Steps to Start a Foreign Business in Oman

Foreign Business setup in Oman

Are you seeking to take your business to new heights? If so, then Oman is the destination you are looking for. Oman offers the perfect blend of an excellent business environment and a prosperous economy which is ideal for any business to run. 

The government is also working towards boosting its economy by offering many incentives to investors such as exclusion of customs duty, state-of-the-art infrastructure , provision of subsidised income tax rates, etc. 

Oman’s stable government and a business-friendly environment make starting a business in Oman easy.

Here is an easy-to-follow guide for setting up a company in Oman. 
 

Prerequisites for setting up a business in Oman

The following are the prerequisites for setting up a company in Oman.

  • A minimum capital of OMR 150,000 ( approx. USD 390,000).
  • At Least 2 shareholders.
  • There must be one director who can be of any nationality.
  • A registered address for your office.

Documents required to register a company in Oman

  • Certificate of Initial Deposit
  • Registration Certificate of Tax
  • Identity cards of Shareholders
  • Completed business registration form
  • Passports and Visas of the shareholders
  • Articles of Association and Memorandum
  • Affiliation certificate issued by Chamber of Commerce and Industry

Steps involved in setting up a business in Oman

The process of company formation in Oman involves the following steps that must be completed.

Step 1 - Choosing a Business Structure

The first step involved in setting up a business in Oman is choosing an appropriate business  structure. The following are the most profitable businesses in the nation.

  • Branch office
  • Joint-stock company
  • Limited Liability Company

Step 2 - Reserve the name of your company

Decide a name for your company and reserve that name with the Ministry of Commerce and Industry (MOCI). 

You must keep the following points in mind while choosing a name for your company.

  • You are not allowed to select a name that inaccurately designates the Sultanate of Oman’s geographic division.
  • Do not replicate the names of your competitors.
  • The name should not be symbolically or culturally offensive to any community or sector of the society.
  • As per new regulations enacted by MOCI, Your name cannot contain the words “Oman” or “Omani”.

Step 3 - Submit Incorporation Documents

Once the name of your company has been approved, the following documents must be submitted to the MOCI for approval. This step is crucial for setting up a business in Oman.

  • Shareholder’s documents
  • Authorised signatory form
  • Certificate issued by the bank
  • Company constitution

Remember, an incorporation fee will be acquired after the submission of documents.

Step 4 - Open a Capital Account

The incorporation fee acquired in step 3 must be deposited into a capital account after the documents are submitted.

Step 5 - OCCI Registration

After registration with the MOCI, you must register your business with the Oman Chamber of Commerce and Industries (OCCI) without which the Oman commercial registration will be deemed invalid.

Step 6 - Registering your business

For company registration in Oman, the following documents must be submitted to the local regulatory authorities.

  • Municipality approval
  • Share Capital Certificate
  • Legalised Opening Forms

Step 7 - Obtaining Government approvals

For setting up your company in Oman, you must receive approvals from a number of authorities. Here is a list of some of the approvals required.

  • Tax Registration
  • Municipality Licence
  • Registration with Oman Police
  • Import Export License as appropriate
  • Permit licences from Industrial, Environmental or IT ministries.

Remember that these are only a few of the approvals and they can vary depending on the size and nature of your firm.

Step 8 - Post Registration Processes

After registration, the following steps must be followed for finishing your company formation in Oman.

Your company seal must be designed and finalised before operations.

After the incorporation procedure, you must apply for an Oman visa services for all your employees.

All the employees of your company must be registered under the company name so that they are recognised as a vital part of your company.

How can we help?

We, at Business Setup Worldwide assist in business incorporation and office setup. We prioritise on professionalism, innovation and global adaptability helping entrepreneurs anticipate and capitalise on market changes. Contact our experts today and let your dreams take flight!

FAQs

What are the advantages of setting up a business in Oman?

The benefits of setting up a business in Oman are,
A booming economy
Simplified process
Presence of multiple business structures
Global talent pool
Business-friendly regulations
Multiple tax exemptions

List out a few of the most favourable business structures in Oman.

A few of the most favourable business structures in Oman include:
One-person company
Limited liability company
Free zone company
Joint-stock company
Holding company
Limited partnership
General partnership
Joint venture

Which is the most common type of business entity used in Oman?

The Limited Liability Company (LLC) is Oman's most common business entity.

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