Over the last several years, Oman has quickly gone on to establish themselves as one of the leading countries to conduct business trades with in the Middle East. Often considered as one of the dynamic nations of the Arabian Peninsula, Oman’s economy is heavily dependent on their oil resources. However, in recent times, the trade for oil has seen a sharp decline. This has lead to the government of Oman to create a new development plan which puts the tourism and Gas based sectors at the heart of it. In other words, Oman is looking to diversify their business trades and open up more opportunities for foreign investors to work with. We guide foreign investors to register private limited liability company (LLC), Joint Venture (JV) and open branch office as FDI policy in Oman.
There are several reasons as to why foreign investors are attracted to Oman for doing their businesses in. Oman is the third largest nation in the entire Arabian Peninsula. It is also one of the highly developed territories in the region. There is political stability in this country meaning trading activities can go on smoothly. The social stability also helps foreign business owners to operate without any fuss. The government is focused on the economic development and they have gone on to create a business friendly atmosphere. This has lead to more foreign investors being encouraged to splash the capital in Oman.
In order to successfully run a company in Oman, all foreign investors are required to register their companies. As foreign company registration consultant Oman, you are suggested follow the steps as below:
Step one: The first step of registering a company in Oman is to secure a company name. One has to reserve their company name with the Ministry of Commerce and Industry. Keep in mind that this name cannot be similar to what is already in existence and has to be unique on its own rights. There are certain words and terms which are prohibited in Oman which cannot qualify for company names. If the names are not accepted by the Ministry of Commerce and Industry then the foreign investors will have to submit new alternate names.
Step two: Once the name has been selected, the next step requires the foreign parties to make a deposit in the local bank. This deposit will be none other than the required capital of the business. The entire amount required to finance the business should be deposited otherwise the registration process will be stopped.
Step three: The third process involves applying for business licenses or permits. There are different types of business activities that a foreign company can do in Oman. Based on those activities the entity has to apply for that specific business license. This is another crucial part of the company incorporation because without the permit, the company wont be able to carry out their activities legally.
Step four: Once the license application is done, the foreign entity is expected to file their company with the Tax department of the Finance Ministry.
Step five: The next step towards registering a company in Oman requires the company in question to obtain a Municipality License.
Step six: The sixth step of incorporating a company in Oman requires the foreign entity to register with the Royal Oman Police. This is one of the state requirements of Oman. This is mandatory for all foreign companies.
Step Seven: Registration with the Ministry of Manpower is the next step. This registration basically keeps record of how many local employees the foreign company is planning to hire and how many expats will be involved in the company as well.
Step Eight: The second last step of registering the foreign company is registering for employees social insurance. This is done with the Public Authority. The purpose for this is for social insurance.
Step nine: The final step involving the company registration is to make a company seal. This company seal shall contain the name of the foreign company as well as the company logo.
Once all these steps are done, the foreign entity shall receive the Certificate of Registration which proves that the company has been successfully registered and is ready to operate in Oman.
While registering a company in Oman, there are certain requirements such as documents and paper works that need to be submitted to the authorities. They are as followed;
Basic Requirements for Company Registration in Oman
As foreign company registration consultant Oman, the keynotes may read at once:
- Minimum 2 Shareholders
- Minimum 1 Director (any nationality)
- Registered Office Address
- The minimum capital requirement which is OMR 150,000
- Documents Required for Company Formation in Oman
- Identity Card / Copy of the passport of the Shareholders
- Identity Card / Copy of the passport of all authorized signatories
- The certificate of initial capital deposit at bank
- All the signatures and names of the authorized signatories. They must be produced on an approved authorized signatory form.
- Standard company registration forms
- Company Statues
- Chamber of Commerce and Industry affiliation certificate.