Bank Account Services

Oman is one of the leading financial hubs in the Middle East, making it an ideal location for corporate banking. Oman’s stable financial market, strong bank secrecy, and favorable regulations make it a preferred choice for banking over other financial centers.

At Sanad Services Center, our in-depth knowledge of banking protocols in Oman and our excellent relationships with most international and local banks have helped hundreds of our clients successfully open bank accounts in Muscat and other regions.

How to Open a Bank Account in Oman

The requirements for opening a bank account in Oman vary from one bank to another. However, the presence of a major director or shareholder is typically needed.

It may sometimes happen that the attorney may set up accounts on behalf of their clients, though this is not a common practice. Here are the steps to open a corporate bank account in Oman:

1. Obtain a Business License It is important to obtain a business license to open a business bank account. The bank will not recognize a business if they don’t obtain a business license in Oman.

2. Get Documents in Order The documents required for a business bank account in Oman are mentioned above. The exact documents needed will differ from bank to bank.

Some banks also require supporting documents like contracts or invoices, reference letters from a business partner, business plans, and information regarding intended business activities.

3. Check Visa-Related Requirements Check whether the company shareholders are required to have a residency visa. Some banks require proof of this from at least one shareholder, while others do not ask for it at all.

So, the issue of whether or not your shareholders have residency visas in place may have a bearing on which banks you consider applying to. It’s best to find out early which banks have these requirements so it doesn’t cause any delays to your application further down the line.

4. Choose a Bank Once the documents are in place, the business must approach the Omani banks. The one that is right will depend on specific requirements. One should consider the following:

Eligibility Criteria When choosing a bank in Oman, it is important to consider that most banks require you to have a residence visa. Additionally, selected banks may request that you provide a local address in Oman.

Income Most banks in Oman require a continuous minimum balance. This can range up to OMR 1m, though most start much lower.

Application Process One can now begin the official account opening procedure. It is better to go physically to the bank rather than get in touch online.

One can also take off a bank account opening specialist like Sanad Services Center. You have already got plenty of things to worry about when establishing a new business: make sure that setting up your corporate bank account isn’t one of them.

Bank Account Opening in Oman – Benefits

The following are the benefits of bank account opening in Oman:

Zero taxation
Asset management
Easy transfer of funds
Attractive interest rates
Easy international access
Phone and online banking
Flexible investment period
Non-restrictive banking options
Dedicated relationship manager

Bank Account Opening in Oman – Requirements

The following documents are essential to open a bank account in Oman after your business setup in Oman:

Original company documents (COI, MoA, License, etc.)
Passport copy of shareholders and signatories [in case of corporate shareholding, a document of the parent company and a passport copy of the ultimate beneficial owner (UBO)]
Copy of Oman visa (resident or visit)
Presence of the signatories in Oman to sign forms in the banker’s presence

You may also be asked for the following:

Last six months’ bank statement of the shareholders
Customary KYC questions

Why Do I Need a Business Bank Account in Oman?

Below is the list of requirements that push you to bank account opening in Oman:

Easy investments.
Easy accessibility of funds.
Easy operation of trade activity.
Easy payment options (both receiving and sending).

Offshore Bank Account in Oman | A Viable Alternative

If you are running a business in Oman, you’d definitely like to take advantage of the benefits that come with a bank account here. If, for some reason (like the nature of the business activity, nationality constraints, etc.), you aren’t able to get a corporate bank account for your company in Oman, we have good news for you!

You may opt for opening an offshore bank account in Oman instead. An offshore account in Oman is one that is present in a country different from your location of business.

It provides you with the same level of accessibility and benefits, plus more! Sanad Services Center can assist you with this process as well.

Sanad Services Center – One-Stop-Shop for Opening a Corporate Bank Account in Oman

Sanad Services Center is a registered firm that helps small, medium, and large companies as well as entrepreneurs. We take care of all our clients’ business requirements and assist them with company incorporation from start to end.

The business development team from Sanad Services Center works towards limiting our clients’ liabilities and ensuring that their assets are protected with free money repatriation and zero taxation, thereby ascertaining their business growth.

We assist you with all matters related to opening a corporate bank account in Oman, including preparing the bank account application forms and attending the bank interview on your behalf.

We can also help you with opening an offshore bank account. For your bank account needs in Oman, contact us today – we’d be happy to assist!

Frequently Asked Questions (FAQs)

In Oman, the requirement to deposit capital in a bank for company incorporation varies based on the type of business entity and regulatory requirements. Some business setups may still require initial capital deposits, depending on the nature of the business and the regulatory authority overseeing the company formation process.

Typically, Omani banks do not issue debit or credit cards immediately after opening a company bank account. However, some banks may issue a debit card for single-owner companies. Credit cards are generally not offered for company accounts, except in cases where a deposit is provided as security.

No, banks in Oman do not provide cheque books for offshore company bank accounts. Offshore companies are usually restricted from certain banking services and facilities, including cheque issuance.

Yes, companies in Oman can open multi-currency accounts. These accounts allow businesses to hold balances in various currencies such as Omani Rial (OMR), US Dollar (USD), Euro (EUR), British Pound (GBP), Swiss Franc (CHF), and others. This flexibility supports international transactions and hedging against currency fluctuations.

Offshore companies in Oman are generally not eligible for letters of credit (LC) or other credit facilities from local banks. Such facilities are typically reserved for onshore companies that operate within Oman's regulatory framework.

Banks in Oman usually require a minimum monthly average balance for company bank accounts. The specific amount varies among banks but can start as low as OMR 1,000 or equivalent in other currencies. This balance requirement helps maintain the account and may affect banking fees or eligibility for certain services.