Oman, being the third biggest nation in Arabian Peninsula stands exceptional among the other nations in the Middle East. The country has scored booming development in all areas of its economy, despite the fact that oil still remains the most crucial wellspring of its income. Oman wholeheartedly welcome foreign capital that can enhance the overall development of the country. They ought to insert local investment for utilizing its untapped resources, promote transfer of technology, and the connection of Multinational Corporation for opening new markets for Oman products. In order to aid business formation, Oman Investment Corporation (OIC) was established by government for company set up procedures and its registration procedures. Commercial law of Oman emphasis that every business, even branches, and representative offices of international companies should mandatorily register for its commercial license. Every new product or services that is to be launched in Oman must be formally approved within the Sultanate and that the documents to be submitted must be attested. There are lots of attestation services in Oman who can help you get your documents authentic.
<> Commercial Registration in Oman
In 2006, the Ministry has brought electronic system for governmental commercial services to facilitate speedy registration process. Any businessman can submit application to register their commercial business to the directorate of investors in the Ministry or to the regional directorates. Individual investors and foreign companies may establish operations in Oman via one of the following main forms:
• Limited Liability Company (LLC)
• Joint stock company
• Commercial Agency
• Commercial Representative Office
The most popular form of company formation in Oman is Limited Liability Company (LLC). The foreign shareholders can own up to seventy percent of the shares in LLC, excluding for GCC or US shareholders, they can own 100% of the shareholdings. For free zone area, the foreigners can have 100% ownership, but varies in other regions. Any subsidiary business formation in Oman is not entitled under or carry out the activities within the private sector. A foreign company formation in Oman is able to register and own fully the representative office in Oman.
- Those foreign companies that owns contract with the government or that provide services required in Oman are excused from obtaining license to do business in Oman.
- If your company is an LLC set up, you may not participate in financial guarantees, banking or any commercial aviation activities.
The income tax law in Oman seeks to tax every income of Omani entities and also the Oman source income of branches and other permanent establishments. The rates are:
- For an income of OMR 30,000 the tax is 0%
- For any income more than OMR 30,000, a tax of 12% is applicable
- For the companies that are engaged in petroleum, the tax rate is 55% of the income.
Procedures for Commercial Registration using eportal
Apply for registering your commercial service in Oman to the directorate of investor’s services next to the Ministry of Commerce and Industry in Ruwi or any other regional directories/ lawyer’s offices.
Put in the correct and real informations about your company and attach if necessary the required documents.
Those applications that does not require any review, auditing or notifying the required fees via sms or email are directly approved.Other application that need approvals from the office are notified by email or sms about the application status or fees.
The fees for registration should be paid through bank or smart card or other credit cards.
After the payment of fees, the certificate of registration will be issued from the legitimate authority. Only then your company is said to have legal registration in Oman to start its business activities.
For any business set up or commercial registration in oman, every relevant documents of the company must be attested to be used in the country. If you are planning to open a branch in Oman and the documents of the firm is issued from India, it is compulsory to make them authentic by the authority. Attestation is the process of validating documents by a department/an authentic person/authority by seal and signature and also verifying that the endorsement was issued from a legitimate authority. This certifies the document as genuine and can be submitted for registration processes in Oman. New India certificate attestation services in Oman can help you get all your requisite documents attested and also aid you in setting up your business. We have a highly professional who is able to get you even urgent certificate attestation and also apostille services. The Oman attestation procedure is all hectic and hassle which can make you exhausted, we can help you get all your paperworks perfect and within limited time frame.