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.

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