Oman is definitely one of the best locations where an investor can start a business in 2021. The government is very business-friendly and are consistently pushing out developmental plans to help out the entrepreneurs.
Investment via the creation of a company to carry out business activities in Oman is a good plan. Aside from incorporating an organization, there are bunches of other lawful compliances and guidelines that should be complied.
Learn more about company formation in Oman on our website.
One such guideline is creating and enrolling a trademark for any organization setting up business in Oman. A business trademark should be made remembering the rules and guidelines as referenced in the administering Law. We will get to that later; first, we should get what a business trademark is.
What is a Trade Name?
A trade name is an enlisted and official name that a sole owner or organization uses to lead a business. A trade name is otherwise also known as Doing Business As (DBA). Enlistment of a trademark is quite possibly the most indispensable stride for marking an organization.
The government of Oman has made it necessary for the enrollment of a trading name. An investor needing to conduct business in Oman needs to abide by the standards and guidelines and register a trading name as laid down by the Omani government.
Trade Name Rules and Guidelines in Oman
The Ministry of Commerce and Industry ("MOCI") has laid down rules relating to commercial names in the Ministerial Decision No. 124 of 2016.
Altogether, for an investor (i.e., an organization or individual) to set up another organization in Oman, the investor will initially distinguish and look for endorsement on the proposed name of the new organization.
Already, while the MOCI (Ministry of Commerce and Industry) allowed investors to incorporate the foreign investor's name, it has commonly kept the investors from including "Oman" in the new organization name, except if the base capital invested in the organization was RO at least 500,000.
Be that as it may, under the new MD 124/16, just business entities reserve the privilege to incorporate "Oman" in the business name. This implies that restricted obligation organizations would not have the option to incorporate "Oman" in the business name, whether or not the restricted risk organization has a capital investment of RO 500,000.
The MOCI has made certain amendments in the rules and guidelines identifying with the organization's name reservation. MD 124/16 drops all arrangements or decides that negate the guidelines.
Article 4 of MD 124/16 gives that the investor isn't allowed to save or enrol the organization name except if the name has importance or articulation in Arabic and should exclude a term or a word that can't be converted into Arabic.
Such guidelines nonetheless doesn't make a difference to foreign branches enrolled in Oman or Omani organizations with joint foreign proprietorship or foreign organizations that have full possession.
Further, it's anything but allowed for any part of an organization to hold an autonomous business name distinctive to that of the organization's name. Any brand name of the foundation or its branches might be enrolled according to the Intellectual Property Law.
MD 124/16 gives that any names that fall under the accompanying classes are not allowed to be enrolled:
- plural of a tribe name, which includes the two letters (AL);
- a name that is identical to a commercial name of an establishment that has a local and an international reputation;
- a name which may indicate or include a religious, political, military meaning or content;
- a demonstrative pronoun, an honorary sign or a special character in any of the regional, Arab or international organizations or one of its institutions;
- a name that resembles a name of an authority or organization, a social institution, local charities or international institutions;
- a name that resembles a registered trademark or its name, or contains one of its components;
- a name that carries a synonymous meaning to the commercial name of an establishment or pluralizes or singularizes the name of a registered establishment;
- a name that carries the word "Oman" or "Omani" or one of its derivatives or implications, except for the joint-stock companies; and
- a name that indicates an incorrect geographical division of the Sultanate
We hope that the information mentioned above gave you a clear idea about the trade name rules in Oman. Now you are one step closer to the business you want to set up in Oman. Gain additional information about why you should start a business in Oman on our blog.
How can we help?
If you are attracted by the multiple benefits of Oman's investment, you can contact us to start with your investment. At Business Setup Worldwide, we are driven to ensure that your investment is safe and worthwhile. In addition, our advisors work with you to provide you with the best-customized business solutions.
Please don't delay your business establishment plans anymore, and help us help you.
1. Who can apply for the trade name renewal in Oman?
Investors or jurisdiction individuals.
2. Which government authority will handle the trade name registration in Oman?
The Ministry of Commerce and Industry.
3. What is the CR number?
The Commercial Registration ("CR") number serves as the exclusive identifying code for all Omani legal companies. This number can be seen on the business's letterhead, on its seal, and occasionally on its website.
4. What is the importance of trade name renewal in Oman?
The investor confirms his reservation about the trade name (TN) he intends to use when forming the company or corporation by renewing his trade name registration.