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 in field business. The economy and Currency are most stable than in other GCC countries now a day.
GCC Middle Eastern nations have always been a favourite Arab destination for business industries. Oman has been standing as one of the dynamic nations beneficial for a freelancer to a multi-millionaire.
There are three major 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 MeharBiz, also known as Mehar Business Solution in GCC Countries, we work as a business setup in Oman as a biz advisor, or we can form a company on your behalf. We are happy to assist you with the best advice and guide you right steps that need to be fulfilled to set up a business smoothly.
Like the other GCC Emirates, Oman allows Business establishment Categories find below.
LLC Business setup in Oman companies requires Omani nationals as a sponsor. The Local sponsor holds a minimum of 30% of shares, and the rest of 70% is held by foreign companies or investors.
GCC National category means Omani local are not required to set up business in Oman, and GCC national is the only owner of the company and hold 100% shares of the company, but have some minimum capital requirements, which are USD 52000
US Citizens or US Companies can avail 100% ownership on investment in any sector of Oman.
Oman has an agreement with the United States of America. That’s called the Free Trade Agreement. That agreement allows US citizens and companies can start their business in Oman without hiring an Omani local as a sponsor.
How to Start a Business in Oman?
The Sultanate of Oman government has been taking more advanced steps to encourage new and old investors. Promote diversification and, privatization, industrialization.
The First Step is to Reserve a Trade Name
First, you need to apply ministry of commerce and industry (MCI) to reserve a unique name for your business because name approval must be required by Omani law.
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.
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
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, then we need to submit shareholder agreements and shareholder documents contracts, signatory forms and bank certificates to submit all these documents to MCI Department.
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
There are 4 free zones in Oman
Sultanate of Oman allows Local or Foreigners to set up Business in Oman Free Zones
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 your bank account opening process.
How to Start Company Formation in Oman?
It’s important to fulfil all factors Government Omani requires when deciding the best time for you to start a company in Oman. We offer a flexible time frame that can make a difference and make your entire business formation process easier. We have an authorized agent and can complete all documents and ensure a trade license
How Do I Set up a Company in Oman?
- A trade name must be unique & related to the business because Trade Name must require
- Need to Submit Documents of Incorporation and Memorandum,
- Bank Letter Require
- Register with the Chamber of Commerce authorities
- Register the Business of Municipality
- Apply for Visa after completing the trade license process
- Employee Registration also require for your staff
How much does it cost to establish a company in Oman?
Different Oman entity types and their estimated Cost
- Oman Sohar Free Zone Company with General Trading License US$37,405
- Branch of a foreign company US$33,850
- Representative office US$27,450
- Subsidiary LLC US$29,410
Can foreigners own business in Oman?
- Foreign citizens are also able to open a company in Oman. Although there is some requirements & limitations that must be considered by foreigners or business consultant hired by a foreigner, The country has also created economic free zones to incentivize international foreign investment.