Oman Business Startup Guide: A Step-by-Step Guide

Oman Business Startup Guide: A Step-by-Step Guide

Updated on: 10 Dec 2022

One of the expanding Gulf Cooperation Council (GCC) countries is the Sultanate of Oman. There are foreigners living there who want to investigate various business prospects. The Omani government has put in place a number of programmes to give foreign businesses fantastic investment prospects.

You may depend on Oman as a site to diversify your business.

You'll learn about the benefits of investing in Oman and how to launch a business in Oman from this site.

Motives for Launching a Business in Oman

You intend to launch a new business or expand your current one overseas in order to earn Omani Rials. People enter the global market for a variety of reasons, including money and exposure to foreign markets.

You must consider the benefits of selecting Oman as a location for your business abroad, though.

One of the Gulf nations, Oman, was reliant on the oil industry. The nation has undergone a tremendous transition and altered its economic structure.

By relying less on the oil industry, the Omani government has changed the social and economic structure of the country. Oman set tourism as its primary revenue goal.

The top two factors that entice foreigners to establish a business in Oman are listed below.

·      Multiple free zones

·      Diverse economic system

Popular Omani Industries

The following Oman-specific sectors are in high demand.

·      Manufacturing

·      Both export and import

·      Storing and warehousing

·      Manufacturing and assembling

How Can a Business Be Started in Oman?

The process for starting a business in Oman is just as straightforward as it is in the other GCC nations. To launch a new company or expand an existing one in Oman, there are a few phases in the company registration procedure.

The essential conditions to launch a business in Oman are listed below.

Process for Registering a Company in Oman

To obtain a physical foundation for your corporate entity, the procedure of company registration is essential. The stages to registering your business in Oman are as follows.

1.    Make a decision on a trading name and submit an application to the Ministry of Commerce and Industry (MCI).

2.    Please submit the following incorporation documents.

·      Association Memorandum and Articles

·      Shareholders’ Visas and Passports

·      Tax Registration Document

·      Shareholders' Identity Card

·      Initial Certificate of Deposit

·      Company registration form sent

·      Certificate of Chamber of Commerce and Industry Membership

Opening a Capital Account

Open a capital account after registering your business so that you can deposit the initial incorporation fee there.

Become a member of the Chamber of Commerce and Industry (OCCI)

Register the company

·      Oman's Post-Incorporation Procedure

·      Submit a visa application for your workers

·      Register personnel under your company name.

·      Change your current account from your business's capital account.

Oman's various business entity types

The following business structures work well in Oman:

Solo Entrepreneurship

This organisation can be managed by a single director without fully paid-up shares. The most popular business structure used by foreigners seeking to conduct business in Oman using the simplest corporate structure is a one-person company.

Joint Stock Corporation

A joint-stock company must have three shareholders at the very least. Public JSCs are JSCs that allow the public to trade their shares, whereas Private JSCs do not allow the public to do so. If investing in funds or raising money is your interest, this organisation is the best choice.

Company Limited Liability (LLC)

The majority of foreigners wishing to conduct business in Oman use this organisation. However, you need to have an Omani, GCC, or US shareholder for this entity.

Joint enterprise

This kind of business cannot be legally registered to receive local government protection. An internal agreement between multiple parties to split profits and losses is known as a joint venture.

Company Holding

A holding company may own up to 51% of the shares of an LLC or joint venture. In order to fund projects, make investments, or raise money, people register holding companies.

We can make it simple for you to launch a company in Oman. We can assist you in obtaining an Oman embassy attestation for your legal documents, which is necessary for conducting business in Oman just like a visa.

Why Starting a Business in Oman Is Beneficial

Building a business in Oman, far from your home country, makes sense for a variety of reasons. People most frequently relocate to new countries for financial reasons. Here are some additional well-known factors that influence foreigners living in Oman to launch a business.

·      Various organisational structures

·      Rapid economic growth

·      Rules that are friendly to business

·      Governmental protection

·      Personal tax exempt

·      Opulent business setting

·      Access to natural resources

Conclusion

If you adhere to all rules and regulations, starting a new business in a foreign country is simple. Here are eight straightforward steps to help you launch a business in Oman quickly and with less difficulty.

·      Finish the incorporation and registration process for your company.

·      Request local sponsorship

·      Utilize the services of a public relations officer (PRO)

·      Keep up with the basics of accounting and bookkeeping

·      Finish the auditing task

·      Consult a tax expert in Oman.

·      Purchase a VAT Registration.

·      Take Advice Regarding Services for Intellectual Property

·      Get services for document attestation