How long does it take to set up an LLC in Oman?
Typically the process will only take 1-2 weeks to complete after the client has provided all the relevant documents.
What are the costs associated with setting up a business in Oman?
This depends on a number of factors, including; the type of business, the type of incorporation, the location, and the nationality of the investor. For more information on the specific costs associated with your proposed project, please contact us directly.
What are the minimum capital requirements to incorporate an LLC?
Outside of the economic free zones, a minimum share capital of $390,000 US dollars (150,000 OMR) is required to set up an LLC with foreign participation. For companies wholly owned by GCC nationals, GCC nationals themselves, or companies qualifying under the US-Oman free trade agreement, the minimum capital requirement is $52,000 (20,000 OMR). Within the economic free zones, these minimum capital requirements do not apply.
What types of business entity can I start in Oman?
There are a number of options available, dependant on the size and scope of your operations: Limited Liability Company (LLC) Free Zone LLC Joint Stock Company Branch Office Commercial Agency Commercial Representative Office
Am I required to register a new entity if I plan to enter a distributor agreement with a local Omani company?
This is not a requirement for distributor agreements, though it is recommended as this allows you time to carefully select your distribution partner and draft your legal framework.
What kind of documents are required when setting up an LLC in Oman?
For an individual shareholder, a copy of their passport, bank statements, and a police clearance certificate from their home country would be required. For a corporate shareholder; the commercial registration certificate/certificate of incorporation, the memorandum (MoA) and articles of association (AoA), a list of shareholders and directors from the international investor, shareholders/board resolution, the latest set of audited accounts and bank statements, and authorised signatories' documents, would all need to be presented.
What are the benefits of setting up my business in an Economic Free Zone?
The Economic Free Zones of Sohar, Salalah, Al Mazunah, and the Special Economic Zone of Duqm, all offer different benefits to a range of business sectors but, broadly speaking, the advantages include; the possibility of 100% foreign ownership in new business registrations, income tax exemptions, customs exemptions, and reduced set up costs for manufacturing and distribution companies.
Do I need a sponsor to register a new business entity?
Most business sectors do not require a sponsor to register a new business entity.
How do I obtain a work or investment visa for Oman?
Our expert Public Relations Officers, the PRO team, can assist you in securing the relevant visas for your activities. They will advise you on the requirements specific to your situation and assist in the process of expediting government approval of your documentation.
When can I open a bank account?
Oman's banks are strictly regulated, so the process for setting up a new account is highly efficient once the relevant documentation can be presented.
Do I need to lease a workspace in order to set up a trading company?
Yes, this is the first mandatory step after a new business registration. Al Ghafa can assist in identifying and leasing commercial property.
How do American companies benefit from the free trade agreement (FTA) with Oman?
The Free Trade Agreement between the United States of America and the Sultanate of Oman ensures that American owned entities do not require a local sponsor, can own 100% of a new business, and benefit from specific tax exemptions.
Q: Do entities from GCC countries have any benefits to opening an LLC in Oman?
Since the introduction of 100% business ownership for or other nationalities GCC entities have less specific benefits to opening an LLC in Oman, however, the processing of identification documents and obtaining government approval can be faster for GCC nationals. If you have any other questions about new business development in Oman, please do not hesitate to contact us
Why start a business in Qatar?
Qatar boasts a wealthy economy and an increasingly open policy toward outside investment. The stable economic environment is supported by robust infrastructure, banking services, and social stability. There are a number of incentives currently underway in a variety of business sectors offering significant advantages to overseas investors including tax and customs exemptions and favorable rental agreements for commercial property.
What type of business entity can I register in Qatar?
There are a number of options available in regard to entity structure when registering a new business in Qatar: Sole trader Partnership Particular Partnership Limited Partnership Limited Share Partnership Limited Liability Company Holding Company Shareholding Company Branch Office (Government contract only) Al Ghafa business formation specialists for Qatar can provide further information on setting up a business in Qatar, please contact us here to learn more.
What is the most popular entity type for foreign investors?
Most overseas investors incorporate Limited Liability Companies, foreign investors may find that one or more local partners are required to act as shareholders and participants in the business.
What are the characteristics of an LLC in Qatar?
Barring any exemptions that may apply to specific businesses, the main characteristics of an LLC in Qatar are; a minimum share capital requirement of 200,000 QAR ($55,000 USD), office space is required (on at least a one year lease) to obtain a business license, at least 50% of the business must be owned by a local citizen unless an exemption has been obtained, and 10% of the yearly net profits must be retained in the business until the reserve equals at least 50% of the share capital. An LLC in Qatar will have at least 2 and at most 50 partners and corporate tax is set at 10% of net profit.
Can I set up a branch office in Qatar?
A branch office can be set up in Qatar only to execute a specific government contract. If you are in receipt of a government contract, you can set up a branch office without requiring a local partner.
What is a trade representative office in Qatar?
Often referred to as a 'shop window' a trade representative office can be set up by a foreign entity in Qatar with the intention of promoting their brand and service. Setting one up does not need a local partner, but the trade representative office cannot engage in commercial activities outside of the promotion of products and services.
What are the rates of corporate taxation in Qatar?
The standard rate of corporate tax in Qatar is 10%, income tax is also set at 10%. Rates of up to 35% corporation tax can apply to companies specifically operating in the petroleum or petrochemical industries.
How can a foreign company do business in Qatar?
A direct legal presence is required to conduct commercial activities in Qatar
Do Financial accounts have to be submitted yearly?
All taxpayers in Qatar must submit their accounts within four months of the end of each tax year.
Can foreign nationals own property in Qatar?
Only citizens of Qatar can own property, however, citizens of other GCC nations can own land in certain pre-defined areas. If you have any other questions about new business development in Qatar, please do not hesitate to contact us