Mainland Company in Oman
Bordered by Saudi Arabia, the UAE, and Yemen, Oman turns out to be a providential location for the overall development of the Middle-East nations. The Sultanate is a famous tourist spot, boasting multiple scenic beauties that attract visitors from every corner of the world. Along with the tourism industry, the nation has expanded its reach to multiple business sectors. The Omani government has taken significant steps to strengthen relations with multiple nations, facilitating business relationships and simplifying the setup process. Establishing a company in Oman has become very easy and can be completed within 2-3 working days. Here is your guide to forming a mainland company in Oman.
What Is a Mainland Company?
A mainland company, also known as an onshore company, has the power to conduct business activities both inside and outside its region of origin. The Sultanate offers opportunities to establish both mainland and free zone companies. Let’s explore the prerequisites and different corporate structures.
Prerequisites for Company Formation in Oman
- Minimum of 2 shareholders
- Minimum 1 director of any nationality
- Minimum capital requirement of OMR 150,000
Types of Business Entities in Oman
- General Partnership
- Limited Partnership
- Joint Venture
- Joint Stock Company
- Limited Liability Company
- Holding Company
- Branch Office
- Representative Office
Company formation in Oman requires different types of licenses to conduct business activities without any restrictions. Here are the different types of licenses issued in Oman:
Types of Licenses Issued in Oman
- General Trading License
- Trading License
- Professional License
- Service License
By now, you have an idea regarding the different business structures and licenses in Oman. But why are investors choosing Oman? Here are the benefits:
Benefits of Company Formation in Oman
- Strong and stable currency
- Free transfer of capitals and profits
- Duty-free import of machinery and other capital for industrial purposes
- Tax exemption for navigation companies
- Free trade and open market policy
- Double Tax Treaties with multiple countries
- Well-regulated Stock Exchange
- Repatriation of capital invested and profits made
- Political stability
Oman provides tax exemptions for companies operating in specific industries. Here are the sectors with tax exemptions:
Tax Exemptions in Oman
- Mining
- Fishing, Farming, and Breeding
- Tourism
- Hospitality
- Export of locally manufactured or processed food
- Medical care units established by private hospitals
Tax exemption is a crucial factor for investors as it reduces a significant burden. Here are the documents needed for starting a business in Oman:
Documents Required for Company Formation in Oman
- Identity card and copies of the passports of all shareholders
- Certificate from an Omani bank stating the payment of the initial deposit
- Approved signatory form with the names and signatures of all authorized signatories
- Forms of company registration
- Company statutes
- Certificate issued by the Chamber of Commerce and Industry Affiliation certificate
Let’s proceed to the registration process of a company in Oman.
Company Registration Process in Oman
To incorporate your business entity in Oman, follow these steps:
- Secure a name for the company
- After approval, make the initial deposit
- Apply for a business license
- Submit documents to the Tax branch of the Finance Ministry
- Obtain a Municipality License
- Register the company with Royal Oman Police mandate
- Register with the Ministry of Manpower
- Make an organization seal containing the organization name and logo
- Apply for a visa
- Open a corporate bank account
The process can be complex and time-consuming, especially if you are unfamiliar with legal proceedings. To ease the company incorporation process in Oman, consider taking the help of business consultants. Here are the services we provide.
Our Business Setup Services in Oman
Sanad Services Center offers a business setup solution package that includes:
- Company Incorporation and Registration
- Local Sponsorship
- Public Relations Officer (PRO) Services
- Accounting and Bookkeeping
- Auditing
- Tax Consulting
- VAT Registration
- Intellectual Property Services
We provide tailor-made services to our clients. Our business experts will understand your needs and cater to them accordingly. Contact us today to learn more.
