Oman employment visas
Foreign professionals looking to live and work in Oman must first obtain both a residency visa and a work permit before traveling to Oman. A foreign national may apply for an Omani residency visa if they i) incorporate a company in Oman or ii) become a shareholder in an Omani company or iii) secure employment with an Omani tax resident company. Some of the main residency visa offered in Oman include:
- Known locally as an Investor Residence Visa, this visa is only available for entrepreneurs and investors relocating to Oman to manage their businesses. The visa is valid for a renewable two-year period and is suitable for investors holding shares in a local company;
- The investor must i) seek approval from Ministry of Commerce and Industry ii) obtain an investor work permit from Ministry of Manpower and iii) residency visas from the Directorate General of Passport and Residence (DGPR);
- Documents required include i) a valid passport, ii) a copy of partnership certificate, iii) labour permit from MOM and iv) a certificate of membership of Oman Chamber of Commerce and Industry. Healy Consultants recommends our Clients invest at least US$100,000 to optimize chances of visa approval.
- Expatriate employees must be sponsored by their Omani employing company or Omani national to obtain a renewable two-year employment visa;
- To qualify for an employment visa, an employee must i) be of age between 21 and 60 years, ii) show copy of employment contract, iii) provide academic/professional qualifications and iv) provide an employer sponsorship letter;
- Following Oman company formation, our Clients must provide proof i) of work contracts with third parties or ii) that the activity requires foreign expertise. The number of visas a company can sponsor is dependent upon the size of the office space occupied in Oman.
- Foreign nationals looking to visit the Sultanate of Oman for either i) tourism purposes or ii) short term business trips must obtain a visitor visa;
- Citizens from these listed 66 countries and residents of GCC member countries can easily obtain visit visas valid for a renewable one-month period upon arrival in Oman;
- Countries not mentioned in the above lists require their nationals to apply for visit visa at their country’s Oman embassy or consulate and be sponsored by an Omani resident company, hotel or tourist agency.
Oman corporate banking options
For over a decade Healy Consultants Group PLC supports local and international investors and entrepreneurs interested in securing quality corporate banking solutions in Oman. Owing to our long-term experience and expertise in the Middle East, Healy Consultants will shelter our Client from unnecessary administrative challenges relating to opening a new corporate bank account in Oman for an oversees company or newly incorporate entity.
Oman banking system
- The Sultanate of Oman boasts a stable and tightly regulated banking system. The Central Bank of Oman, the financial services regulatory body, recently introduced Islamic banking in the county thereby expanding the sharia-complaint banking segment;
- The banking sector is comprised of a least 7 local banks, 9 foreign commercial banks and two sharia-compliant banks offering i) multicurrency accounts, ii) internet and telephone banking, iii) checking and savings accounts, iv) debit and credit cards, v) fixed term deposits and wealth management;
- International banks available in the Sultanate include i) Standard Chartered bank and ii) HSBC bank. These banks offer multilingual services and are recommended especially for foreign nationals;
- Because Oman is not perceived as a tax haven, and is neither listed on the OECD ‘blacklist’ of tax havens nor the FATF blacklist. Consequently, Oman banks are not obliged to share customer information with international governments;
- The lending rates in the country have in the recent years fallen steadily, with interest rates for conventional bank loans averaging at 4.76% as of 2015, down from 5.5% in 2013.
Healy Consultants banking services
- Healy Consultants Oman banking team can open a corporate bank account for our Client’s newly formed Omani company and secure internet banking approval without our Client traveling to Oman;
- After completing our Clients company formation, Healy Consultants will approach multiple Omani banking institutions for corporate bank account application pre-approvals and provide our Client with a list of banks interested in their business;
- Healy Consultants also assists our global Clients to open corporate bank accounts in Oman without i) setting up a business in the country or ii) raveling to Oman to visit their preferred bank. Our fee for this service amounts to US$4,950;
- To optimize the success probability of the corporate bank account application, Healy Consultants banking team prepares a quality business plan and also attends the mandatory bank interview on behalf of our Client;
- For Clients based abroad, the account opening process can be costly and time-consuming because some banks will require legalized due diligence documents. Healy Consultants will complete this task on behalf of our Client;
- Once our Client’s preferred bank approves the account opening, the banking officer will i) email the corporate account numbers directly to our Client and ii) within two weeks courier the internet banking token to our Client.
- Oman is among the most difficult countries in the world to get credit according to World Bank. The Sultanate dropped 6 places from the previous ranking in the recently released Doing business report 2017 to rank at 133;
- However, a number of Omani banks offer the latest banking products and services in trade finance including i) bank guarantees, ii) standing letters of credit, iii) import and export documentary credit and iv) customer guarantees;
- Local companies looking to secure trade financing must prepare i) a quality business plan, ii) a detailed realistic feasibility plan, iii) audited financial statements, iv) proof of experience of business owners and v) a SWOT analysis;
- Healy Consultants helps our Clients established in the Sultanate of Oman to secure corporate financing mainly in the form of direct loans or overdrafts.
Foreign exchange controls
- The Oman currency is the Rial, which is pegged to the US dollar. The exchange rate has remained at 1 RO = US$2.60 since 1986;
- The Sultanate of Oman does not impose exchange controls and there is not restriction on the repatriation of capital form the Sultanate;
- Additionally, there is no limitation on the inflow or outflow of funds for remittances of profits, debt service, capital gains and returns on intellectual property or imported inputs (except for foreign bank branch dividends).