Oman is a beautiful country and is considered as one of the most critical logistical centres of the world. The government of Oman is also striving towards the formulation of policies to make the economy of the country more robust. This has made doing business in Oman very easy. However, incorporation of your business is not the final step but the beginning of a long and arduous journey in which you will have to be vigilant and adapt to the ever-changing business environment.
One of the first steps that you should take after registration of your company is to apply for a corporate bank account. Opening a business bank account is one of the most evident proofs that your company exists in the market and is open to doing business.
What Is a Corporate Account?
A corporate account is a bank account which focuses more on offering its services to companies and businesses. One of the most crucial benefits that a corporate account provides is that this account would allow the companies to get expert advice from the bankers who would help you when your business is facing fiscal hardships.
Features of a Corporate Bank Account
1.Helps During Audit
A corporate bank account would keep a detailed list of all the transactions that have been conducted by the company. With a company bank account separate from the personal bank account, one will not have to comb through all the personal and business transactions to find the relevant information. This would save a lot of time and labour of both the auditor and the business.
2.Improves the Image
While paying the suppliers or creditors, issuing cheques from our account won’t instil any confidence in them. A business account would convey to all the customers and prospective clients that you are open to conducting business. Furthermore, having separate books of accounts would prove to the creditors that the company is serious and not just a hobby.
3.Provides a Professional Appearance
Keeping a business account will augment the image of the company. This would mean that whenever you use cheques, the creditors will see those cheques and understand that the business is here to stay.
4.Assistance during Liquidation of the Company
ssWhenever there is a sale of a company, a process similar to an audit is undertaken by the buying party. At this time the more documents you can provide the better. This is because banks are considered a legitimate authority for verification. The banks would have maintained all the statistics and data, which would provide a great deal of ease during the transfer of the company.
These are some of the advantages that a business can avail by having corporate bank accounts. The other benefits include tax benefits, accepting credit cards, etc. Now, let figure out how to open a corporate bank account in Oman.
Open a Corporate Bank Account in Oman
One must adhere to the rules and regulations set by the Government of Oman while opening a corporate bank account. The procedure is relatively simple. All one needs to do is to acquire the relevant documents and submit them to a bank of their choice. The bank in which the account would be established must be chosen after inspecting the benefits they would provide.
Documents Required to Open a Corporate Bank Account in Oman
There are quite a handful of papers required while setting up a corporate account. They are as follows:
- Valid Passport
- The Identity card of the shareholder
- Two photographs (passport-size) of the shareholder
- Eligible Visa
- Residency/Work-Permit copies
- A Resident Card
- Original trade license
- Reference Letter from the bank of expat’s country of origin
- A No-Objection-Certificate from the Omani employer that states the expected monthly salary will be deposited into the respective accounts
- Any proof of the residential address
These are the required documents that a businessperson should have while opening a corporate bank account. If, due to the advantages mentioned above, you feel that your business in Oman needs a corporate bank account but do not want the hassle associated with it then, fret not. Business Setup Worldwide can help you in setting up the account in Oman and would provide you with all the necessary help needed. Our expert teams are well-informed about the Omani laws and will assist in every step of the way. To inquire about the various services, we offer, do contact us – we would be happy to help.