Bondoni Frontline September 2024 – Diving into New Law Changes Impacting Expat workers and Foreign Investment Activities
SPF (Ex PASI) payments for Expat employees
The government requires all employers to pay a monthly contribution of 1% of Expat employees’ total salary (to a maximum of OMR 3000) with effect from July 2024. Although the first payment from SPF commenced in July, companies only received the invoice for July with the August invoice. Please note the first payment must be made by 15th September and subsequent invoices to be paid by the 15th of each month. Actions for Employers: Please familiarize yourself with the SPF e-portal and its functionalities. To visit the SPF e-portal, click here.
Prohibited Professions for Expatriates
The Ministry of Labour has updated the list of professions prohibited for expatriates, affecting various skilled and semi-skilled roles across multiple sectors. As per our list, the professions will be Omanised starting from different dates. While most of them will be restricted starting from 1st September 2024, others will follow from 1 January 2025, 2026, and 2027, ensuring a phased implementation. For those professions with immediate Omanisation conversion, we assume that employees’ contracts will continue until their employment visa expires. To view the entire list, click here.
Expansion of Foreign Investment Activities (Trade Licenses) Restrictions:
The Ministry of Commerce, Industry, and Investment Promotion (MoCIIP) has issued a new resolution expanding the list of activities reserved exclusively for Omani investors. This amendment to Ministerial Decision No. 209/2020 adds 28 additional activities, bringing the total number of restricted activities to 123. To view the entire list, click here.
Oman’s fiscal breakeven oil price drops to $65 per barrel
Oman has emerged as the only GCC country that has seen a steep decline in its fiscal breakeven oil price to approximately $65 per barrel in 2024, compared to $80 per barrel in 2021, according to Standard Chartered. This significant decline in the fiscal breakeven oil price was partly responsible for the sultanate’s consecutive sovereign rating upgrades to BB+ from B+ in 2021, Standard Chartered said in its Global Focus Report for Q3 2024.
Oman’s Thriving Sectors: Opportunities for Foreign Investors
Educate about Oman’s booming industries! From renewable energy, tourism to oil & gas discover the myriad opportunities awaiting foreign investors. In this blog, we will explore Oman’s diversified industries and the vast potential they hold for international stakeholders.
Choosing the Right Business Structure in Oman
Discover the key differences and advantages of different business structures in Oman’s dynamic business landscape. Make informed decisions and set your venture on the path to success!
Bondoni – the logistics sponsor for the Oman Touch Rugby Team
For the rugby fans, Bondoni was delighted to be the logistics sponsor for the Oman Touch Rugby Team in the World Cup in Nottingham, UK from 15 July to 21 July 2024. Oman Rugby’s CEO, Nabs Al Busaidi was proud while reflecting on the tournament. “In just three years since the time of their set up, the team qualified for the World Cup and finished 16th, exceeding expectations. The journey was filled with learning, improvement, and growth ensuring that Oman Rugby is in good health and can look forward to further development and success in the years to come. Bondoni’s sponsorship contribution and support was appreciated.”
Bondoni’s Business Support and Corporate PRO Services
At Bondoni, we offer a wide range of business support and corporate PRO services designed to help international companies entering Oman for the first time or if you are already established in Oman.
Our business support and Corporate PRO 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! Click here to know more.
Water Research Centre (WRc) is a trusted provider of consultancy, technical services, accreditation schemes, research, innovation and training to customers around the globe. They operate across different sectors including Water, Environment, Gas and Resource Management. Our clients include regulators, water and gas utility companies, governmental organisations, NGO’s, trade organisations, industrial manufacturers and waste management companies.
Founded in 2005, Prolog Solutions is a logistic support solutions provider, delivering services across a broad range of business sectors such as Oil and Gas, Industrial Services, Transportation, Defence, Reconstruction and Disaster Relief. rapid mobilization, achieving Western Standards and consistent quality in countries transitioning through war and disasters. With their headquarters in Dubai, Prolog Solutions is strategically placed to facilitate project operations throughout the Middle East, South West Asia and beyond.
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Amicorp is a boutique provider of corporate management, financial markets, and fund administration services. Over the past 30 years, it has developed innovative and bespoke solutions that help companies, asset managers, institutional investors and family offices to succeed, particularly across emerging markets. This include cross-border structuring, regulatory and tax compliance support and multi-facet business support alternatives for entrepreneurs and businesses wanting to invest or expand internationally.