Branch Office in Oman
A branch office refers to an extension of a parent company located abroad, aimed at promoting its products/services, conducting transactions, and operating under the legal framework of the parent company. It is particularly beneficial for industries like Banking, Financial Services, and Insurance (BFSI) due to regulatory advantages.
Why Open a Branch Office in Oman?
Opening a branch office in Oman establishes a legal presence in the country and offers several benefits:
100% Ownership: Branch offices operate under the name and legal status of their parent company.
Operational Flexibility: They can engage in activities listed under the parent company’s license.
Market Presence: Allows direct operations in Oman’s market, overseen by a local service agent who is an Omani national.
How to Open a Branch Office in Oman?
Setting up a branch office in Oman involves the following steps:
Appoint a Local Service Agent (LSA): A crucial step, as the LSA facilitates communication with local authorities and ensures compliance with Omani regulations.
File an Application: Submit an application to the Ministry of Commerce, Industry, and Investment Promotion (MoCIIP) for initial approval.
Finalize Office Space: Secure suitable office premises, whether physical or virtual, and obtain a lease agreement.
Obtain Necessary Approvals: Gain approvals from MoCIIP and other relevant authorities before commencing operations.
Obtain Business License: Apply for a commercial license from MoCIIP, which is renewable annually.
Register with Commercial Authorities: Complete registration with MoCIIP and the Oman Chamber of Commerce and Industry (OCCI).
Documents Required for Office Setup in Oman
To initiate office setup in Oman, prepare the following documents:
- Director’s passport copy.
- Proof of trade name reservation.
- Application forms for registration.
- Power of attorney for the local service agent.
- No-objection letter from the parent company.
- Certificate of Incorporation and Memorandum/Articles of Association of the parent company (translated into Arabic and notarized).
- Passport and identification documents of the local service agent.
- Parent company’s management board resolution authorizing branch establishment.
Cost of Setting up a Branch Office in Oman
The cost varies based on jurisdiction and business activities chosen.
Services Offered by Sanad Services Center for Opening a Branch Office in Oman
Sanad Services Center provides comprehensive services to simplify the process of opening a branch office in Oman:
- Preparation of application documents.
- Identification of a reliable local service agent.
- Obtaining necessary approvals from government departments.
- Assistance with opening a corporate bank account.
- Facilitation in finding suitable office space for the branch office setup.
For more information and expert guidance on opening a branch office in Oman, contact Sanad Services Center today.
Frequently Asked Questions (FAQs)