Oman fast business set up solutions
To timely complete a new Oman business set up can be a challenge for non-GCC investors. Because Oman is a developing, emerging market in a volatile region, our multi-national Clients should expect to legally conduct business in Oman within four months (click link).
As a work around fast business setup solution (click link), Healy Consultants Group PLC provides our multi-national Clients a fast nominee solution, including:
- Incorporating a new Oman company using Healy Consultants Group PLC professional, passive nominee shareholders and directors and bank signatory;
- This structure is known as Fast Nominee Solution (click link);
Utilizing this fast solution, our Client can secure contractual agreements and begin trading in Oman within 1 month. Refer to the summary table below:
Comparing each corporate solution
Question Fast Nominee Solution Register a new business Our recommended order of preference 1 2 How soon can the company issue invoices to customers? 6 weeks 3-4 months How soon can our Client legally sign sales contracts with local customers? 6 weeks 3-4 months How soon can our Client lease permanent office premises and warehouse? 6 weeks 3-4 months How soon can our Client recruit local and expatriate staff? 7 weeks 4 months Estimated total cost of this engagement (US$) 48,450 27,900 Paid up share capital required (in US$) 52,000 Up to 390,000 How soon can we supply our Client a bank account number? 6 weeks 3 months How soon can we provide our Client a bank account number 6 weeks 4 months Physical office required to be leased during company registration? Yes Yes Must apply for tax numbers? Yes Yes Must apply for an import\export license? Yes Yes Must apply for a regulatory license? Yes Yes Foreign investment Government approval required before legally conducting business? Yes Yes How long to appoint our Client’s preferred corporate structure? 3 months 3 months Total engagement period; to finish the engagement? 3 months 3 months Draft sales invoice – press button View invoice PDF View invoice PDF
Advantages and disadvantages of a fast business set up solution
No. Advantages Nominee company 1. Within 6 weeks, our multi-national Clients can legally conduct business in Oman; Yes 2. Our Client does not have to travel to Oman for company registration and multi-currency corporate bank account opening; Yes 3. Our Client can immediately recruit staff to help complete business set up; Yes 4. The entity is will be registered for tax, including payroll, corporation tax, sales taxes; Yes 5. Government administrative tasks\delays are tackled after business set up, rather than before company registration; Yes 6. It is not always necessary to apply for additional required business sub-license; No No. Disadvantages Nominee company 7. It is an expensive solution; Yes 8. It is necessary to spend 8 weeks changing the business activity and change company name; Yes 9. It is necessary to spend 10 weeks appointing our Clients’ preferred shareholders and directors; Yes 10. It is necessary to spend 12 weeks appointing our Clients' preferred bank signatory; Yes 11. It is necessary to spend 2 weeks to ensure the entity is clean and dormant; Yes 12. Government foreign investment approval is still required? Yes 13. The company might have had business operations in the past, which makes the handover process more complicated. No
Steps to register a fast nominee Solution
No. Steps Week 1. Healy Consultants Compliance Team receives the required corporate and personal due diligence (click link) information from our Client; 1 2. Our Client signs Healy Consultants Group PLC engagement letter and returns the original to our Singapore Head office. Our Client settles our fees; 1 3. Our Client confirms by email the planned corporate structure and begin preparation of the required due diligence; 1 4. At the start of the engagement, Healy Consultants Group PLC prepares a tailored detailed project plan (click link); 1 5. Healy Consultants Group PLC supplies our Client a detailed due diligence set of our temporary professional, passive nominee shareholders and directors and bank signatory; 2 6. Healy Consultants Group PLC registers a national LLC with our temporary professional, passive nominee shareholders and directors and injects the paid-up share capital to a temporary multi-currency corporate bank account, preferably with HSBC Oman; 2-5 7. The Oman bank supplies corporate bank account numbers to Healy Consultants Group PLC. At this stage, Healy Consultants’ nominees will act as temporary bank signatory; 5 8. Healy Consultants Group PLC registers our Client’s company for tax; 5 9. If required, Healy Consultants Group PLC will apply for i) a specific regulatory license and ii) an import export license; 6 10. Healy Consultants Group PLC emails our Client a template customer sales invoice complying with local Omani commercial laws and includes i) a company name and number ii) a company office address and iii) a corporate bank account number and iv) a tax number. Our Client can legally conduct business in Oman; 6 11. Healy Consultants Group PLC prepares and emails our Client the required documents to appoint new directors and shareholders including i) the legal share allotment and legal share transfer ii) the change of company address (if required) and iii) the lease agreement in Oman; 6-7 12. Our Client reviews and signs the documents in front of the Oman Embassy or Consular mission in his country of residence and courier return the same back to Healy Consultants head office or Oman affiliate office; 8 13. After receiving the legalized documents, Healy Consultants Company Secretary Team submits the documents together with an application to purchase shares to the Ministry of Industry and Commerce (MOCI); 10 14. If required, Healy Consultants Group PLC will apply for a Foreign Investment Approval Certificate from the MOCI; 12 15. Following a review of the foreign investment license application, MOCI may revert to Healy Consultants for additional information. Healy Consultants Group PLC and our Client provides the same in a timely manner; 13 16. MOCI approves the foreign shareholder to purchase shares in the local company. Immediately after, Healy Consultants Group PLC submits an application to MOCI to amend the M&AA; 14 17. The MOCI issues the amended M&AA, showing the new shareholder, company name, business activity and charter capital; 16 18. Immediately after, Healy Consultants Group PLC emails our Client i) investment certificate confirmation; ii) new M&AA showing the appointment of the new foreign shareholders and directors; 17 19. Healy Consultants’ Oman Banking Team proceeds to begin transfer of the corporate bank account signatory rights to our Client; 17 20.
Healy Consultants’ Banking Team and our Client attends a meeting with the Oman bank to appoint our Client as the new bank signatory and submit the corporate bank package containing:
- Signed appointment of bank signatory forms;
- Client’s passport copy and proof of address;
- Oman company kit;
- Other Client due diligence.
Following a review of the corporate bank account signatory change application, the bank(s) may revert to Healy Consultants for additional information. Healy Consultants and our Client provides the same in a timely manner;
17-18 21. There is a 50% chance that the bank will ask the new bank signatory to travel for a one-hour interview to Oman. As always, Healy Consultants will aggressively negotiate for a travel exemption, asking the bank to just perform a Skype or phone conversation with the bank signatory. Depending on Client nationality, sometimes we are successful and our Client does not have to travel to Oman; 18 22. The bank approves the appointment of the new bank signatory and will courier internet banking documents (login, password etc) to Healy Consultants office or to our Client directly. If sent to us, we will activate internet banking on our Client’s behalf; 18 23.
Healy Consultants Group PLC will courier the following to our Client:
- Company kit containing original Oman corporate documents;
- The banking kit;
- Healy Consultants Customer Satisfaction Survey;
19 24. Healy Consultants Group PLC successfully completes our Client’s engagement. 20