Strategically positioned at the Persian Gulf, the Sultanate of Oman turns out to be a striking business investment destination. With Muscat as its capital, the economy of Oman has been growing significantly and has positioned itself among the fastest-growing economies among the Arabian countries. The GDP of the economy is expected to increase by 2.3% in 2018, 3.5% in 2019 and 2.9% by 2020. By this, we can see the growth in the economy. According to a source, it is projected that by the year 2040, the economy would grow by 10%. The government of Oman has been significantly working on different measures as well as adopting different measures to establish Oman as a centre of business opportunities. Business setup in Oman has got various business establishment options that help international investors to initiate the process. In this article, you will be able to get an idea regarding the various business opportunities available in Oman. Let’s start…
Initiatives Taken by the Omani Government
The Government of Oman has been adopting the best practices to leverage the business opportunities for both Sole Proprietorships as well as LLC Company in Oman. Few of them are mentioned below:
Oman Business Forum
Oman Business Forum (OBF) is an initiative taken to collaborate the public and private sectors to unlock the growth opportunities and business ideas in Oman. The main objectives of this forum are:
- Knowledge Sharing
- Collaborative Partnerships
- Business Opportunities
- Value-Added Networking
1. 9th Five-Year Development Plan (2016-2020)
By 2020, the aim of the government of Oman is to achieve a GDP growth of 3% by creating multiple business and job opportunities and maintain safe inflation levels at 2.9%. The SME’s, Start-ups, Entrepreneurship are into prime focus that will boost the economy to a great extent.
2. Boost Start-Up and Entrepreneurship
Omani Government is heading its journey to build a smart-city. Strong networking base built through the trade agreements would help even the start-ups and entrepreneurs to climb up the business ladder.
3. Export of Non-Oil Products
Arabian countries are well-known as an export centre for oil and its by-products. Now, the government of these countries is slowly shifting its focus towards the non-oil sectors. Oman has also initiated the same and is looking forward towards encouraging the non-oil sectors and benefit the economy overall.
4. Vision 2040
The ultimate aim by 2040 is to increase the GDP of the economy by 10%. This would increase the number of expats living there to a large extent. Analysts have come up with a population count of 5 million people that will be reached in the next two years. The increased population would ultimately demand more business activities to be carried on.
Growing Business Opportunities in the Following Key Promising Sectors
The Omani Government will focus on the following sectors to leverage the untapped potential of the following sectors. Over 500 policies and programmes have been designed accordingly to uplift these sectors and make the economy as an international business destination. The investment opportunities in Oman are available in the below-mentioned sectors:
- Transportation and Logistics
- Tourism and Travel
- Technology-Based Startups
- Event Management
- Medical Consultancy
- Health Sector
Well, now you must be wondering about the benefits will you provided with. Well, the answer to your question lies below.
Benefits of Establishing a Business in Oman
- Access to the global market
- World-class Infrastructure facilities
- Stable Investment and Business Climate
- Availability of Educated and Bilingual Workforce
- No Personal Tax
Thus, you have seen the opportunities that lie in Oman business in different sectors followed by the benefits derived. Next, let’s have a glimpse at the investment regions inside Oman.
In a nutshell, we can say that Oman has widespread its wings to businesses of different nature and size. The chances of establishing a small business in Oman have shot up in proportion to those of large business entities. If you are planning to establish a company in Oman, the best you can do is to consult a business consultant who can understand your business needs and help you in doing business in Oman. Business Setup Worldwide will accompany you in the entire process of incorporation, settle the legal activities and will help you in building your business foundation in Oman, the future business hub. We have a huge portfolio of satisfied clients all around the world. For further information or any query, do contact us. We’d be happy to assist!