The Sultanate of Oman is an Arab country on the southeastern coast of the Arabian Peninsula located in mouth of the Persian Gulf, and sharing land borders with the United Arab Emirates to the northwest, Saudi Arabia to the west, and Yemen to the southwest, and shares marine borders with Iran and Pakistan. The Country has modest oil reserves, ranking 25th globally.
The below content explains some of the main requirements for company formation in Oman, the process of trademark registration in Oman and understanding the Oman Legal Compliance requirements.
Company Incorporation Oman
Doing Business Introduction
The Country has a significant portion of its economy dependent on tourism, and trade of fish, dates, and certain agricultural produce. Also, it is categorized as a high-income economy and ranks as the 74th most peaceful country in the world and Oman is the only member of the GCC situated outside the gulf. Arabic is the first language, with English widely spoken and used in business.
As per Doing business report of The World Bank –Oman ranks 66 for 2017 survey. Synergy are able to assist client with any type of company formation, trademark registration and other recurring services for your business in Oman.
Incorporation – Business Entities
There are several types of entities that can be incorporated in Oman are as mentioned below:
- Limited liability company (LLC)
- Closed joint stock company
- Open joint stock company
- Branch office
- Commercial representation office
- Commercial agency
- General partnership
- Limited partnership
Time Frame for Incorporation of Company in Oman varies from depending on the type of entity selected and sometimes unforeseen hurdles can arise. Each business type has its own advantages and disadvantages. We estimate the time required for the process of Company formation in Oman to be completed is 10-15 working days.
Benefits of Company Registration
Below are the advantages of company formation in Oman:
- Strategic location and Modern infrastructure
- Full exemption from customs duties on goods imported into the free zone
- Government provides incentives to approved project
- Priority sector activities companies are given an income tax holiday period for the first five years from the date of commencement of production or activity.
- Liberal foreign ownership in companies permitted
- Free trade and open market policy
- No personal income-tax
- Capital and profits of a business entity is fully repatriable
- Well-regulated stock exchange
- Low-income tax rate structure for companies and double taxation relief
|Oman law, foreigners||can own 70%|
|Minimum Share Capital||OMR 20,000|
|MOA and AOA||Yes|
|Expatriate Staff||Can Be Hired|
|Tax Registration||Certificate Required|
|Timeframe for Bank Account||2-3 weeks|
|Timeframe for Incorporation||4-6 weeks|
|Access to Oman Double Tax Treaties||Yes|