Situated in the centre East, in the south of the Arabia Peninsula, the Sultanate of Oman has a vital geological situation, with a solid history mutually shared with Eastern Africa.
Made out of 11 governorates, the Sultanate of Oman is depicted as an advanced state under the Interior Minister's authority, except for Muscat and Dhofar. Each governorate has its own organization, topography, and economy.
Each five-year plan focuses on the strategy to diversify the economy in the best way possible. The planning intends to extend the productivity and generate jobs for Omanis by providing to the GDP through tourism, fisheries, agriculture, industry and vast mineral resources.
The significant component of the Omani plan is the advancement of human resources through schooling and professional preparation. The Sultanate of Oman is consequently motivated by globally accepted procedures with the means to set up its young populace in the working environment.
In addition, the Sultanate is portrayed by its steady economy, solid framework, and qualified human resource that ensure the effortlessness of interest in Oman.
Also, the guidelines gave to help this open monetary course and to support unfamiliar speculations, which are slowly expanding by the Sultanate's commitment to worldwide associations, global trading associations, and trading agreements with the USA.
Investment Opportunities in Free Zones
Pushing on the significance of economic variety and amplifying the advantage of the essential situation of the Sultanate, other than to the thought of the advantages acquired by the foreign investment, the Government has embraced setting up some free zones in various locations of the Sultanate. These free zones are:
- Salalah Free Zone.
- Salalah Port.
- Sohar Industrial Port.
- Sohar Free Zone.
- Mazyona Free Zone.
- Musandam Free Zone.
Reasons to Invest in Oman
Oman is situated under 2-hours from the significant business communities of Asia and quick cruising times to Asia, Africa, Europe and North America. Oman also has an excellent trade route- at the focal point of the east-west nexus joining markets in Europe, Asia and North America.
- International Presence
Oman enjoys an amazing convergence of worldwide organizations including BP, Shell, Vale, Air Liquide, Larsen and Toubro, Jindal Power and Steel, Huawei, Al Futtaim Group, Rio Tinto Alcan, Carrefour and LuLu.
Along with above mentioned Oman is also a signatory to multiple trade agreements. Also, Oman is a signatory to WTO, GCC common market and has FTAs with Iceland, Norway, US and Singapore, Lichtenstein and Switzerland.
Oman has an investor-friendly business climate and no limitations on bringing home capital or profits. There is a flat 15% corporate tax that is payable. Also, 100% foreign ownership is permitted by the new FDI law.
- Human Resources
A youthful multilingual and taught ability pool prepared for the 21st century. More than 2.2 million labours in the Sultanate and 385,000 business organizations are enlisted in the principal quarter of 2019. Oman probably has the most severe compensation rates in the Gulf. Oman is also ahead in research with 55 tertiary organizations with solid industry links and a flourishing R&D culture.
- Low Currency Risk
Agreeable degrees of foreign exchange reserves will help support Omani Rial's stake in the US dollar. The US dollar is a firm currency and having relativity to it is always a plus.
- Low Economic Structure Risk
Albeit the economy remains exceptionally subject to hydrocarbon incomes and thusly defenceless against changes in oil and gas costs, Oman's development intends to enhance its economy through its travel industry, and the service sector protects the country's financial design.
- Excellent Infrastructure
Oman has universally famous ports, air terminals and streets and some of the most carefully and strategically positioned ports. The internet penetration is high in Oman; there are a lot of mobile users, technological advancement is increasing at a regular pace in Oman. The Sultanate also probably has the most seriously valued land and business property in the Gulf.
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. Our advisors work with you to provide you with the best customized business solutions.
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