Bondoni Frontline November 2024 – Oman’s Revitalised Investment Era!
Welcome to Bondoni Frontline, highlighting more of government regulation changes and optimistic news about Oman’s economic initiatives for FDI and Bondoni’s new clients in 2024!
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Reminder: 6 months left to comply with Oman Data Protection Law
This is a friendly reminder that you have six months left to comply with Oman’s Personal Data Protection Law (PDPL) under Royal Decree 6/2022. The Executive Regulations, effective from February 5, 2024, set forth key requirements and compliance steps that all businesses must follow to protect personal data and ensure individuals’ privacy.
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.
Oman’s Revitalised Investment Era! – Oman’s Sovereign debt rating is back to investment grade
Great news for Oman’s economic outlook! Oman’s sovereign debt rating is back to investment grade. S & P Global Ratings raised its long term foreign and local currency sovereign credit ratings on Oman to ‘BBB-’ from BB+. S & P Global Ratings also raised Oman’s short-term ratings to A-3 from B and transfer and convertibility assessment to ‘BBB’ from ‘BBB-’. To know more.
German automaker Volkswagen to procure low-carbon steel from Oman
Oman’s emerging green steel industry, German automaker Volkswagen has committed in procuring part of its requirement of low-carbon automotive- grade steel from a landmark green steel project currently under construction at the Special Economic Zone in Duqm (SEZAD).
Step-by-step guide to company registration in Oman
Setting up a business in Oman involves multiple steps, but with Bondoni, you’ll have expert guidance every step of the way. From selecting the right business structure to managing visas and regulatory requirements, Bondoni ensures a seamless experience. This blog covers all the important steps to register a company in Oman.
Grow your business with Bondoni’s pre-qualified professional services network
Expanding your business in the formative years in a new country such as Oman can be a complex and challenging process. For companies eyeing the vibrant market of Oman, understanding and utilizing local professional and back-office services is key to a smooth and successful setup. We offer a comprehensive suite of these local services with the help of our pre-qualified professional services network.
We kickstarted our first session under Business Frontline Talk
We were proud to be invited for our first Business Frontline Talk in collaboration with the German Industry & Commerce Office Oman – AHK Oman, and the German Embassy for the German Business Circle. The session focused on Navigating HR, Omanisation, and the New Labour Law, diving into key aspects of the new regulations and their impact on businesses along with practical compliance strategies to help companies stay ahead of these changes. Special thanks to H.E. Dirk Loelke, the German Ambassador, and his team for graciously hosting us at the German Residence and Sousann El-Faksch from AHK Oman for organising this.
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! To know more:
Haley Sharpe is an international design consultancy in the museum and heritage sector. Since 1981, they have been delivering transformative visitor attractions and experiences around the world providing a broad-ranging skills in the planning, design and production of interpretive and interactive exhibitions for museums, science centres, visitor attractions and historic sites. Managing Director of Haley Sharpe, Gary Walker-Kerr brings in extensive experience in Oman and looks forward to contributing to the country’s upcoming cultural projects recently announced by the Ministry of Culture, Sports and Youth.
The Oman American Business Council (OABC) was founded in 2003 to foster the development of commercial activity between Oman and the United States, and to support the Oman business community. As the official affiliate of the US Chamber of Commerce in Oman (AmCham Oman), the OABC promotes understanding, partnerships & other matters of mutual economic interest between business communities in Oman and the United States. The focal endeavor of the OABC is to provide a forum for the exchange of insights, information, ideas and direction with respect to increasing trade, commerce and investment between the two countries.
Hers Consultancy is a company formation expert in UAE. A business setup expert specialising in company registration, bank account opening, Auditing, taxation and filing and other business consultancy services.