Jurisdictional Prerequisites & Company Formation – Oman

Oman Company FormationThe Sultanate of Oman is a beautiful country southeast of the Arabian Peninsula. It has a middle-income economy thriving on oil, tourism, industrialization, manufacturing, logistics, and fisheries. The Sultanate’s diversification strategy drives sustainable partnerships between private and public sector initiatives. Savvy entrepreneurs will quickly latch on to this opportunity to begin their Oman company formation.

 

According to the International Monetary Fund (IMF), Oman’s gross domestic product (GDP) will grow by 4.3% in 2022. The Foreign Investment Law 2020 now also facilitates 100% foreign ownership of Limited Liability Companies for certain industries. 3E Accounting United Kingdom can assist businesspeople in exploring this prospect and experiencing a seamless company setup experience.

 

Types of Business Entities – Oman

Company formation begins with due diligence and choosing a business vehicle that works best for you. Oman offers the following business entities:

  • Limited Liability Company (LLC): requires two or more partners with limited liability and now allows full foreign ownership.
  • Limited Partnership (LP): needs a minimum of one partner, who must be an Omani or national of the GCC (Gulf Cooperation Council).
  • One Person Company (OPC): also known as Single Shareholder LLC.
  • Branch Office: requires the parent company to have contracts with state or government businesses.
  • Representative Office: allows full foreign ownership but does not allow income-generating activities.

Capital requirements for companies will depend on the type of business as well as the nationality of its directors. Foreign shareholding will have higher share capital requirements as compared to local or nationals of the GCC. All 100% foreign-owned companies cannot engage in the Ministry of Commerce and Industry’s (MOCI) negative list. This includes activities such as manpower recruitment, transportation, fishing, and other such industries.

Other business entities include Joint Ventures, Commercial Agencies, and Joint Stock Companies which can be Closed (SAOC) or Public (SAOG). Several Special Economic Zones and Free Zones also allow 100% foreign ownership. Oman company formation does not necessitate being present in the country. Experts such as 3E Accounting United Kingdom can initiate the process efficiently.

 

Starting the Entrepreneurial Journey – Oman

Once you’ve chosen the type of company, the next step is to do a check and reserve your business name. The registration process will then include the following:

  • Submitting relevant documents to MOCI
  • Registering with the Oman Chamber of Commerce and Industries
  • Getting a Tax Registration Certificate
  • Registering with the Royal Oman Police and Ministry of Manpower

You’ll need to commission a company stamp and open a bank account upon successful company incorporation. Companies that wish to hire a foreign workforce should also begin the visa approval process at this stage. Entrepreneurs can streamline the process by engaging enterprise solution experts such as 3E Accounting United Kingdom.

We offer a modern and hassle-free Oman company formation process, leaving you free to pursue other significant concerns. 3E Accounting United Kingdom provides some of the most comprehensive and customisable enterprise solutions. All our packages are designed with the savvy entrepreneur in mind, offering a personalized experience and modern solutions. Contact us today to ensure your business journey is smooth from ideation to completion.

Oman Company Formation