Opening a bank account in Oman is a key step in starting a business in the Sultanate, as it enables efficient financial management and seamless transactions and supports smooth day-to-day business operations. A corporate bank account is officially required of all foreign-owned companies registered in the country, as it is mandatory for activating financial dealings and business operations.
So, what are the benefits of opening a bank account in Oman? What are the required documents? What are some well-established local banks? And most importantly—what are the steps of opening a bank account in Oman? All these fundamental aspects are outlined below for easy company setup in Oman and smooth operations.
Key Benefits of Opening a Bank Account in Oman for Foreign Companies
Opening a bank account in Oman is a critical requirement for smooth, compliant business operations, enabling foreign-owned companies in the Sultanate to manage payroll, receive payments, oversee expenses, and execute secure local and international transactions efficiently.
Below are some of the key benefits of having a bank account in Oman, highlighting how it supports company operations while giving business owners greater financial control and clarity:
Separation of Finances
Corporate bank accounts clearly separate personal and business finances, reducing personal liability and risk in legal and operational matters. Having a banking account dedicated to your business makes financial management much easier and more efficient, as it grants you better clarity, control, and oversight.
Regulatory Compliance
Registered companies in Oman are required to open corporate bank accounts immediately after obtaining their Commercial Registration (CR) certificate. As a result, they will be able to conduct financial activities while ensuring compliance with local regulations, especially regarding tax filing, auditing, and financial reporting.
Professional Credibility
Making payments and processing transactions through a company-named account demonstrates credibility, professionalism, and trustworthiness to suppliers, customers, and other stakeholders. By using a professional account, your business is clearly established as legitimate, reliable, and well-organised.
Financial Services
Opening a bank account in Oman for non-resident business owners is highly beneficial, as it provides access to a wide range of financial services that support business growth, including loans, payment solutions, overdrafts, and trade finance.
Improved Cash Management
Bank accounts in Oman simplify cash management by offering a range of features like scheduled payments and payroll services. Such tools make monitoring and optimising cash flow more convenient, secure, and timely, allowing companies to execute financial operations with greater efficiency.
You can access the best bank account benefits in Oman by proceeding with the right bank for your needs—more details on how to choose the most suitable institution are provided in a later section.
Requirements for Opening a Bank Account in Oman
To open a bank account in Oman, you should prepare all required documents in advance to ensure a smooth and efficient process. These documents generally fall into the categories listed below:
Obligatory Corporate Documentation
Papers under this category are mandatory since they prove the legitimacy of your company and demonstrate that it is authorised to operate in Oman. There are specific documents the banks will require that need to be apostilled/attested. They typically include but are not limited to the following:
- The Commercial Registration (CR) Certificate.
- Chamber of Commerce Certificate.
- Tax Identification Number (TIN).
Individual Identification Documents
This set of documents must be provided by all shareholders, directors, and authorised signatories to proceed with opening a bank account in Oman. It generally includes:
- Copies of passports and Omani resident IDs for foreign investors.
- Valid work permits for foreign residents.
- Specimen signatures showing official signature samples of all individuals operating the account.
Financial and Operational Documents
Those required documents for opening a bank account in Oman prove the operational and financial validity of your business, and some of them are:
- Proof of address, like an office lease agreement.
- Recommendation letter from the expatriate’s home-country bank.
- An initial deposit to activate the account, with the exact amount varying from one bank to another.
It is worth noting that additional layers of authentication may apply, such as notarisation, attestation, and translation. Rest assured that working with a trusted local partner for business support services and company formation in Oman streamlines the entire process.
Such reliable partners, like Bondoni, handle the procedures of opening a bank account in Oman from start to finish with utmost professionalism and care, connecting you with the bank that is most suitable for your business needs.
How to Open a Bank Account in Oman: Step-by-Step
Bank accounts in Oman are essential for regulatory compliance, smooth business operations, and streamlined cash management. So, here is how to open a bank account in Oman to achieve maximum efficiency and access invaluable advantages:
Step 1: Ensure Proper Registration
Your company must be properly registered and incorporated with the relevant authorities before you open a bank account. This includes obtaining the Commercial Registration (CR) certificate from the Ministry of Commerce, Industry & Investment Promotion (MOCIIP), attaining sector-specific licences, and securing a registered office address. Meeting these requirements validates your company’s status and allows it to operate legally in the country, which ultimately qualifies it for a corporate bank account.
If you are looking for a trusted professional business partner for company registration in Oman, Bondoni is your reliable partner, offering expert guidance and supporting you through every stage of business setup in Oman and beyond. Explore Bondoni’s company registration services now for more information.
Step 2: Bank Selection
Although banks may appear similar at first, they can differ significantly, so it is important to explore multiple options rather than limit yourself to one. Differences may include account requirements, fees and charges, and the range of financial services offered. Therefore, you should select the bank that best fits your business needs and aspirations.
As a business owner, you should consider the following factors to make an informed decision:
- The minimum deposit and ongoing balance requirements.
- Fees for account maintenance and transactions.
- Account type, as some banks offer specialised accounts like SME Current Accounts, Multi-Currency Accounts, and Project/Contract Accounts.
- The available corporate banking services, such as loans, trade finance, payroll, foreign exchange services, and bulk payment processing, among others.
- Range of international correspondent banks.
- Reputation, stability, and client services.
- Multi-currency support for daily operations, ease of profit repatriation, and other factors unique to foreign-owned businesses in Oman.
A business support service provider in Oman, such as Bondoni, can facilitate this selection process by helping you identify your business priorities and requirements while recommending the most suitable banks. Leveraging its expertise and strong local banking network, Bondoni assists foreign-owned businesses in opening bank accounts in Oman, enabling uninterrupted operations and supporting long-term growth.
Step 3: Preparing the Documents
Preparing, collecting, and attesting documents is a critical step in opening a bank account in Oman. Once a suitable bank has been selected, you should proceed with preparing the required documentation, including mandatory corporate documents such as the Commercial Registration (CR) certificate and the Chamber of Commerce certificate, individual identification documents like passports and work permits, as well as financial and operational documents, including the business plan and proof of address. These are some of the documents generally required by banks in Oman, although additional documentation may be requested.
This process is best handled by experienced local partners like Bondoni, whose dedicated Bank Relationship Managers prepare all required documentation timely and professionally, ensuring smooth procedures and full regulatory compliance. By managing complex paperwork with efficiency and care, Bondoni gives you peace of mind and allows you to focus your time and resources on core business activities.
Step 4: Submit the Initial Online Application
Wondering how to open a bank account in Oman? The process typically includes a combination of online and in-person procedures. Your bank may allow online bank account opening in Oman by submitting an online pre-application, which functions as a preliminary step that lets you start the account opening process on your own before your visit to the branch.
Having all your documents ready, you should proceed with the application using the dedicated banking platform. This step generally requires creating an account, filling in requested information, and submitting scanned copies of the needed documents. The bank reviews your documents before the branch visit to identify any missing or additional paperwork, saving you time and streamlining the process. This initial online application can be submitted by authorised company representatives or a professional local partner.
Step 5: Visit the Bank Branch and Complete Formalities
During this visit, which can be scheduled through the bank’s site, company representatives complete the official application form, submit original corporate and identification documents, provide signature samples, and confirm the selected account type, services, and terms directly with the bank advisor. This in-person process allows the bank to verify document authenticity and the identities of authorised signatories—a mandatory step that cannot be completed online. The visit must be conducted by the company’s representatives and cannot be delegated to a local partner.
Step 6: Account Approval and Activation
Once the bank approves the application, the corporate account is opened and activated. The bank then issues the account details, including the IBAN and account number, along with online banking access and any approved corporate debit or credit facilities. An initial minimum deposit may be required, depending on the bank and account type. Once setup is complete, online banking, bank cards, and signature permissions can be activated, allowing business transactions to begin immediately.
Now that you know how to open a bank account in Oman, below is a list of banks you should explore.
List of Banks in Oman: Your Starting Point
Now that all the steps of how to open a bank account in Oman are clear, here we provide you with a comprehensive list of the biggest international and national banks in Oman, assisting in your search journey:
- Bank Muscat: The largest bank in the country, unique for its extensive corporate, retail, and investment services.
- National Bank of Oman (NBO): One of the oldest banks with a strong corporate banking presence.
- Bank Dhofar: A well‑established commercial bank with various corporate solutions.
- Bank Sohar / Sohar International: Provides a full range of corporate and retail banking services, emphasising personalised solutions and modern banking technology.
- ahlibank: A reputable Omani bank offering a wide range of corporate and retail banking solutions, with tailored services for businesses.
- HSBC: For corporate banking only.
- Standard Chartered: For corporate banking only.
If you want to set up a business in Oman and plan to open a bank account, contact us now at Bondoni to get started. Our team provides you with support and guidance throughout all steps of opening a bank account in Oman—from choosing the right bank and document preparation to application submission and follow-ups.
Bondoni’s team handles all steps with care and diligence, giving you peace of mind and helping you operate your business and finances smoothly and easily.
Read more: Company Registration in Oman: Steps and Timeline
Also explore: Doing Business in Oman: Why It’s a Smart Investment