Business in OMAN

Strategic Geographical Location :

The sultanate of Oman is located in Southwest Asia. It is situated on the southeast coast of the Arabian Peninsula. It shares borders with United Arab Emirates to the northwest, Yemen to the southwest, Saudi Arabia to the west, Arabian Sea on the southeast, and Gulf of Oman to the northeast. Its strategic location on Musandam Penisula adjacent to Strait of Hormuz is a vital transit point for world crude oil.

Facts About OMAN :

Capital : Muscat
Area : 309,500 KM square (NCSI)
Population : 3,855,000 (NCSI 2013)
Natural Resources : Oil, Natural Gas, Copper, Asbestos, Marble, Limestone, Gypsum, Chromium, Fish, Agriculture.
Local Time : GMT + 4 hours
Currency : Omani Rial, equivalent to 2.58 USD
Country Calling code : +968
GDP (at market price) : OMR 30.033 billion (NCSI 2012)
GDP (per capita) : OMR 8,290(NCSI 2012)

Competitive Advantages :

Oman offers many advantages to foreign investors. These include:

  • A well-developed infrastructure with excellent transport and communication facilities
  • No personal taxation
  • No restriction on capital and profit repatriation
  • No exchange control
  • Duty-free access to Gulf Cooperation Council (GCC) member states for products manufactured in Oman
  • High living standards
  • Skilled workforce

Grants and Incentives :

For specific investments in Oman there are various types of subsidies and tax relief aimed at supporting companies.

Legal Requirements :

To do business in Oman, you have to have a legal presence. Non-Omani looking to establish a company in Oman must do so by forming a company, commonly a Limited Liability Company (LLC), although other types are possible. These involve the submission of various documents and certificates to the Ministry of Industry & Commerce. This is one of the many areas that Business Gate can assist you with.

Sidebar Menu