Corporate Banking Service
One of the booming platforms chosen by international investors and business enthusiasts to invest in is Oman. The Sultanate provides a gateway to set up businesses and expand their ideas from one GCC country to another.
The idea of setting up a business in Oman doesn’t end with just the company incorporation process. It extends to several layers, including tasks like dealing with taxation, visas, IP services, etc. One of the essential steps a business owner should take after the incorporation process is opening a corporate bank account in Oman. This article will guide you through the process of proceeding with banking services in Oman.
An Overview of Banks in Oman
The banking sector in Oman has expanded to serve and support business industries ranging from small start-ups to well-established MNCs. Moreover, the Central Bank of Oman has introduced Corporate Internet Banking (CBI), providing internet-based solutions for a speedy and smooth process from the comfort of one’s home. The overall banking system can be divided into three categories:
- Local Commercial Sector
- Foreign Bank Sector
- Specialized Sector
All localized commercial banks are controlled by the Central Bank of Oman, which is the highest regulatory body and offers bonds and Omani notes. Some of the prominent banks in Oman are listed below.
A Few Prominent Banks in Oman for Setting Up a Corporate Bank Account
Some of the best banks in Oman to set up a corporate account are:
- Bank Muscat
- Bank Dhofar
- National Bank of Oman
- Alizz Islamic Bank
- Oman Arab Bank
- Bank Nizwa
- Ahli Bank
- Bank Sohar
- Beirut Oman Bank
- HSBC Oman
Oman’s banking industry provides multiple options for business investors to initiate the process of opening a bank account. Different Omani banks are designed to cater to various business structures, so it is essential to choose the right one based on your business needs. Let’s proceed to the core procedure.
Requirements to Open a Bank Account in Oman
Opening a corporate bank account is not as simple as it may sound. To initiate the process of opening a corporate bank account in Oman, strict rules must be followed, and it involves a good amount of paperwork. Expats who have established their companies in Oman often hire business consultants to simplify the corporate account opening process. Here are the essential documents required:
- Identity card
- Two passport-sized photographs
- Residency/Work Permit copies
- Tenancy agreement to prove the residential address
- A No-Objection Certificate from the Omani employer stating the expected monthly salary will be deposited into the respective account
- Valid Passport along with a valid visa and resident card
- Original trade license
- Letter of Reference from the expat’s bank in the country of origin
Foreign investors must present all these documents to initiate the account opening process. Once you have all the documents ready, choose your convenient bank, submit all the documents, and proceed with the application. Opening a corporate bank account will benefit your business in many ways.
Why Sanad Services Center?
At Sanad Services Center, we help our clients establish their companies and open bank accounts. We can assist you in opening a corporate bank account in Oman by clearing all the necessary processes.
Our team of experts is well-versed with Omani laws and will help you carry out the process in a trouble-free and secure way. To start the process of opening a corporate bank account in Oman, contact us today. We’d be glad to assist you.
Frequently Asked Questions (FAQs)
-Identity card
-Two passport-sized photographs
-Residency/Work-Permit copies
-Tenancy agreement to prove the residential address
-A No-Objection-Certificate from the
-Omani employer that states the expected monthly salary will be deposited into the respective accounts
-Valid Passport along with a valid visa and resident card
-Original trade license
-Letter of Reference from the expat’s bank in the country of origin
-Bank Muscat
-Bank Dhofar
-National Bank of Oman
-Alizz Islamic Bank
-Oman Arab Bank