Dominated by the oil industry, the Sultanate of Oman has become an exclusive investment destination as it widens its arms to boost other growing industries.
Oman has reinvented itself as one of the essential countries to make business transactions worldwide and thus, have gained the attention of global business investors.
Strategically placed in the Persian Gulf, it also controls the naval trade routes between the Indian Ocean and the Arabian Gulf, leveraging out numerous business opportunities for foreigners.
If you plan to start a business in Oman, you can proceed by dealing with a few steps that need to be taken accordingly. This treatise highlights the steps accordingly that one should proceed ahead with.
Business Opportunities in Oman
The Sultanate of Oman has paved out numerous opportunities, right from tech-based industries to set up a facility maintenance company. Muscat, the capital, has been eyed by foreign investors as a perfect investment platform to step in and start a business in Oman.
A few of the booming industry sectors widely preferred by foreign investors include:
- Logistics and transport
- Tourism and Hospitality
- Fisheries and agriculture, etc.
To know more regarding the different business options, you can get in the region, look at our latest guide: Business Opportunities in Oman
The government has been taking numerous steps to make the region one of the favourite destinations to grab the attention of international investors and increase the inflow of FDI.
How to Start a Business in Oman?
Being a foreigner, you need to have a clear idea of the proceedings that gets followed while setting up a business in Oman and to run it effectively.
You are required to register the company, and this process has its pre-requisites that need to be followed, which are:
- There should be at least 2 Shareholders
- There should be 1 Director who can be of any nationality
- A Registered Address of your Office
- The minimum capital requirement of OMR 150,000 is to be meT
After fulfilling the requirements, you need to collect all the required documents needed while registering your company.
Documents Required to Start a Business in Oman
A few of the papers that you need to submit to complete the incorporation process includes:
- Copy of the Passport or any other Identity Card of the Shareholders
- Copy of the Passport or any other Identity Card of all Authorised Signatories
- The Initial Capital Deposit Certificate
- Names and Signatures of the authorised signatories produced on an approved authorised signatory form
- Standard Company Registration forms
- Company Statues
- Affiliation certificate from Chamber of Commerce and Industry
Business Setup in Oman Procedure
1.Decide the name of your company
Deciding the business entity's name is one of the crucial stages that need to be cleared initially. While doing so, you need to ensure that the selected business name doesn't clash with the competitors existing in the market. It should be unique and not mislead in any way.
2.Be clear regarding your business idea
Make sure to be very clear regarding the business idea that you hold to proceed transparently.
3.Get in touch with an expert
It would help if you got in touch with a certified business expert to clear the legal proceedings at ease. Experts are well-versed with the business opportunities and thus, can assist you in a much better way.
4.Submit the papers
Handover the essential papers to the business guide to look at the same and rectify any error. The expert will handle the respective proceedings and will assist you in getting the required approvals.
5.Apply for permits
The business must apply for a licence or a permit in the field it wants to conduct business to be considered a legal business entity.
Omani law requires all the foreign organisations the company to be registered with the relevant authorities. This includes organisations like:
- Royal Police of Oman
- Ministry of Manpower
- Public Authority for Social Insurance (PASI)
6.Register for taxes
After applying for permits, your company must register itself with the Tax branch of the Finance Ministry. As a part of the GCC nation, the business entity in Oman must pay a VAT of 5%.
7.Make a company seal
The company's seal is to be designed, and it should consist of the name and logo of the organisation that will be present in all the respective papers of your entity.
8.Open a bank account
In the last move, you need to open a bank account to clear out the business proceedings at ease. This will help you get a clear idea of the payment procedure and distinguish between personal and business funds.
By following the process mentioned above, you can easily set up a company in Oman.
We understand the concern of starting the same and the legal formalities that need to be cleared.
At Business Setup Worldwide would love to help you in this matter. Our business setup experts will take care of all your Legal and Licensing formalities without letting you worry about the red tape and legal procedures.
We also provide a variety of services that will help you in your future endeavours. To know more about the various services we offer, do reach out to us- we’d be glad to assist.