Company Registration in Oman
Starting a business in Oman can be challenging, but it doesn’t have to be. With the proper guidance, you can easily register your company in Oman. We provide top-quality services to help you start and grow your business in Oman.
We will take you through the process of registering your company in Oman, step by step. We will cover everything from the legal requirements to the necessary documentation, so you can get your business up and running quickly.
Before you begin registering your company in Oman, you need to choose the legal form of your business. In Oman, there are five legal forms of business that you can choose from:
- Limited Liability Company (LLC)
- Joint Stock Company (SAOC)
- Closed Joint Stock Company (SAOG)
- Branch Office
- Representative Office
Requirements for Company Registration in Oman
- Business Activity: Determine the activity or activities of the proposed company and ensure that they are permitted under the laws of Oman.
- Business Name: Choose a unique name for the company not already registered in Oman.
- Legal Structure: Decide on the company’s legal structure (such as a limited liability company or a sole proprietorship) and prepare the necessary documents.
- Share Capital: Determine the share capital required for the company and deposit the amount in a local bank account.
- Office Space: Provide proof of office space, such as a tenancy agreement or lease.
Types of Business Licenses in Oman:
There are several types of business licenses in Oman, including:
- Commercial Registration: This is the basic license required for most types of businesses.
- Professional License: This is required for businesses offering professional services, such as accounting or legal.
- Industrial License: This is required for businesses involved in manufacturing or industrial activities.
- Tourism License: This is required for businesses involved in the tourism industry, such as hotels or travel agencies.
Procedures for Company Registration in Oman::
- Reserve the Company Name: Submit a name reservation application to the Ministry of Commerce and Industry.
- Obtain the Commercial Registration: Apply for a commercial registration certificate from the Ministry of Commerce and Industry.
- Obtain the Municipality Approval: Obtain approval from the local municipality for the location of the company.
- Obtain Other Licenses: Obtain any other necessary licenses, such as a professional or industrial license.
- Register with the Chamber of Commerce: Register the company with the local Chamber of Commerce.
- Open a Bank Account: Open a local bank account and deposit the share capital.
At MakeMyCompany, we can guide you through the entire process of company registration in Oman and help you ensure that your business is set up correctly and in compliance with local regulations.
Post-Incorporation Process
After successfully registering a company in Oman, several post-incorporation processes must be completed to ensure local laws and regulations compliance. Here are the critical post-incorporation processes:
- Obtaining a Commercial License: Once the company is registered, it must obtain a commercial license from the Ministry of Commerce and Industry. The permit is required to carry out commercial activities in Oman.
- Opening a Corporate Bank Account: The company must open a corporate bank account in Oman to receive payments and conduct financial transactions.
- Registering for Taxation: The company must register for taxation with the Oman Tax Authority to fulfill its tax obligations. This includes obtaining a Tax Card and recording for Value-Added Tax (VAT).
- Registering with the Public Authority for Social Insurance (PASI): The company must register with PASI to provide its employees with social insurance benefits.
- Registering with the Labor Department: The company must register with the Labor Department to fulfill its obligations under the Labor Law, including obtaining work permits and registering employees.
- Registering with the Municipality: If the company operates in a specific location, it may need to register and obtain necessary permits and licenses.
- Obtaining Necessary Visas: The company must obtain visas for its employees, shareholders, and directors to reside and work in Oman.
- Complying with Accounting and Auditing Requirements: The company must maintain accurate accounting records and prepare financial statements in compliance with the International Financial Reporting Standards (IFRS). It must also appoint an auditor to audit the financial statements and submit them to the Ministry of Commerce and Industry.
It is important to note that these processes may vary depending on the type of company and the activities it undertakes. It is recommended to seek the assistance of a professional service provider to ensure compliance with all post-incorporation processes.
