Oman has always been known to be a majestic land with natural grandeur. It has beautiful ancient cities and buildings, like the capital city of Muscat, Rustaq, and Nizwa, and another cluster of buildings that make Oman famous worldwide. Moreover, Oman is strategically located in the Arabian Sea between the powerful economies of the region and the world.
It provides a gateway to the major international markets through sea, land, and air routes. This makes it an ideal jurisdiction for establishing Free Zones in a non-conflicting free economic environment.
The government's policy of encouraging regional and international trade, as well as investment in its ports and substantial investment opportunities, are some key factors that attract businesses here.
Importance of Choosing Free Trade Zones in Oman
Free zones in Oman have played a major role in the country's booming entrepreneurial sector and business-friendly environment. Oman is home to one of the Gulf region's newest free trade zones and offers businesses access to the various incentives the Omani government provides and a better investment climate.
Working through Freezone Oman is one of the best options for businesses looking to expand into overseas markets. In such a scenario, it would be highly beneficial for companies looking forward to starting their business in the region hassle-free.
Benefits of Doing Business in Oman's Free Trade Zone
Doing business with a free trade zone provides support and services, lowers costs, and makes you more competitive globally. Furthermore, many benefits come with establishing a business in Oman's free trade zone. These benefits can help you flourish your business for years to come.
- Investors get 100% ownership
- No minimum share capital requirement
- No corporate tax for ten years
- Minimum five years of lease
- Different free zones in Oman
Along with the benefits, have in-depth knowledge about the fifteen business opportunities in Oman.
A Glance at the Free Zones in Oman
One of the best ways to experience Oman is through its free zones. Numerous free zones in Oman are classified according to their use. Moreover, each zone conforms to international laws and standards, which makes the chance of investment success very high. Some of the free zones in Oman are listed below.
- Al Mazunah Free Zone
- Salalah Free Zone
- Sohar Free Zone
- Duqm SEZ
Businesspeople from neighboring Arab nations and overseas traders can import, export, re-export, and engage in international commercial endeavors governed by specific laws and regulations without tax, tariffs, customs taxes, or quotas to free trade zones in Oman.
The jurisdiction is now a central trading hub for the Middle East, Asia, and Africa because of the existence of Oman Free Trade Zones.
Procedure to Start an Oman Free Zone Company
Select the Business Activity
The first and foremost step to start a business in Oman free zones is selecting the business activity. However, before choosing the business activity, thoroughly research the most performing business activity and the competitors.
Choose the Location and Legal Structure
After choosing the business activity, choose the preferred location and the legal structure.
Obtain a License
Once you are done with selecting the location, the next step you have to undergo is applying for a license.
Open a Bank Account
After finishing the above steps, the final step is to open a corporate bank account. Opening a business account is slightly complicated. To avoid such confusion, if you are seeking the help of a business consultant, it would be done in a hassle freeway. Additionally, have a glance at the eight reasons to start a business in Oman.
Documents Required for Oman Free Zone Business Setup
Setting up a business in Oman requires a lot of documentation. There are many business entities available in Oman. Each business entity requires documents that must be filed with the respective authority. The following documents are required for setting up a business in the Sultanate of Oman.
- Name of the investors, along with their country of origin
- Total electricity and water requirement
- Contact details of the investor
- Projected cargo volume
- Business Plan along with Capital Investment
Henceforth, Free Zones, a central part of the country's economic liberalization efforts, attract businesses worldwide. Starting a business in Oman can be much less expensive than in Dubai or other neighboring Gulf states because of these free zones. And foreign investors who have established their free zone companies will be subject to no taxation or customs duties on materials, items, or components they import into Oman.
Why Choose Us
Business Setup Worldwide is a consulting company that helps its clients to start a global business in various economic zones. We help them to find more opportunities and create more contacts.
Our company has taken care of business setups in different countries, and we are ready to help you set up your firm in any part of the world with little effort. So, feel free to contact us and start your business today.