Bizgate - Company Setup in Oman
COMPANY SETUP IN OMAN
All companies and other entities that carry on business in the Sultanate of Oman are required to register themselves with the Ministry of Commerce & Industry, which allots a Commercial Registration number to the company for identification in all dealings with the government departments.
FOLLOWING COMMERCIAL ENTITIES CAN BE REGISTERED WITH THE MINISTRY OF COMMERCE AND INDUSTRY.
- Sole Proprietorship
- General Partnership
- Limited Partnership
- Limited Liability Company
- Joint Stock Company
- Joint Venture
- Branch Office of a Foreign Company
- Holding Company
- Representative Office of a Foreign Company
- Commercial Agent
ADVANTAGES OF INVESTING IN OMAN
Oman offers following advantages to the foreign investors to invest in Oman.
- Political stability.
- Liberal foreign ownership in companies permitted.
- Oman is rich in oil and gas.
- Capital and profits of a business entity is fully repatriable.
- No personal income-tax. All individuals can fully repatriate their savings.
- Committed to privatization, industrialization, economic diversification and development.
- Free trade and open market policy.
- Low income tax rate structure for companies and double taxation relief treaties available with many countries.
- Income tax holiday period of five years renewable for further period of five years, available for business entities engaged in priority areas of economic development.
- Geographically ideally located, proximity to Gulf, Asian and African markets.
Well regulated stock exchange.
- Industries fulfilling certain conditions can get interest free/ soft loans, exemption from custom duty on import of plant, equipment and raw materials and export credit insurance.
- Government leased land available at a concessional rate with good utilities.
- Modern infrastructure with good roads, airports, sea ports, and state of the art telecommunications and other services.
- English is used widely in day to day business commerce.
GENERALLY TOP 10 GOODS SOLD OUT ONLINE ARE
- Travel arrangements (e.g. hotel reservations, travel tickets, rental cars)
- Tickets for entertainment events (e.g. concerts, movies, sports)
- Books, magazines, online newspapers
- Clothing, jewellery or accessories
- Memberships or registration fees (e.g. health clubs, tuition, online television subscriptions)
- Music (e.g. CDs, MP3)
- Consumer electronics (e.g. cameras, stereos, TVs, DVD players)
- Videos or DVDs
- Toys and games
All establishments and entities which want to carry on business activities in Oman must be registered with the Ministry of Commerce and Industry and the Chamber of Commerce and the Municipality in which activities of the business are conducted. In addition, amongst others, the following businesses require approval from the specified ministries and agencies:
- Banks, financial institutions, financial leasing companies and exchange companies must obtain approval from the Central Bank of Oman
- Insurance Companies and related agencies must obtain approval from the Insurance department at the Ministry of Commerce and Industry / Capital Market Authority.
- Manufacturing businesses must be approved by the Industries department at Ministry of Commerce and Industry.
- Medical products must be approved by the Ministry of Health.
- Printing, Publishing and Broadcasting activities must be approved by the Ministry of Information and Culture.
- Educational activities are governed by the Ministry of Education.
- Tourism projects and hotels are approved by Ministry of Tourism.
- Mining Projects require approval by department of Mines and Quarries of the Ministry of Commerce & Industry
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Mainland Company Setup
Possible to operate from UAE
No Capital requirements
No currency restrictions
Employment visa processing made simple
Repatriation of profits and capital
No audit requirements
Minimum responsibility and maximum benefits
Single person can open up an LLC
The maximum number persons or employees an LLC can have is 50
Corporate bank account in UAE
Presently, there is no requirements to deposite the share capital in UAE local bank.
Draft the MOA and AOA
Help in obtaining approval from DED
Registering the company name
Acquiring out an office space