According to Oman’s new Foreign Capital investment law, foreign investors can now own 100% of their business. They are not required to have any local partners nor pay a minimum capital requirement. This is your time to start your business in Oman!
Here is a step-by-step guide to all the requirements you will need to kick-start your business.
Types of Business Entities.
Here is a list of business entities that would suit your line of business:
- Limited Liability Company (LLC):
If you wish to establish a company that allows you to trade with minimal restrictions, hire your own team and have a bank account in Oman then LLC is the option to consider.
- LLC (Free Zone):
This business entity is for investors who are searching for limited trading options in Oman, there are four zones to choose from.
- Branch Office:
A branch office company requires a specific government contract for it to be established, no other business can be done within this framework.
- Representative Trade Office:
A representative trade office can promote and market the sale and/or the production of their products in Oman. You can also promote an international business in Oman; however, you are not permitted to trade in the country.
Requirements to set up an LLC business in Oman
- A foreign company needs to be at least three years ago.
- Your company must have a minimum of one shareholder and one Director.
- You must have a workplace (Office, warehouse etc)
- Depending on your sector, you need to employ a minimum number of Omani employees depending on the sector.
- Employees can only be recruited once the PRO and visa services process is completed and the company is registered with the Ministry of Manpower.
- Set up a bank account once company registration with the Ministries and local authorities is completed.
- Although there is no minimum capital requirement, the desired minimum capital to be deposited into a local bank account ranges between OMR 20,000 and OMR 250 000 depending on the grade of the LLC.
Setting up an LLC company in Oman can take some time especially if your business requires special trade activities. Companies should anticipate that the process can take 1- 2 months to be completed.