Oman company registration

Oman company registration

DOING BUSINESS IN OMAN

Since 2003, Healy Consultants has been efficiently and effectively assisting our Clients with i) Oman business registration ii) business licensing iii) Oman business banking solutions iv) visa options and staff recruitment strategies and v) workspace rent.

Summary70% LLC100% owned LLCFree zone companyBranch companyRepresentative officeCommercial Agency
Best use of company?General TradingStartup solutionExport hubGovernment projectsResearch and marketingGeneral Trading
Legally tax exempt if properly structured?NoNoYesNoYesNo
Corporation tax on annual net profits?12%12%0%12%0%12%
Foreign ownership % allowed?70%100%100%100%100%100%
Corporate bank account location?Arab BankHSBCBank SoharAhli bankHSBCAhli bank
Client must travel to the Middle East?NoNoNoNoNoNo
Can secure trade finance?YesYesYesYesNoNo
Limited liability entity?YesYesYesNoNoYes
Minimum paid up share capital?US$390,000US$52,000US$1NoneNoneNone
Oman resident relations officer must be appointed?YesYesYesYesYesYes
Average total engagement costs?26,90029,20030,00031,18024,95029,200
Average total engagement period?14 weeks14 weeks12 weeks16 weeks15 weeks12 weeks
Accounting and tax considerations70% LLC100% owned LLCFree zone companyBranch companyRepresentative officeCommercial Agency
Must file an annual Oman tax return?YesYesYesYesYesYes
Must file annual financial statements?YesYesYesYesYesYes
Access to double taxation treaties?YesYesNoNoNoYes
Withholding tax on payments to shareholders?10%0%0%10%0%10%
Company registration70% LLC100% owned LLCFree zone companyBranch companyRepresentative officeCommercial Agency
Resident director required?NoNoNoNoNoNo
Omani national shareholder required?YesGCC or US shareholderNoNoNoNo
Omani national sponsor required?YesNoNoNoNoYes
Omani national manager required?NoNoNoNoNoNo
Minimum number of shareholders?221Parent companyParent companyNo
Minimum number of directors?11100No
Oman PRO must be appointed?YesYesYesYesYesYes
Deposit to be maintained with Government?00000No
Shelf companies available?YesYesYesNoNoNo
Time to incorporate a new entity?6 weeks6 weeks4 weeks6 weeks5 weeks4 weeks
Public register of shareholders and directors?YesYesYesYesYesYes
Can have preference shareholders?YesYesNoNoNoNo
Business considerations70% LLC100% owned LLCFree zone companyBranch companyRepresentative officeCommercial Agency
Can invoice local customers?YesYesNoYesNoYes
Secures a residence visa for business owner?YesYesYesYesYesYes
Other useful information70% LLC100% owned LLCFree zone companyBranch companyRepresentative officeCommercial Agency

Can hire local and expatriate staff?Yes
Can rent local office space?Yes
Average monthly office rental? (US$ per sq m)US$10
Minimum statutory annual salary?US$600
Average monthly US$ salary for skilled labor?US$4,000
VAT payable on sales to local customers?None
Withholding tax on dividends to shareholders?None
Customs duty on imports?5%
Double taxation treaty access?Yes
Member of WIPO for trademark registration?Yes
GCC member to enjoy free trade benefits?Yes
OMR deposit interest rate? (1 year average)1%
US$ deposit interest rate? (1 year average)0.8%
Overseas remittance currency controls?No
Banking considerations
Multi-currency bank accounts available?Yes
Corporate visa debit cards available?Yes
Quality of e-banking platform?Yes

Frequently asked questions

Contact us

For additional information on our business registration services in Oman, please email us at email@healyconsultants.com. Alternatively please contact our in-house country expert, Mr. Petar Chakarov, directly:
client relationship officer - Petar