BUSINESS SETUP IN OMAN
The Sultanate of Oman’s economy is largely dependent on oil and oil-related revenue.
Recently the Omani government has focused on opportunities arising out of global digitalization. Oman offers a wide range of business opportunities to freelancers and entrepreneurs alike, as it is considered to be a world-class destination thanks to the visionary insight of the Omani rulers. It is an excellent time to begin the process of company formation in Oman if you have an idea and are in search of a better opportunity. Foreign investors find it an ideal platform for generating huge profits through investments.
Sparkle Dubai having strongholds in the Sultanate are the most sought after agency by foreign investors as well as the nationals. In Oman, as in the other GCC countries, the process of registering a company involves a few steps that must be followed correctly. Sparkle Dubai offers Offshore company setup in Oman and Freezone Business setup in Oman. We offer a comprehensive solution for business setup in Oman at your desired location, however, concrete local laws are to be considered and that is where we excel.
Registration and incorporation
Check out the basic requirements that need to be met.
As part of the process of incorporating a business setup, an investor must select the type of business best suited to the amount of capital and number of stakeholders available. An investor has got the following options to choose from:
- The owner is the sole proprietor
- Partnership with a limited liability
- Joint Stock Company
- Company Holdings
- Branch Office
- Office of the Representative
Selecting Business Name
Trade names must reflect the business and be unique. Make a decision concerning the name and present it to the Ministry of Commerce and Industry (MCI). It is important to ensure that the chosen business name doesn’t offend anyone or cause any harm to faiths or religions.
Choose the Right Place
In the beginning, the investors must also bear the costs associated with the investment process. Depending on your business budget, you can choose between several zones in Oman. Business setup in Oman Mainland will be the best choice for established companies on it expansion programs and plans wheres as for a sole proprietorship company incorporation by choosing free zones can flourish in their business as it will be cost-effective, The Sultanate of Oman boasts three free zones Sohar Free Zone, Salalah Free Zone, and Al-Mazyunah Free Zone.
Documents of Incorporation
To begin the incorporation process, all necessary documents must be submitted at this stage. Entrepreneurs and Corporations taking utmost care while submitting the documents is inevitable to avoid possible delay, corrections or even rejection of application Contact Sparkle Dubai specialized in end to end service in incorporating companies in Oman who with its expertise and having strongholds with the local authorities will help you in a hassle-free business setup.
Documents that are required include:
- Articles of Association and Memorandum of Association
- Visas and Passports copies of Shareholders
- Tax Registration Certificate
- Valid identity Card of Shareholders
- Initial Deposit Certificate
- Company Registration Form duly filled
- Affiliation Certificate from Chamber of Commerce and industry,
Prior to submitting the documents to the authorities, make sure you thoroughly check them.
Open a Capital Bank Account
Holding a capital bank account is mandatory to deposit the business incorporation fee during the process and it is advisable to have an in-depth knowledge of the local and international banks operating in Oman that could meet your requirements. Working with an experienced business professional is a feasible option who can walk you through all legal proceedings.
Even though the digitized version of the signature is available and used, Oman has a traditional way of using a company stamp which protects the documents from forgery. A company stamp commonly known as a seal is used while submitting the documents.
Having done with all the incorporation procedures, Sparkle Dubai offers post-incorporation services as well but not limited to the undermentioned.
Hiring the Appropriate Staff
Entrepreneurs and companies have the liberty to choose the nationalities of the staff and thus they can enjoy the freedom of appointing potential personnel from other parts of the world. At the same time, certain positions are reserved for Oman nationals. Ensure you understand the needs of the various departments before you hire. Understanding the immediate needs will allow you to proceed in the right direction.
Visa Approvals and Process
After you have chosen suitable candidates for your firm, you will need to clear the visa process to bring them onto your team. Investors and employers must possess an employer or investor visa, while the selected candidates must hold a work visa.
Registration of Employees
Employees are acknowledged as members of the company as soon as they join. It is mandatory to register the same under the company.
Capital Account conversion to Current Account
For the smooth functioning of business the capital account opened at the time of incorporation needs to be converted to current account. It takes consistent effort at every step of the way in order to build an organization. Ensure that you have utilized your time effectively in order to accomplish the important tasks in the incorporation of companies in Oman and Sparkle Dubai ensure that your valuable time is optimised by assisting you from the beginning till the end in establishing your dream company in Oman.
In some cases, creating a company in an offshore jurisdiction can be surprisingly complex and require complete knowledge of local laws. Sparkle Dubai’s experts in Offshore Business incorporation have thorough understanding of the local laws and with their in-depth experience, assists you in maintaining the good standing of your business. Reach us today.