Setting up a financial and investment consultancy in Oman in 2023
Since 2003 Healy Consultants Group has been efficiently and effectively assisting our Clients establish i) financial and investment consultancies and ii) financial securities brokerages in Oman. Unlike nearby Dubai, Oman is not an established global financial centre, so licensing of financial services-related business can be time consuming. You should expect business set up and licensing to take up to 4 months.
How to set up a financial and investment consultancy in Oman
- Clients providing i) financial consultancy services ii) financial security brokerage and iii) finance and investment consultancy in Oman must first obtain a professional consultancy licence;
- Healy Consultants Group will help our Clients i) determine the correct licence for their business and ii) apply for and secure a licence from the relevant ministries;
- The main authorities in Oman dealing with licensing financial services businesses in Oman are the Ministry of Commerce & Industry, Ministry of Regional Municipalities and Water Resources, Capital Market Authority and Muscat Securities Market;
Requirements to establish an Oman financial services business
- Applicants must have an existing business in their home country in the same line of business and must produce a i) certificate of registration and accompanying licence confirming the entity is active and ii) recent financial statements from the home country;
- Appoint a qualified representative with 10 years’ experience in the same industry (if a foreign individual), or three years (if Omani). The representative must be resident in Oman;
- Prepare a business intention letter detailing i) intended investment amount ii) proposed company officers/qualifications iii) commitment obligation towards paid-up capital injection;
- Secure physical office space in Oman meeting government requirements, arranging premises inspection and approval by the civil defence authority;
- Have a minimum capital requirement of OR50,000 (approximately US$130,000). The exact amount depends on the specific services to be provided, and will be advised by the government authority;
- Although, as of January 2020, a new foreign investment law allowed 100% foreign ownership in almost all sectors in Oman, our non GCC/US Clients may need to appoint at least one Omani partner who holds a degree in financial services and/or related disciplines;
- A Professional Licence from MoCI covers multiple services including i) financial consultancy ii) provision of financial advice and research iii) marketing and economic consultancy iv) information and human resource consultancy.