In the last 40 years, Oman has made significant progress towards the economic process. Besides, it’s one of the leading favorable locations for business investment within the Middle East region. Compare to others the highest factors that attract foreign investors into the country are climate, infrastructure, stability and simply doing business. Oman has strong incentive schemes that include custom duty exemptions, subsidized interest rates, and tax exemptions.
As of January 2020, foreign citizens, companies, and investors in Oman are now ready to set up your Business in Oman with 100% Ownership. Some activities within the mainland are still reserved for Omanis. There are other activities that still require an area Omani partner with a minority shareholding.
There are a number of Oman Free zone areas- where you can set up your business, it includes five Economic Zones as
- Al Mazunah Free zone
- Sohar Free zone
- Salalah Free zone
- Duqm Free zone
- Knowledge Oasis Muscat Free zone
Documents and the process of setting up a 100% foreign-owned Oman LLC:
- Company name selection
- Shareholder (s) selection/confirmation
- Grade of the company (global or national)
- Authorized signatory selection
- Draft the Constitutive contract (Memorandum of Articles) for the new system(Bilingual). Shareholders Resolution. (Bilingual)
- Select the acceptable business activities
- Agree on activities that align to client core activities and requirements for Oman
- Pre-approve all the documents in English and Arabic to global standards
- Submit the appliance to the MOCI
- Obtain the corporate Registration (CR) document and Chamber of Commerce Certificate
Steps to line up a 100% Foreign Owned LLC Company in Oman:
- Prepare the documents, send the originals to PRO Partner Group PPG in Oman
- Commercial Registration (CR) with MOCI – a brand name and initial approval, Business Plan and CR form
- Chamber of Commerce (CC) Registration – Completed CR required
Office/Warehouse Lease Arrangement
- Municipality License Application – Complete CR is required plus Lease Agreement, at this stage corporate are fully registered
- Ministry of Finance (MOF) registration – mandatory registration with MOF for the tax department and annual audit requirements
- Ministry of Manpower (MOM) – mandatory requirement and essential if the corporate wishes to use for labour quota to get staff visas
- PRO registration on the CR – A professional name on the CR to be ready to apply for visas with Royal Oman Police (ROP). Omani PRO name by an Individual. Note that PPG can act as your registered PRO during this reference to
- Any additional External Approvals counting on the company’s activities – for instance, Oman Customs registration for the trading of products and import of products
Business in Oman may be a highly competitive domain with new entrepreneurs and investors. To face tough during this market, you would like support from the simplest business consultant. Business Link UAE is currently the highest leading business consultant which will assist you to achieve the business goals.
The consultants at Business Link value their client’s time and money. The brand is understood for its pace and ease with which the business is about up. They layout the simplest options for company formation in Oman and are available up with cost-effective solutions that make your business towards success.
To know more about business setup in Oman with 100% ownership, get connected with a business link.