi Arabia, and Bahrain. Hence, the Corporate entities must pay a VAT of 5%.

Activities under the VAT System in Oman are:

  • Commercial
  • Professional
  • Industrial
  • Artisanal
  • Service activity
Following supplies must be exempted from taxable conditions like:
  • Healthcare services
  • Financial services
  • Educational services
  • Bare land
  • Local passenger transport
  • Mining
  • Rental of properties
  • Export of processed products
  • Fish processing and fishing
  • Farming and breeding
  • Medical care

Withholding Tax in Oman

10% of withholding tax can be applied for the below mentioned services in Oman:
  • Research and development
  • Royalties
  • Management fees
  • Right to use computer software
Black Swan can help you in business setup service in oman and experts can help you in End To End Oman Company Formation 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 Registration Process In Oman
Categories Business Setup, Oman

Company Registration Process In Oman

The Oman mainland company is also said to be an onshore company. Business entities can conduct business activities both outside and inside of their region. The Sultanate has opportunities to establish the oman free zone and mainland companies in their arena. Let's take a look at the needs of different corporate structures.

Free Zones in Oman for Registration

Business Entities In Oman for Company Registration

Various company structures  / Business Entities have been offered in Oman. You must understand the difference of structure types and models of Oman and make informed decisions based on ownership conditions, needs and requirements to setup business in Oman. Listed below re the corporate structure in Oman for company incorporation.

  • General Partnership 
  • Limited Partnership
  • Limited Liability Company (LLC)
  • Joint Venture
  • Joint Stock Companies
  • Holding Company
  • Branch Office
  • Representative Office 

Documents required for Oman Company Registration

Given below are the list of documents required for company registration in Oman.

  • Memorandum of Association
  • Articles of Association
  • Information of Shareholders and Visas
  • Tax Registration Certificate
  • Identity Card of Shareholders
  • Certificate of Initial Deposit
  • Filed Company Registration Form
  • Industry Affiliation & Chamber of Commerce  Certificate

Steps to Register your Business in Oman

  • Fix a name for your company
  • Do an initial deposit, after their approval
  • Apply to get a business license
  • Submission of documents to the Tax branch of the Finance Ministry
  • Get a Municipality license
  • Register your company with Royal Oman Police mandate
  • Registration with the Ministry of Manpower Oman
  • Get the organization seal with organization name and logo
  • Visa application
  • Open an account in a corporate account

Get the help of business consultants to form Oman company in a fast and hassle-free way.  

Benefits Of Oman's Company Formation

  • Stable currency
  • Political stability
  • Free transfer of profits and capitals
  • Free import of machinery and capital for industrial purpose
  • Well regulated stock exchange
  • Complete tax exemption for navigation companies
  • Open market and free trade policy
  • Multiple countries holding double tax treaties
  • Repatriation of profits and capitals

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.
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