Oman is one of the most dynamic countries in the Arabian Peninsula. The rapid growth in the economy has helped Oman to perform better than the other countries. Oman is very reliant on its oil assets but now this business is not as attractive as it was before. Therefore, Oman has opened its doors for foreign investment and new industrial set up to build themselves as a stronger nation.
This has resulting in an inflow of a lot of companies in Oman. This article will focus on the procedure of registration of a company in Oman.
The following are the basic requirements for company registration in Oman:
- There must be minimum 2 shareholders
- There must be minimum 1 director of any nationality
- The company must have a registered office
- The minimum capital required is OMR 150,000
- Identity card and a copy of the passport of the all shareholders and signatories
- The certificate from the bank of initial capital deposit
- Approved signatory form having signature and names of all the authorized signatories
- Documents relating to company formation in Oman
- Forms for company registration
- Company Statues
- Certificate of Chamber of Commerce and Industry affiliation certificate
Steps to Register a Company in Oman
The first step for a non-resident to register a company in Oman is to secure a name for the company. The name must be one of a kind and it should not have words or terms that are denied in Oman. The name must be approved by the Ministry of Commerce and Industry. If the name is not acknowledged, the investor must submit a new alternative name.
After the approval of the name, the company must deposit the required capital of the business with a local bank. If the sum is not deposited, the further registration proceedings of the company will be kept at halt.
There are many sorts of activities that an outside business can do in Oman. This step involves applying for business licenses or permits depending on the type of business that you undertake. This is an important part of company registration as the rules related to an industry would be determined on the basis of the business permit.
In this step, the foreign company must submit the documents of their organization to the Tax branch of the Finance Ministry.
In this stage of company registration, the organization is referred for getting a Municipality License.
The next step for enrolling a foreign company in Oman is registering itself with the Royal Oman Police. It is a compulsory activity for any foreign organization.
The foreign company must register itself with the Ministry of Manpower. This is done so that the government authorities have the data of how many local workers is the foreign company willing to hire and how many expats work in the organization.
In this step, the company enrolls for representatives’ social protection for getting social protection.
This is the last step for registering a company in Oman. The company must make an organization seal containing the name of the organization and organization logo. This will conclude the registration of the company as a foreign private limited company.
The above mentioned steps will help you easily float a company in Oman.
IMC Group provides the services of registration of a company in Oman. With our service and advice, a foreign investor can set up a business entity in the country. We ensure that the company registration process in Oman is quick and a hassle-free experience for you. For more information, you can get in touch with us and we will be happy to assist you.