Oman is a diverse place that has built a modern image to it but still holds close to its rich history and heritage. Recently, Oman has become a great business hub for foreigner investors, allowing new industries to grow and flourish in the country. The are many benefits to starting a business in Oman such as accessible natural resources, no personal tax, and diverse business entities.
If you have decided that Oman is the right destination for your business, you need to follow a set of rules and regulations to establish your company. First, any new company needs a minimum number of one director, can be of any nationality, and minimum of one shareholder.
If you wish to partner with a local Omani, it is important to choose wisely when selecting a partner for your business, keeping in mind that an Omani partner can be an individual Omani citizen or a fully Omani owned company. Selecting an Omani company as a business partner is a more secure choice for a foreign company.
How can you register your new company?
Depending on whether you are an individual or corporate shareholder, the essential documents that need to be submitted for a corporate before establishing your new company are:
- Commercial registration certificates
- Memorandum and articles of association
- Shareholders’ credentials and identity.
- Board resolutions
- Audited accounts and bank statements
Once all documents are attested and approved you will need to register the company with the Ministry of Commerce.