The Sultanate of Oman is an Arab state on the southeast coast of the Arabian Peninsula. It is bordered by the United Arab Emirates to the northwest, the Gulf of Oman to the northeast, Yemen to the southwest, the Arabian Sea to the southeast, and Saudi Arabia to the west. The capital of Oman is Muscat, and the currency is the Rial (OMR). Arabic is the official language and English is also commonly used in business. As Oman’s economy traditionally relies upon oil, its supplies of which are diminishing, it is now developing industry and tourism, and the privatisation of some industries in order to reduce the overall economic contribution from the oil sector.
- TYPE OF COMPANY: Limited Liability Company
- COMPANY LAW: The Commercial Companies Law 1974 (as amended)
- SUFFIX TO DENOTE LIMITED LIABILITY: LLC
- DIRECTORS: Not required by law but it is customary for members to appoint “Managers”
- SECRETARY: Not required by law
- MEMBERS: Minimum of two, can be of any residency or nationality, natural persons or corporate entities – we can provide
- CLASSES OF SHARE: Registered
- CAPITAL REQUIREMENTS: Capital to be fully paid up at the time of registration. If Shareholding is 100% foreign, the minimum capital investment is 500,000 OMR. If shareholding is mixed (Omani and Foreign), the minimum capital is 150,000 OMR. If shareholding is 100% Omani, the minimum capital is 10,000 OMR
- OWNERSHIP: 100% Foreign ownership allowed
- TIME TO INCORPORATE: 14 days
- REGISTERED OFFICE: Required in Oman – we can provide
- ACCOUNTS: Yes, audited for companies with a capital over 50,000 OMR or having more than ten shareholders
- DISCLOSURE: Yes
- TAXATION: Corporate Tax is variable and ranges from 0% to 50%. Corporate Tax holidays for 5 years from the date of incorporation are however available in some cases
- GOVERNMENT LICENCE FEE: N/A
- DOUBLE TAXATION TREATIES: 16
- LANGUAGE OF DOCUMENTATION: Arabic with certified English translation
If you would like further information on setting up a company in Oman or the formation of a Oman company or other Oman corporate entities or require professional advice relating to taxation or the structuring and requirements of a Oman company, please contact us. We can also provide advice on establishing a subsidiary, joint venture or foreign company to carry on business in Oman.
We can provide a wide range of support and administration services, bank introductions, nominee directors, nominee shareholders, virtual offices, accountancy and legal services. We can also advise on compliance with all the regulatory and statutory requirements.