Company Registration in Oman

The Sultanate of Oman has been one of the most emerging grounds in the Middle East for business investors to step in and convert their dream into reality. From establishing a new company to expanding an existing business, the ground is feasible for every move.

Oman's economy has been heavily relying on oil and oil-based industries. However, with time, the focus has been shifted to the non-oil segments, drastically increasing the business opportunities to the next level.

Starting a company in Oman turns out to be a profitable move for foreign investors. However, there are a few essentials that one must be aware of before proceeding ahead.

This treatise focuses on the core essentials that one should know before investing in Oman.

Doing Business in Oman

Middle Eastern nations have always been a favourite destination for the business industries. Oman has been standing as one of the dynamic nations beneficial for a freelancer to a multi-millionaire; every business mind can find the ground profitable.

Oman is the third biggest nation in the Arabian Peninsula and thus, becomes the centre of attraction and investment. To know more on the same, do glance at our latest guide: 8 Reasons to Start a Business in Oman.

Business Opportunities in Oman

The Sultanate of Oman is an open ground for business investors to come forward and play their best shot. Few of the business opportunities that are widely preferred in the region include:

  • Tech-based business
  • Accounting and investment firm
  • Real estate
  • Commodity stores
  • Digital and technology field
  • Food and beverage

Types of Business Entities in Oman

Registering a business unit involves numerous steps, and selecting a business structure is what one has to be clear about.

In Oman, an investor has the flexibility to select any of the business structure from the following available types:

  • Sole proprietorship
  • General Partnership
  • Limited Partnership
  • Joint Venture Company
  • Joint Stock Company
  • Holding Company
  • Branch Office
  • Representative Office

The selection of a business structure depends on the availability of initial capital and the total number of business investors. To get clarity on the business structure, here's a treatise on the Corporate Structures in Oman.

How to Start a Business in Oman?

The Omani government has been taking respective measures to encourage enterprise growth and promote diversification, industrialization and privatization.

The company registration in Oman involves a series of steps that involve:

1.Reserve a Trade Name

Apply to the Ministry of Commerce and Industry (MCI) to reserve a unique name for your company, subject to nomenclature norms in Omani Law.

One needs to make sure that the selected name doesn't sound offensive. It should stand unique from the competitors available in the market.

2.Submit the Company Essentials

Documentation plays an extensive role when it comes to getting a process incorporated.

Once the company name is reserved and approved, draft the shareholder documents and constitutive contract, and obtain the authorized signatory form and bank certificate, and submit these to the MCI.

3.Register with the Oman Chamber of Commerce and Industry (OCCI)

After registering with MCI, register with OCCI for compliance with the commercial rules and regulations required of a corporate in Oman.

4.Get Respective Approvals from the Government Departments

Depending upon your business's nature, size, and activities, you may need to obtain a couple of government approvals. This can include obtaining or carrying out:

  • Tax registration
  • Registration with the Royal Oman Police
  • Registration with the Ministry of Manpower, to file for labour clearances and visas
  • Municipality licence
  • Import/export licence, if required
  • Industrial, environmental and other permits and licenses

5.Design a Company Seal

In simple terms, accompany seal can be understood as the signature of a business entity. The company seal is often used in the letterhead and the core documents while dealing with the clients or business stakeholders.

Banking System in Oman

One of the core fronts that every investor should be aware of is the banking process that every business entity must follow.

Opening a corporate bank account helps a business investor gain multiple benefits, right from keeping track of the business expenses to monitor the financial growth.

To know more about the same, here’s a Guide to Corporate Account Opening in Oman.

Business Setup Worldwide | Your Business Advisor

Business Setup Worldwide is one of the top ten business consultants who has been guiding business investors to start their business entities at ease.

Incorporating a business entity in a foreign country turns complicated if one is not well-versed with the legal proceedings.

We at BSW understand the process extensively well, and thus our business advisors take the necessary moves to provide the customized solutions suiting business needs.

If you are looking forward to opening a business in Oman, feel free to have a word with our experts. Contact us today-we’d be glad to assist!