Setting up a company in Oman
The processes related to setting up a company in Oman can be divided into two parts: company registration processes and post-company registration processes in Oman:
Company registration process in Oman
Applicants for Company registration in Oman They should follow the steps below:
- Choosing a business structure for the company
It is better for applicants to choose a suitable business structure for their company based on the available capital and the total number of shareholders. Applicants for company registration have the following options for choosing a business structure in Oman:
- Exclusive ownership
- Partnership company
- Limited liability company
- Corporation
- Holding company
- branch office
- representative office
- Choose a brand
The brand is known as the face of the company. To register a company’s trademark, applicants must submit their proposal to the Ministry of Commerce and Industry (MCI) as a unique trademark that meets the legal norms in Oman.
- Choosing the right place to start the company
Every business should be set up in a place where most of its target audience is located. People who are looking to expand their activities, it is better to choose the main centers to set up, but for new entrepreneurs, free zones in Oman are a more suitable and economical option.
- Collecting and preparing company registration requirements
After registering the company’s trade name, applicants must collect the necessary business documents for registration. Some of the documents that are required for company registration are:
- Filled form related to company registration
- Copy of valid birth certificates of shareholders and signatures of the company
- The form related to the name and signature of the owners of the company
- Shareholders’ documents and concluded contracts
- Statutes and minutes
- Tax residency certificate
- Initial deposit certificate
- Affiliation certificate to the Chamber of Commerce and Industry
- Submit the required documents for company registration
After the approval of the brand name and preparation of documents, the applicants must send the required documents to the Ministry of Commerce and Industry.
- Registered in the Oman Chamber of Commerce and Industry (OCI)
One of the important steps in company registration is the commercial registration of the company in Oman. Applicants can prove that they are eligible to set up a company in Oman by registering the company in the Oman Chamber of Commerce and Industry.
- Obtaining approval from government departments
Depending on the nature, size and activities of the company, applicants may need to obtain several government approvals. These government approvals are:
- Tax registration
- Registered with the Royal Oman Police
- Registration in the Ministry of Manpower to file for the issuance of work certificates and visas
- Municipal license
- Import/export license (if required)
- Industrial permits and licenses, related to the environment, etc
- Setting up a capital bank accountcapital bank account)
The capital account shows the amount of change in net assets and liabilities over the course of a year. Every business needs to do business transactions and to do that, having a business bank account is essential. It is better for the applicants to do enough research on the available banks and then choose a bank that provides more suitable financial conditions and facilities for their business.
- Design and registration of the company’s seal
The company seal is known as the signature of a commercial entity, which is used in all the company’s letterheads, and the signatures of legal persons of the company without the company seal will be invalid. Having a special seal for the company prevents the possibility of forgery and fraud regarding commercial documents.
Process after company registration in Oman
After completing the company registration process, applicants must also do some other activities to set up a company in Oman, which include:
- Selection of the best talents suitable for the needs of the company
Business entities in Oman have the flexibility to hire an international workforce, so applicants can attract the best global talent for company activities and job positions.
- Applying for employee visas
So, choosing the workforce with the required talent and abilities, and if these people are foreign, the company owners should act as an employer or investor to get a work visa for these people.
- Employee registration
Therefore, it is necessary to choose and receive employee visas, and to register people under the name of the company in Oman.
- opening a bank account
Finally, for the financial flow of the company, the owners of the company must open a bank account for the company. This bank account is considered to support financial circulation, payment of salaries and debts and possible investments. Suitable banks for opening a company account in Oman are:
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