20% Off your first consulting service!

Bondoni Insights June 2024

Bondoni Insights – June 2024

What's New Oman!

Oman News Headlines

Urgent Reminder for all Bondoni Clients

Mandatory ‘Know Your Customer’ (KYC) details to updated in the MoCIIP website 

All established and new companies registered in the Sultanate of Oman whose authorized signatories are foreign nationals, not resident in Oman, now require (at least one) full, sole, unlimited, authorised signatory to be registered with their own individual account (KYC) with MoCIIP. To know how to set up an account, get in touch with us at enquiries@bondoni-me.com

Action by all companies

Oman Issues Executive Regulations for Personal Data Protection Law

Under Royal Decree 6/2022, Oman introduced its first Personal Data Protection Law (PDPL). Recently, the Minister of Transport, Communications and Information Technology issued the Executive Regulations to guide the implementation of this law, effective from February 5, 2024. Businesses have one year to comply from this date. These regulations aim to safeguard personal data and ensure organizations follow strict procedures to protect individuals’ privacy. 

FDI soars 26% to RO 4.6 billion in 2023: MoCIIP 

Oman witnessed a significant increase in foreign investment in 2023, amounting to approximately RO 4.6 billion, with a growth rate of 26%. According to data released by the Ministry, the total amount reached RO 25.050 billion by Q3 2023 compared to the corresponding quarter of the previous year. This was announced during the MoCIIP annual media gathering held in Muscat in April 2024. 

Oman’s GDP at current prices exceeds RO 41 billion

The gross domestic product (GDP) at current prices of the Sultanate of Oman at the end of Q4 2023 recorded a decline of 2.8 per cent, reaching (at market price) RO 41.837 billion, compared to the end Q4 2022, during which the gross domestic product at current prices reached RO 43.042 billion, according to preliminary data issued by the National Centre for Statistics and Information (NCSI).

Bondoni News

  Navigating Oman’s Foreign Capital Investment Landscape

The gross domestic product (GDP) at current prices of the Sultanate of Oman at the end of Q4 2023 recorded a decline of 2.8 per cent, reaching (at market price) RO 41.837 billion, compared to the end Q4 2022, during which the gross domestic product at current prices reached RO 43.042 billion, according to preliminary data issued by the National Centre for Statistics and Information (NCSI).

Corporatize your Back Office Services (PRO Services)

At Bondoni, we offer a wide range of business support (outsourced PRO) services designed to help international companies entering Oman for the first time or if you are already established in Oman.

Our outsourced  back office services range from government representation to bank opening assistance, VAT registration, visa management, customs clearance, Omanisation strategy & HR support, legal services, annual document renewals, along with adhoc PRO requirements. We’ve got you covered!

Navigating Taxation in Oman: A guide for businesses

Understanding the tax landscape is crucial for any investor who wants to set up a company in Oman and any company who operating in Oman, and we are here to help you demystify the process. Oman boasts a business-friendly tax regime, but it is essential to be aware of the various taxes and fees applicable to your business once registered.

The Power of Business Partnerships in Oman

At Bondoni, we believe in the power of collaboration and mutual growth. Collaborating with like-minded organisations and influencers like accountants and lawyers results in stronger opportunities of setting up International Businesses in Oman and developing relationships with new clients and international companies. Whether you’re an established business consultancy or an influencer in the realm of business support, we welcome you to explore partnership opportunities with us. 

Tejarah Talks 2024

This season’s latest Tejarah Talks report has officially been released. The report covers all things tourism in Oman in detail. To read the report online, please click on the below link.

Bondoni’s New Clients

Westlawn is a private investment firm focused on long-term investment in the global oil and gas industry. They make majority and minority investments in producing and proven assets, as well as new technologies to improve production. 

HSBC is the largest and most widely represented international banking organisation in the Middle East, North Africa, and Türkiye (MENAT), with a presence in nine countries across ther region. HSBC Bank Middle East Limited – Oman Branch’ will focus exclusively on wholesale banking by connecting internationally focused enterprises in Oman with the rest of the world and vice versa.

Aircapture is a direct air capture (DAC) and carbon utilization company currently commercializing technology into mature CO2 markets and sequestration.   Aircapture’s modular, on-site technology captures climate-changing CO2 from the air and puts it directly into our customers’ production processes. The result is a greener, cleaner and cheaper product that can help their businesses go carbon neutral, or even negativeost widely represented international banking organisation in the Middle East, North Africa, and Türkiye (MENAT), with a presence in nine countries across ther region. HSBC Bank Middle East Limited – Oman Branch’ will focus exclusively on wholesale banking by connecting internationally focused enterprises in Oman with the rest of the world and vice versa.

Established in 2015, the Filipino-owned corporate and training institute has been structured to empower overseas Filipinos in the Middle East. They provide quality and affordable short-term certification courses and professional diploma programs with highly-skilled professionals who are motivated and passionate to share their knowledge. The institute provides an environment of opportunities that is conducive for learning and corporate development.

Bondoni’s New Regional Partner

CorpelServe is an India-based Market Entry Consulting Company specializing in India-bound FDIs, cross-borders transactions, international joint ventures & foreign collaborations. CorpelServe advises and facilitates the entry of overseas companies into the Indian market and offers unique range of 360° business support services.

Carltrix is a leading corporate service provider operating globally and dedicated to offering comprehensive business solutions to investors and corporates looking to establish, expand, or streamline their operations in the UAE and MENA Region. With years of experience of seasoned professionals and consultants, we strive to be your trusted partner in navigating the complex landscape of the corporate world.  

At GCInvestments, they specialize in providing comprehensive professional services to businesses looking to expand their operations across borders. With their expertise, industry knowledge, and extensive network, they help you navigate the complexities of global expansion and unlock new opportunities for growth.

Related Posts