The Sultanate of Oman, located on the southeastern coast of the Arabian Peninsula, has undergone significant transformations in its economic landscape, now home to over 6.5 million inhabitants. Despite its robust oil-based economy, the country has also seen substantial growth in its non-oil sectors, significantly enhancing its revenue and development prospects.
Oman is emerging as a key player in the Gulf Cooperation Council (GCC) region, offering a wealth of business opportunities and serving as a welcoming environment for international expatriates. The Omani government has been steadfast in its commitment to the country's development, implementing various measures to facilitate the lives of foreign expatriates and attract further foreign investment.
For a period, establishing a business in Oman has been perceived as a promising and lucrative venture for global industry professionals. The country is projected to maintain a GDP growth rate of 3.7 percent by 2020. Now is an opportune time to consider incorporating a business in Oman. This guide provides a comprehensive overview of the investment process in Oman, designed to be beneficial for those interested in doing business in the country.
Types of Corporate Body in Oman
The geographical position of Oman is ideally suited for the establishment of various business structures, including:
- Sole Proprietorship
- Joint Stock Company
- Branch Office
- Representative Office
Benefits of Establishing a Business in Oman
It has been observed that conducting business within Oman presents a lucrative prospect for international expatriates. The country offers numerous compelling reasons for initiating a business venture. The following factors contribute to the advantageous landscape for business establishment:
- Strategic Industry Location
- Abundance of Natural Resources
- Robust Economic Growth
- Government Support for New Businesses
- Absence of Personal Taxation
How to Incorporate a Business in Oman?
Initiating a business venture in Oman necessitates adherence to a structured approach. The following steps outline the process in detail:
1. Selection of the Appropriate Company Framework
The initial step in the establishment of a business entity in Oman involves the selection of the most suitable company framework. This decision is contingent upon the availability of shareholders and the extent of resources to be invested. Oman is an attractive jurisdiction for the incorporation of the following types of corporate entities:
- Sole Proprietorship
- Joint-Stock Company
- Branch Office
- Representative Office
- Limited Liability Company
- Commercial Agency
2. Reservation of a Trade Name
Upon the completion of the selection of the company framework, the process advances to the reservation of a trade name. It is imperative to select a company name with care, as it will act as the firm's brand identity. However, certain criteria must be met when choosing a name for the company.
- The chosen name should not be a direct copy of that of existing competitors.
- The name should not be offensive in any manner, including religious, political, military, contextual, or material terms.
- The name should not be associated with any honorary sign or distinct identity of any regional, Arab, or foreign organization.
- The name should not include the words "Oman" or "Oman."
- The name should not denote an inappropriate geographical division of the Sultanate of Oman.
Upon the selection of the business name, it is imperative for the business investors to secure an approved signatory document and a bank certificate, which must then be submitted to the Ministry of Commerce and Industry (MOCI) in Oman.
3. Submission of Required Documents
The third phase involves familiarizing oneself with the documents intended to guide the registration process. The collection of records encompasses the following:
- Company Incorporation Form: A copy of the official company shareholder IDs and approved signatories to the organization.
- Proof of Address for Investors: Evidence of the investors' residential addresses.
- Passport and Visa of Investors: Documentation of the investors' passports and visas.
- Company's Laws: Certificates related to the company's legal framework.
- Certificate of Chamber of Commerce and Industry: Evidence of the company's affiliation with the Chamber of Commerce and Industry.
- Certificate of Initial Capital Deposit: Documentation of the company's initial capital deposit with a bank.
- Memorandum and Articles of Association: Documents outlining the company's structure and governance.
4. Registration with the Oman Chamber of Commerce and Industry (OCCI)
Upon having access to the aforementioned documents, the next step is to enroll with the Ministry of Commerce and Industry (MOCI), specifically with the Oman Chamber of Commerce (OCCI), to obtain the necessary legal requirements for a corporate entity.
5. Acquisition of Required Approvals
In addition to the registration with the OCCI, the necessary approvals from relevant government authorities must be secured. The registration process is contingent upon the nature, scale, and operations of the company. However, the list of required approvals includes:
- Department for Tax Registration: Documentation related to the company's tax registration.
- Enrollment with the Royal Oman Police Force: Proof of enrollment with the Royal Oman Police Force.
- Sign-up with the Ministry of Human Rights: Documentation related to the company's compliance with human rights standards.
- Enrollment with the Municipality: Proof of enrollment with the municipality.
- Import-Export Jurisdiction of Oman: Documentation related to the company's import-export activities.
- Commercial, Environmental, and Other Related Permits: Documentation related to the company's commercial, environmental, and other relevant activities.
6. Obtaining Your Company Seal
The final step involves the acquisition of the company seal, which is crucial for the corporate entity when preparing business documents.
It is evident that the process of company incorporation involves a complex web of paperwork approvals, which can be time-consuming and daunting for those unfamiliar with the legal procedures. By opting for outsourcing integration services, one can alleviate unnecessary stress and focus more on the development of business strategies. This approach not only saves time but also optimizes the use of available resources.
Our Business Setup Services in Oman
At Innovative Digital, we offer a comprehensive Business Setup Solution kit, which encompasses the following essential services:
- Company Incorporation and Registration
- Local Sponsorship Assistance
- Public Relations Officer (PRO) Services
- Accounting and Bookkeeping Support
- Auditing Services
- Tax Consulting Assistance
- Value-Added Tax (VAT) Registration Services
- Intellectual Property Services
Feel Free To Reach Out To Us For More Information On Business Setup In Oman With Innovative Digital . Our Dedicated And Experienced Team Will Respond To Your Inquiry Within The Next 24 Hours. Call Or Whatsapp Us +968 7110 6867 Or Email: Info@innovativedigital.om
