The Sultanate of Oman, with its rich historical heritage, shares its borders with the United Arab Emirates. This region is renowned for offering a diverse array of experiences, from exploring the magnificent mountains to enjoying swimming in the wadis. It presents an unforgettable experience to visitors from around the globe. Over time, the Sultanate has diversified its economy and has emerged as a thriving business hub. The continuous development initiatives launched by the Omani Government have captured the interest of the international community. These efforts aim to modernize the traditional Arab culture while positioning the nation as a significant player in the year 2024, presenting a prime opportunity for business investors to invest.
This guide has been meticulously crafted to provide the fundamental information that business investors should be cognizant of. According to the most recent report from Doing Business 2024, Oman ranks 68th among 190 countries. For businessmen seeking to expand their businesses or invest in foreign territories, Oman emerges as a viable option.
Oman Vision 2024
In a manner reminiscent of Dubai's enthusiasm for the inauguration of the World Expo 2024, Oman has established a formalized framework aimed at elevating the region's development to unprecedented heights. The 9th Five-Year Development Plan, launched in 2016, is poised to significantly shape the nation's future. This plan will be subject to thorough scrutiny by the governing authorities at various intervals to ensure the implementation of necessary measures.
The foundational goals of Oman Vision 2024 encompass:
- Identifying the potentials of various sectors both locally and internationally.
- Formulating compelling policies and regulations to fully leverage the potential of each sector.
- Integrating the private sector into national development initiatives and fostering strategic partnerships with the private sector.
- Promoting Omanization within the private sector.
Oman Vision 2024 represents a significant stride towards redefining the nation's economy and advancing towards "economic liberalization" and "business and investment policies." The government has been actively pursuing measures to attract global business investors, encouraging them to invest in the country. Beyond the conventional focus on business, the vision also emphasizes the following areas:
- Increasing the participation rate of women in the economy.
- Encouraging small and medium-sized enterprises (SMEs) to pursue megaprojects.
- Enhancing competitiveness within the private sector.
It is evident that the current landscape offers considerable opportunities for the business sector and investors.
How to Form a Business in Oman?
To move forward with the process of forming a business in Oman, business owners must adhere to the steps outlined below.
1. Choosing the Right Business Structure
This is the first step you should take, depending on the number of shareholders available and the amount of share capital to be invested. Oman is a favorable location for the following types of business entities:
- Sole Proprietorship
- Joint-Stock Company
- Branch Office
- Representative Office
- Limited Liability Company
- Commercial Agency
2. Registering Your Business Name
The name of your business is its brand. However, there are certain rules to follow when selecting a name for your business.
The chosen name cannot be a copy of another company's name, a name that could be considered offensive in various ways, such as religious, political, military, or having negative connotations, a name that includes an honorific or unique character in any regional, Arab, or international organization, a name that includes the words “Oman” or “Omani,” a name that suggests a wrong geographical division of the Sultanate of Oman, after selecting the business name, the business owners need to get the authorized signatory form and the bank certificate, which must be submitted to the Ministry of Commerce and Industry (MOCI) in Oman.
3. Filing the Necessary Documents
The importance of documentation cannot be overstated when it comes to establishing the groundwork for any business. In the process of incorporating a business in Oman, the following documents are required:
- Company Registration Form
- Copies of valid IDs for the company's shareholders and authorized signatories
- Proof of address for the shareholders
- Shareholder's visa and passport
- Company's statutes
- Affiliation certificate with the Chamber of Commerce and Industry
- Certificate of Initial Capital Deposit at the Bank
- Memorandum and Articles of Association
4. Registration with the Oman Chamber of Commerce and Industry (OCCI)
Upon familiarizing yourself with the aforementioned documents, the next step involves registering with the Ministry of Commerce and Industry (MOCI), Oman Chamber of Commerce (OCCI), to fulfill the commercial regulations required for a business entity.
5. Acquire the Necessary Approvals
In accordance with the intended business activities of a company, it is imperative to secure the requisite approvals from various departments, including:
- The Tax Registration Department
- The Royal Oman Police
- The Ministry of Manpower
- The Municipality
- The Import-Export Authority of Oman, should the business engage in import-export activities
- The Industrial, Environmental, and Other Relevant Permit Departments
6. Obtain the Company Seal
The final stage of this process involves the acquisition of the company seal.
Now that you are well-versed in the process, let us delve into the advantages that await those who choose to invest in Oman.
Advantages of Establishing a Business in Oman
By launching a venture in Oman, entrepreneurs and investors can enjoy the following advantages:
- Exemption from personal income tax
- Oman's strategic position is advantageous for business growth
- The area has established several Double Taxation Agreements with overseas nations
- Acts as a gateway to the international market
- Proper development of infrastructure and network connectivity
- Focuses on being a platform for future business endeavors
It is evident that investing in Oman is a wise financial decision for business professionals. However, navigating the legal process on one's own can be challenging. To ensure a seamless process, it is advisable to seek the assistance of a qualified business consultant who is knowledgeable in the process of company incorporation.
Reasons to Hire Professional Services
Entrepreneurs prefer to make the most of their time in a productive manner. Therefore, they are drawn to the following benefits that lead them to delegate tasks to professional experts.
- Tasks are completed more quickly
- Records are kept in a professional manner
- The process of legal documentation is managed efficiently
- Reduces the workload for business owners and investors
- Utilizes available resources effectively
How We Can Assist
Innovative Digital Consultants are dedicated to providing top-notch business incorporation services that will help you bring your business concept to life. Since our inception, we have supported numerous business investors from the Oman in setting up their business with ease.
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
