Mainland Company Formation in Oman
Oman is the best place in GCC for Business Setup in Oman. The mascot is the business hub and allows local and international companies to invest in many activities related to field business. The economy and Currency are more stable than in other GCC countries nowadays. G.C.C. Middle Eastern nations have always been favourite Arab destinations for business industries. Oman has been one of the dynamic nations beneficial for freelancers and multi-millionaires.
There are three primary considerations you should look at before setting up a company in Oman.
Company Formation in Oman is more challenging. If you are a foreigner and want to start a business in Oman, you must know about Sultanate Oman government rules and regulations. We are Gulfhint, also known as Mehar Business Solution in GCC Countries. We work as a business advisor in Oman, or we can form a company on your behalf. We are happy to assist you with the best advice and guide you through the steps needed to set up a business smoothly.
Like the other GCC Emirates, Oman allows business establishment. Categories are found below.
L.L.C. Establishment
LLC Business setup in Oman companies requires Omani nationals as a sponsor. The local sponsor holds at least 30% of the shares, and foreign companies or investors have the remaining 70%.
GCC Nationals
GCC National category means Omani locals are not required to set up business in Oman, and G.C.C. national is the only owner of the company and holds 100% shares of the company, but has some minimum capital requirements, which are USD 52000
US citizens or U.S. companies can acquire 100% ownership of investments in any sector of Oman.
Oman has an agreement with the United States of America called the Free Trade Agreement. That agreement allows U.S. citizens and companies to start businesses in Oman without hiring an Omani local as a sponsor.
How to Start a Business in Oman?
The Sultanate of Oman’s government has been taking more advanced steps to encourage new and old investors and promote diversification, privatization, and industrialization.
The First Step is to Reserve a Trade Name
First, you must apply to the Ministry of Commerce and Industry (MCI) to reserve a unique name for your business, as name approval is required by Omani law.
2nd step is to submit the company essentials
Company formation must submit all necessary documentation for setting up business in Oman. After approval of the company name, we need to submit shareholder agreements and shareholder documents contracts, signatory forms, and bank certificates to offer all these documents to the MCI Department.
3rd Step: Need Registration in the Chamber of Commerce and Industry (OCCI) Department
After registering with the OCCI and MCI departments, you can comply with the commercial laws and rules that the Omani government demands to establish a business there.
4th Step: Get Respective Approvals from the Oman Government Department
Depending on your business’s nature, size, and activities, you may need to obtain some government approvals. More Details find below
• Tax Registration
• Registration with the Royal Oman Police Department
• Registration with the Ministry of Manpower to file for labour clearances and visas
• Municipality license Registration and Approval
• Import and export license, if required
• Industrial, environmental, and other permits and licenses
5th step is to Design a Company Seal or Stamp
Company stamp presents your company’s existence in Oman, and use this for letterhead, invoices, quotations, and many more. Company stamp in Oman showing your business entity
There are 4 free zones in Oman.
Sultanate of Oman allows Locals and foreigners to set up businesses in Oman-free zones.
- Sohar Freezone: Sohar Port & Freezone Is Transforming The Sultanate’s Capacity For Worldwide Trade. Read More
- Southern Port of Salalah: The Southern Port of Salalah Free Zone Company Formation in Oman Read More
- Duqm Special Economic Zone: The Duqm Special Economic Zone was established by the SEZ Authority of Duqm (SEZAD), a government agency. Read More
- Al-Mazunah Free Zone: Al Mazunah Free Zone was established on November 24, 1999, as the first free zone in the Sultanate. Read More
Banking System in Oman
One of the core fronts that every investor should be aware of is the banking process that every business entity or trade license activity must follow. Opening a corporate bank account helps a business investor gain multiple benefits, from keeping track of the business expenses to monitoring financial growth. We will assist with opening your bank account. Read more about starting a business in Dubai and forming a new company in Qatar.