Start Business in Oman
Starting a Business in Oman Free Zones
If you want to start a business in Oman, you have several options to select from:
Business Setup Consultants
Business Setup in Oman
The oldest independent state in the MENA region, Oman, is located on the southeast corner of the Arabian Peninsula, where the Persian Gulf and the Arabian Sea meet.
Sultanate of Oman
Business Setup in Oman
The country is a member of the Arab League, the World Trade Organization and was one of six founding members of the Gulf Cooperation Council (GCC). Oman is a high-income country that generates 80 per cent of its revenue from oil resources. The service sector, shipping, tourism, manufacturing, industries, and SMEs are vital components of the government’s diversification strategy.
Al Mazunah Free Zone
Al Mazunah is located on the Yemeni border and has special rules that allow Yemini nationals to work on-site without visas or sponsorship. This zone is the preferred jurisdiction for manufacturing companies reliant on a large labour force.
Salalah Free Zone
Salalah Free Zone is located in Salalah, the third-largest city in Oman and the biggest in the Dhofar Province. The free zone is located next to the largest port in Oman. Salalah Free Zone has a growing industrial sector that aims to take advantage of the various free trade agreements that Oman has signed over the years.
Sohar Free Zone
If shipping and logistics are critical to your business, this is the go-to destination for your venture! The 4,500-hectare deep-sea port is positioned to become one of the dominant ports in the region.
Oman Local LIcense
Starting a Business in Oman DED
Oman allows for wholly foreign-owned companies as part of a strategy to boost its economy. Getting a firm registered with the Ministry of Commerce and Industry (MOCI) can be done online.
company set up in Oman
Doing Business in Oman
There is no better time to start a business in Oman than today! All new companies registering their main activity in the economic diversification sectors during 2022 are exempt from income tax for five years. In addition, Oman has suspended a tax on dividends for five years!
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Furthermore, rents in free trade zones (FTZs) have been reduced till the end of 2022.
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Here are some highlights and rankings that make Oman an attractive place to do business:
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- According to CEOWORLD magazine, Oman is the 18th best place to do business. The second highest Arab state in the list of 80 countries.
- Based on the latest World Bank annual ratings, Oman is ranked 68 among 190 economies in the ease of doing business.
Emirates of Sharjah
History of Oman
Oman can trace its history to 5000 BC, when the Dhofar region was the centre of the frankincense trade. Dhofar was an agricultural powerhouse because of the monsoon seasons and associated rain.
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In the 1500s, the Portuguese invaded the country to protect their trade routes to India. They colonized the coastal cities of Muscat, Sur and Sohar. They controlled the coast of Oman for 150 years until the local people rebelled.
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In the 1800s, Oman became a regional power. They conquered parts of Iran and Pakistan and colonized the Zanzibar, Mombasa, and Kenyan sea coasts. In addition, they expanded their reputation as great traders in the region.
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The modern state can trace its history to the period after Sultan Qaboos seized the throne in 1970. The country experienced a surge in development and growth under his leadership.
Strong Manufacturing, TOurism & Logistic Industries
The Economy of Oman
Built on the back of an oil boom in 1967, Oman is a free market economy. The government is, at present, the most significant element in the economy, both as an employer and purchaser of services and goods. The Omani economy has been growing steadily since 2000, and considerable development has taken place across all sectors.
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Oman Vision 2040 is the Sultanate’s blueprint to generate and seize opportunities to foster economic competitiveness while accelerating growth. The government actively encourages foreign direct investment and has promised to use proceeds from the oil and gas sector to enhance the country’s infrastructure and human resources.