Business Setup with 100% Foreign Ownership
Business Setup with 100% Foreign Ownership
Oman is a very business-friendly country with a strong economy and a major tourist destination. The government has made it easy with friendly regulations for businesses to set up and operate in the country. There are a number of incentives for businesses to operate in Oman. One of the main advantages is that a business setup with 100% foreign ownership in Oman is possible. This means that Oman allows 100% foreign ownership, making it an appealing place for entrepreneurs and investors who are looking to expand into Oman.
Since the Sultanate of Oman is one of the most well-liked commercial hubs on the globe, an LLC company formation is considered a highly dependable and efficient solution for doing foreign trade. At times, it might be difficult or challenging to create a company with 100% corporate ownership in Oman, so it is essential to take assistance from a professional consultant like Arabian Business Solutions.
100% foreign ownership in Oman
According to the recently passed Foreign Capital Investment Law, which took effect on January 7, 2020, businesses can now enjoy 100% foreign ownership in Oman except for a few services. There are roughly 37 business enterprises where 100% foreign ownership in Oman is restricted.
The reliability of overseas investment in Oman is ensured by the new law. To boost business flow in the nation, several incentives and benefits are provided.
Steps
Steps required to form an LLC in Oman with 100% Foreign Ownership
01
Choose the trade name
02
Prepare a business plan
03
Obtain the Commercial Registration (CR) application form from the Ministry of Commerce and Industry and fill in all the necessary details
04
Get registered with the Chamber of Commerce
05
Select the type of office and warehouse that match your business and obtain the lease.
06
Apply for a Municipal license
07
Register with the Ministry of Finance for annual audit and tax purposes
08
Submit your application to the Ministry of Manpower to obtain labor quotas or staff visas
09
A PRO registration on Commercial Registration is necessary for applying for visas with the Royal Oman Police
10
For certain kinds of business activities, you need to obtain additional approvals from the respective authorities
Documents Needed To Setup 100% Foreign Owned Business in Oman
Oman’s business formation documents include
I. For Individual shareholders
- The person will have to provide a copy of their passport.
II. Regarding corporate shareholders
- Memorandum of association
- Trade license
- Certificate of incorporation
- Certificate of incumbency
- Board resolution and Power of attorney
The documents listed above need to be notarized, legalized, and certified by the nation of origin. Also, these must be sent to the relevant authority in Oman for legal translation and stamping.
Business Plan
This is a new mandate from MOCI. Three components make up the business strategy.
- Project outline
- Investing expenses
- Project start date
Company Registration (CR) Submission Form
The following conditions are on this form.
Chosen business name
Shareholding pattern by country of origin and percentage of ownership: individual or corporate shareholders
Affirmation of the company's financial year
Suggested company grade, which ranges from 4 to 1. The minimum share capital needed for Grade 4 is OMR 20,000; for Grade 1, it is OMR 150,000; and for an outstanding grade, it is OMR 250,000. Depositing the share capital before forming a company is not necessary. (perfect grade is 1)
The company's projected operations
The company's authorized signatories and management, whose degree of authority ranges from administrative assistant to full manager
The shareholders have approved and endorsed the document.
Contact
Arabian Business Solutions to Assist!
With the arrival of entrepreneurs and investors, business setup in Oman could be a competitive market. You need the help of the finest business consultant if you want to succeed in this industry. One of the top business setup consultants in Oman, Arabian Company Solutions will help you accomplish your business objectives.
Arabian Business Solutions sets out the easiest possibilities for LLC company creation in Oman and provides affordable services that will propel your company forward.
