Company Formation in Oman- Oman Company Registration - IMC

OMAN – COMPANY SETUP

oman company formation company registration

Oman, the third biggest nation in the Arabian Peninsula and a standout amongst the most dynamic nations in the Middle East. It has accomplished surprising development in all areas of economy. Despite the fact that oil remains single most critical wellspring of income. The State encourages foreign capital which will enhance the overall development of the country. It ought to supplement local investment in utilizing its untapped resources, facilitate transfer of technology and Multinational Corporation connection for opening new markets for Oman products. Oman Investment Corporation (OIC), established by the government to aid on the company formation in Oman, company setup and company registration procedures.

Company Registration & Company Formation in Oman

  • A LLC company formation in Oman is the most popular company format. Foreign shareholders may own up to 70 per cent of the shares in the LLC, except for GCC or US shareholders (which can own 100 per cent of the shareholding).
  • Under free zone, foreigners can have 100% ownership
  • A subsidiary company formation in Oman is not normally entitled to seek and carry out business within the private sector.
  • A foreign company formation in Oman can  register a wholly owned  representative office in Oman

 Licensing in Oman

  • Foreign companies that have special contracts with the government, or provide services that are needed in Oman, are exempted from the requirement of obtaining a license
  • An LLC company setup may not participate in banking, financial guarantees, or commercial aviation activities.

 ACCOUNTING AND TAX

  • The law eliminated the disparity in tax rates between foreign and local entities by providing a uniform tax rate of 12% for all taxable entities with an initial tax exemption of OMR 30,000
  • There is no personal income/wealth tax in Oman
  • Income tax is not chargeable on dividends received by sole proprietary commercial establishments and by companies on shares held in the capital of another company registered in Oman.
  • Capital gains and losses are normally regarded as part of ordinary corporate income.

Type Limited Liability Company (WLL)
Under Oman law, foreigners can own 70%
Share Capital OMR 20,000
Memorandum and Articles of Association Yes
Shareholders Minimum Two
Can the entity hire expatriate staff in Oman Yes
Tax Registration Certificate Required Yes
Statutory audit required Yes
How long to open Corporate Bank Account 3 weeks
Annual Return Must be filed
Annual Tax Must be filed
Timeframe for Incorporation: 3 weeks
Access to Oman double tax treaties Yes