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Oman

Legal form:

LLC, PLC, LLP

Delivery:

3 weeks

Price: $

$500

Payment methods:

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Requirements:

Document checklist:

Local legal address (Handled by B2B Hub) 

1.Passport
2.Proof of Residence 

Registrar

Organization name

Abbreviation

Country

Oman

Email

Phone

Listing
Open website
UK comapny formation (1).webp

About

Oman

Capital
Official languages
Population 
Currency

ISO 4217

Muscat

Arabic

4,424,762 (as of July 2020)

Rial Omani

OMR

FAQ

Q: What is the process for forming a company in Oman?

A: The process for forming a company in Oman involves several steps, including obtaining approval for the company name, drafting and filing articles of association, obtaining a business license, and registering with the Ministry of Commerce and Industry.


Q: What types of companies can be formed in Oman?

A: Oman allows for the formation of various types of companies, including limited liability companies (LLCs), joint stock companies, partnerships, and sole proprietorships.


Q: Is there a minimum share capital requirement to form a company in Oman?

A: Yes, there is a minimum share capital requirement to form a company in Oman. The exact amount varies depending on the type of company, but the minimum for an LLC is 20,000 Omani Rials.


Q: Do I need to have a physical office in Oman to form a company?

A: Yes, a physical office in Oman is required to form a company. The office must be located in a commercial area and meet certain requirements, such as having a minimum size and being approved for commercial use.


Q: What are the tax implications of forming a company in Oman?

A: Oman has a corporate income tax rate of 15%, but there are certain exemptions and deductions available for businesses. Additionally, Oman does not have a value-added tax (VAT) or personal income tax.


Q: How long does it take to form a company in Oman?

A: The time required to form a company in Oman can vary depending on the type of company and the complexity of the registration process. In general, it can take several weeks to several months to form a company in Oman.


Q: What are the ongoing compliance requirements for companies in Oman?

A: Companies in Oman are required to comply with various ongoing compliance requirements, such as filing annual financial statements and paying taxes. Additionally, companies may be subject to other requirements based on their specific business activities.


Q: Can a foreigner form a company in Oman?

A: Yes, foreigners are allowed to form companies in Oman. However, they may be subject to certain restrictions and requirements, such as obtaining a commercial registration certificate and appointing a local agent.

Economy

Oman is a small country located in the Middle East, and it has a strong and growing economy. According to the World Bank, Oman’s GDP in 2019 was $86.2 billion, a 4.2% increase from 2018. The country’s GDP per capita was $19,845, which is higher than the average for the Middle East and North Africa region. Oman’s economy is largely driven by oil and gas production, which accounted for around 70% of the country’s total exports in 2019. The government has also been investing in other sectors such as tourism, manufacturing, and financial services, which have helped to diversify the economy. The unemployment rate in Oman is low, at just 2.2%, and the inflation rate is also low, at 1.2%. The country has a strong banking sector, with a total of 18 commercial banks operating in the country. Oman also has a strong credit rating, with Moody’s rating the country at A1. Overall, Oman has a strong and growing economy, and it is well-positioned to continue to grow in the future.

Taxation

In Oman, there is no personal income tax, but there are several types of taxes applicable to companies and businesses, including corporate income tax, withholding tax, social insurance contributions, and a few others.


The corporate income tax rate is a flat 15%, and it is levied on the profits earned by businesses operating in Oman. Withholding tax is applicable on certain payments, such as dividends, interest, and royalties, made by businesses to non-residents at a rate of 10%. Social insurance contributions are mandatory for both employers and employees and are calculated as a percentage of the employee's salary.


The tax year in Oman is the calendar year, and the tax return for corporate income tax must be filed within three months from the end of the tax year. The tax year for social insurance contributions is the same as the calendar year, and the contributions must be paid monthly within 10 days from the end of the month to which they relate.


In Oman, businesses must register for taxation with the Tax Authority, which is responsible for collecting taxes and ensuring compliance with tax laws. Businesses must keep proper accounting records and submit annual audited financial statements, along with the tax return, to the Tax Authority. The Tax Authority may conduct tax audits to ensure compliance with tax laws and regulations.

Company incorporation application form

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