Company Formation In Oman
WHAT IS THE IMPORTANCE OF OMAN IN THE BUSINESS WORLD?
Oman, is a nation situated in the Persian Gulf that has developed new economic and business opportunities for people all across the globe and has ensured development of small businesses and enterprises with active support from local administration. It has a vibrant business culture for major businesses across the globe and has ensured that businessmen across the globe get access to world class entrepreneurial opportunities.
WHAT ARE THE MAJOR BENEFITS OF DOING BUSINESS IN OMAN?
There are numerous benefits for setting up a business in Oman .Some of the benefits are as follows
- Oman is located in a strategic location in the Persian Gulf which makes it accessible to different global centers worldwide and thereby acts as a global hub for various businesses.
- It has a diversified economy that aims to develop the business infrastructure and creates enormous scope of development for different avenues.
- The local administration has ventured into different domains and markets and has been successful in implementing business models for clients in Oman.
- The local authorities has provided numerous incentives such as loan benefits, tax exemptions and established Special Economic zones in order to encourage local businesses and investments.
HOW TO GET YOUR BUSINESS REGISTERED IN OMAN?
There is a systematic manner to get your business registered in Oman by following certain guidelines prescribed by the authorities. Some of the steps are as follows
- RESERVING A COMPANY NAME
In order to reserve a company name, an application has to be send to the Ministry of Commerce and Industry (MCI) in accordance with the prescribed standards.
- SUBMISSION OF INCORPORATING DOCUMENTS
After the registration of company name and approval, the shareholder documents and contract has to be submitted along with authorized certificate to the MCI.
- REGISTRATION WITH OCCI
The Oman Chamber of Commerce and Industry (OCCI) registration has to made in order to comply with the corporate laws in Oman.
- APPROVAL FROM GOVERNMENT AUTHORITIES
There are different set of approval from government authorities before obtaining a permit for setting up a business. Some of them are as follows
- Registration of Tax
- Registration with Oman Royal Police
- Registration with Ministry of Manpower
- Municipality License
- Import/ Export License
- Environmental license
Learn the best ways of starting a business in Oman, different types of business structures in Oman, and what is required to start a business in Oman.
- We will help you register your company in Oman
- We will help you look for and choose a suitable partner or sponsor from Oman
- We will help you set-up your business and associated requirements
- We will help you register for tax and licenses
Find out how to register a company/business in Oman in very easy steps. Our comprehensive list of services is here to help you.
Oman is a nation on the coastline of Arabian Peninsula, capturing a strategically significant position at the starting point in the Persian Gulf. Oman is a diversified economy but it majorly dependent on oil exploration. Petroleum, gas and other non-gas products are major export products. Due to rising demand and declining oil sites, Oman started exploring new fields to work.
Agriculture products like lime, dates, vegetables and grains are also exported to other countries. Another sector getting more emphasise is Tourism – a fast developing and more lucrative sector. It might become the biggest sector within the country. In long-term, it is expected to have some business reforms related to business in context to foreign ownership, PPP laws, small industries, and FDI.
Presently Oman is focusing on developing the infrastructure in the country, thus, business related to electricity and power, cement and desalinisation complexes will boom. So if one looks strategically, this time period is extremely good for those who want to invest in non-petroleum products or business supporting infrastructural growth.
Company Formation Steps in Oman
Finding A Partner
You need partnership and support from an Omani to get the fundamental licenses to work in the country. Helpline Group can guide you and help you gain an Omani partner.
Business set-up activities in Oman may change depending on the industry and type of company. Helpline Group can guide you and help you apply for business set-up.
You may need to apply for additional licenses to begin operations of your business in Oman. Helpline Group can guide you and help you get these licenses in Oman.
Starting a business in Oman is not an easy task for individuals; one need help and guidance for it. We have strong knowledge about the local market and regulations, and we can help you achieve your company formation goals in Oman.
Helpline Group will take care of customer needs by matching their requirements with the governmental laws. We have been offering company formation support in the Middle East and India for the past 25 years.
Legal Structures of the Company
Foreign companies or individuals looking for a business in Oman are governed under Foreign Business and Investment Law of 1974, the Commercial Register law and the Commercial Companies Code of 1974. Under the Omani Foreign Business and Investment Law, foreign companies are allowed to start its business under the following forms:
- Limited Liability Company (LLC)
- Branch Office
- Commercial Agencies
- Representative Trade Offices
- General Partnership Company
- Limited Partnership Company
- Holding Company
- Shareholding Company or Joint Stock Company
- Joint Venture
Other Factors You Should Consider for Qatar Business Formation
Policies related to real estate business in Oman are subjected to continuous amendments to make it easy for investors. Recently, Capital Market Authority announced a big change in the policy that allowed expatriate residents to get engaged in the real estate business. Capital Market Authority of Oman has issued an administrative decision regarding adopting executive regulations of Real Estate Investment Trusts (REITs) that allows every citizen, who is residing in Oman whether Omani national or expatriate to purchase a real estate share of development projects from the Muscat Security Market. This is similar to buying a share in the stock market. To know more about opportunities and regulatory requirements in real estate business or requirements, contact Helpline Group.
Taxation of Companies Registered in Oman
Tax policy in Oman is quite favourable in comparison with the rest of the world. Reasonable tax is charged in Oman as the corporate income tax is just 15%. Taxation policy totally depends on the structure of the company. Helpline Group can assist at all the stages of company formation in Oman along with registration for taxation and associated requirements. Our experts will advise about the best possible way to deal with tax reduction and its payment. Our experts know better about the treaties or exemptions prevailing in the market.
Visa system in Oman is quite flexible and easy. It differs according to the need of the person or the business. A business visa can be obtained by the person easily by following several easy steps. Individuals are required to have a valid passport and its copy, which should have at least 6 months of validity. You might need a local sponsor to sponsor your visa; we will help you in finding this easily by our clientele base in Oman.
The importing system in Oman requires several documentation steps and other legal requirements in order to import. A foreign importer in Oman is obliged to follow the country’s rules and regulations. For clearing the goods for import following things are required-
- Commercial registration and form of activity or permission for importing, if such a form does not exist.
- Affiliation Certificate from Oman Chamber of Commerce and Industry.
- Valid Certification from the manufacturer.
- Valid quotation and Packing list
- Air and shipment bills related to import and other shipment documents.
We are an Expert Consultant to get the following licenses:
- Industrial License
- Auditing Company License
- School and Institute License
- Travel and Tourism Agency License
- Shipping Agency License
- Engineering Consultancy License
- Tourism Company License
- Trading Companies
- Contracting Companies License
- Clinic License
- Restaurant License
- Clearing and forwarding license
- Trademark registration
- Product registration
- Classification certificate
- Import Code