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Company Formation in Oman

Company Formation in Oman

START YOUR COMPANY IN OMAN

COMPANY FORMATION SERVICE IN OMAN !

100% Ownership in LLC company

Plaining to setup company in Oman ?  You will be having questions in your mind like How do I set up a company in Oman? How much does it cost to establish a company in Oman?  Can foreigners register a company in Oman?  How do I form an LLC in Oman? What will be the cost for company formation in Muscat Oman ? We have answer to all your questions. Oman known officially as the Sultanate of Oman, is located on the mouth of the Persian Gulf, sharing borders with the UAE, Saudi Arabia and Yemen. Oman is classified as a high-income economy by the World Bank. The country is a member of the United Nations and the Gulf Cooperation Council.

Although Oman has fairly decent oil reserves, a substantial fraction of its economy is driven by tourism, trade and agriculture. Since a dip in oil prices in late 20th century, Oman has been swiftly diversifying its economy and looking to develop other sectors of industry, especially real estate and infrastructure.

To start a company in Oman, one may choose from the following legal entity types:

LLC FORMATION

Limited Liability Company

You can setup a LLC company in oman  with just a single shareholder.   A foreign investor can have a 100% owned LLC in Oman.  Maximum of 50  shareholders van be in a LLC company. It is now necessary for authorised managers to formally notify the shareholders of a conflict of interest in any kind of transaction or business proposed to be entered by an LLC.

PARTNERSHIP

Oman Limited Partnership

A limited partnership in Oman can be formed by 2 or more members. It requires at least 1 general partner and 1 limited partner to be registered. The general partner, who must be an Omani national, is liable for the debts and obligations of the partnership without limitation in liability. The limited partner bears limited liability, and is liable for the company’s debts and obligations only to the extent of one’s capital contribution.

PRIVATE

Joint Stock Company

A joint stock company the shares of which are not available for trading publicly is a private joint stock company. A private joint stock company in Oman requires a minimum of 3 shareholders (one of whom should be an Omani citizen holding at least 30% of the total shares) and a minimum share capital of OR 50,000 (about 130,000 USD).

PUBLIC

Joint Stock Company

A joint stock company is one the capital of which is distributed as stocks. The shares of a public joint stock company in Oman can be traded publicly. The minimum share capital required to start such a company is OR 150,000 (about 390,000 USD). A joint stock company may not be incorporated without the approval of the Ministry of Commerce and Industry and issuance of a license testifying that.

BRANCH

Branch office in Oman

A branch office in Oman can be set up by a foreign company looking to open an establishment in the Sultanate. For forming a branch, a local agent to sponsor Omani visas and licenses is required. The branch is also required to obtain an approval from the Ministry of Commerce and Industry (MOCI). Since a branch is not considered a legal entity separate from its parent company, the latter is liable for its activities and obligations.

REPRESENTATIVE

Representative Office

A representative office can be started to purely for market research or promotion purposes. It is not allowed to carry out commercial or business-related activities. A representative office in Oman is required to have at least 1 appointed individual who is a resident of Oman.

Doing business in Oman has the following advantages,

BENEFITS OF COMPANY FORMATION IN OMAN

Company Formation Consultants at Blackswan Can Help you in Company Formation Service in Muscat Oman

  • At the mouth of the Persian Gulf, Oman occupies a geographically strategic position. Its 1700 km long coastline has made it an important marine country, acting as a gateway to the Arabian Gulf.
  • Oman has been diversifying its economy rapidly since 1970, with particular focus on infrastructural development and tourism. Amenities like road transport, educational institutions and hospitals have been springing at a remarkable pace.
  • Oil has been the bedrock of Oman’s economy for quite some time as the country is rich in oil deposits. Nevertheless, Oman has been, since the last few decades, increasingly reducing its dependence on oil exports by welcoming foreign investment.
  • The Omani government offers incentives like easy-to-obtain loans, tax exemptions and benefits of special economic zones, to encourage the proliferation of local and foreign businesses.

WHY BLACK SWAN BSS ?

Black Swan Business Set Up Services L.L.C helps entrepreneurs and investors establish their company in Oman through incorporation, registration and legal consulting services. Our advisers take care of the entire Banking, Visa, Legal, and Licensing formalities, in accordance with the regional law. We guide you through your company formation, with your business objectives at the centre of our operations.

Company formation in Oman : Our commitment to professionalism, business-oriented experience across various domains, proactive learning in the ever-changing global environment, and the ability to conceive innovative strategies and provide comprehensive support in executing such strategies distinguish Company Formation, and provide you the competitive edge to scale your company. If you are wondering how to start a business in Oman, do reach out to us; we’ll be glad to assist!

Frequently asked question (FAQ)

How are the investment incentives offered in Oman?

Investment incentives consist of providing plots for the charges of nominal lease in particular areas and reduces utility charges and tax exemptions as well.

How can a foreigner own majority shares in an Omani company?

The Sultanate of Oman motivates foreign capital to increase the country’s overall development.

List down the prerequisites needed to start an LLC company in Oman?

You need two shareholders, the minimum share capital at least 150,000 OR and a director.

Can a foreign company open a representative and a branch office in Oman?

Companies that conduct business with agreements or special contracts can open a branch in Oman.

Do they restrict repatriation?

Oman has a free economy and will not restrict the debt, remittance abroad of equity, interest, capital, profits, dividends, and personal savings.

Mention the criteria to get a residential and investors' visa?

Investor visas are provided for a foreigner who invests their money in Oman as per the certification from the authority concerned.

The corporate tax rate in Oman?

The 12% tax rate is applied for companies regardless of their size and nationality and the profit of 30,000 OMR is exempted from tax.

Is it a must to have a director for a business setup in Oman or a resident shareholder?

No, not necessary. A director or resident shareholder is not required to open a company in Oman. But many companies need at least one GCC or Omani citizen or corporation that holds 35% of company shares.

What is the duration to form a company in Oman?

If all prerequisites and documents are in order, Oman’s company formation takes only 8 to 10 days.

When is the Value Added Tax applicable in Oman?

VAT or Value Added Tax is introduced in 2019 in Oman.

Main regulatory authority for company registration in Oman?

The main regulatory authority for company registration / formation / incorporation in Oman is the MOCI.

Foreign investment law in Oman?

Foreign Capital and Investment Law (Royal Decree No 50/2019) is the law that regulates foreign investment in Oman

Business Structures for Company Registration in Oman

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

Procedure for Company Registration in Oman

  1. Choosing the activities carried out in the business
  2. Registering the Company
  3. Submit Documents
  4. Reserve Name
  5. Certificate of Incorporation

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