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Business Setup in Oman – Guide to Set Up a Company in Oman

• Business Setup in Oman –…

Are you looking to start your own business but don’t know where to set it up? You can choose Oman as the home for your new company. Oman has a thriving economy and an excellent business environment, which is perfect for businesses to run. Read our guide on business setup in Oman and explore everything you need to know about it, from the legal requirements to the many logical reasons to invest in the country. Whether you’re an aspiring entrepreneur, an experienced investor, or a professional business owner, forming a company here will only prove profitable for you.

Table of Contents

The third-largest country on the Arabian Peninsula, Oman has a long history of entrepreneurship and international trade. Its marine trade once reached the coasts of China, Europe, and Africa.

In 1970, Sultan Qaboos Bin Said got control of Oman and remained in power until his passing in 2020. He consistently served as a source of inspiration for foreign businessmen interested in setting up businesses in Oman. Thanks to his inspiring leadership, the country experienced a fast socioeconomic development while preserving its cultural legacy.

The country’s economy has been significantly boosted by its oil and gas reserves. But under Sultan Qaboos, the country implemented a forward-looking economic development plan centered on industrialization and diversification to attract foreign investors for business setup in Oman and most importantly, lessen its reliance on these resources.

Oman is a desirable business hub, particularly for logistics and trade in the Middle East, thanks to its solid economic foundation and state-of-the-art commercial infrastructure. Significant international trade agreements that the government of Oman has signed have improved opportunities for small and medium-sized businesses and increased direct investment from foreign countries.

The goal of Oman’s development strategy is to lessen the GDP contribution of the oil industry through industrialization, privatization, and diversification of businesses. The introduction of the future vision has received the approval of His Majesty Sultan Haitham bin Tarik.

‘Oman Vision 2040’ is the blueprint for the Sultanate’s social and economic development. It was implemented in 2021 and will continue till 2040. Aquaculture, tourism, mining, shipping and logistics, and manufacturing are the main pillars of the government’s diversification policy.

Benefits of Business Setup in Oman

The government attracts foreign entrepreneurs to do business in Oman, constantly encourages foreign direct investment, and provides various incentives and free zones to promote a business-friendly economic environment. Oman has many untapped investments and business potential in many industries, including logistics, tourism, fisheries, mining, and manufacturing.

Foreign investors have numerous options in Oman to establish themselves as long-term commercial and investment partners and to invest in local business setups. Other than that, here are some of the benefits of establishing a business in Oman .

A Booming Economy

Oman is viewed as a country that is focused on the future and eager to experience rapid economic growth. Market liberalization in the country has created new economic prospects for foreign investors. Business owners and investors from all industries can consider this country. In Oman, a few of the most important sectors are as follows:

• Tourism and Travel
• Construction
• Hospitality
• Manufacturing
• Oil and Gas
• Food Processing

International Presence

Oman is connected to international economic organizations. For example, it has membership in the WTO, GAFTA, and GCC, as well as free trade agreements with Switzerland, the United States, Iceland, Norway, Singapore, and many other countries.

Holds a Strategic Position

Oman’s territory has a coastline of more than 1700 km, which helps the country to rank as one of the busiest marine trade routes in the world. It serves as a global entry point to the Indian Ocean and Arabian Gulf. Additionally, the area is accessible from neighboring countries like Bahrain, the United Arab Emirates, Saudi Arabia, Qatar, and more. Later on, when business investors decide to expand their business into nearby countries, it turns out to be profitable for them.

Transparent Legal System

Another benefit of doing business in Oman is that the country has a friendly and transparent legal system providing a conducive business environment.

Availability of Talented Individuals

With a population of 5.4 million (as of May 2023), the country has a big part of working-age residents. This makes it easier for business organizations to engage qualified professionals who can contribute their best to maximizing corporate benefit. In the field of research and development (R&D), the country also has a strong grip.

Robust Infrastructure

When we talk about infrastructure development, Oman is among the countries that are developing most quickly. The Omani government’s initiative enables companies to conduct operations without difficulty. When it comes to the various mediums, such as the road, sea, and airports, the country has a strong position as well.

Business-Friendly Country

The region has established itself as a business-friendly zone thanks to the widespread implementation of the strategic business process. It has made a robust business network with its adjacent countries. The state also owns above 35 Double Taxation Agreements (DTAs), which allow investors and entrepreneurs to do transactions with more than 35 countries without having to pay taxes on export or import.

Tax Exemption

As there is no personal tax in Oman, business professionals are exempt from paying income taxes. But the country has agreed to implement the VAT services by the beginning of 2021 because it is a member of the GCC region.

It is clear that the legal processes involved in business incorporation include numerous levels of clearance for paperwork. This could prove to be a hard-to-complete procedure if you don’t know about them.

By hiring incorporation services from a third party, you can relieve yourself of unnecessary stress and concentrate more on developing business plans and strategies. In parallel, the resources and time that are available are used by companies in a lucrative way.

Required Documents to Set Up a Business in Oman

• Filled business registration form
• Articles of Association and Memorandum
• Visas and passports of the shareholders
• Certificate of Initial Deposit
• Chamber of Commerce and Industry affiliation certificate
• Shareholders’ identity cards
• Tax registration certificate

Prerequisites for a Company Formation in Oman

The following are the prerequisites for registering a company in Oman :

• Minimum capital of OMR150,000
• Minimum one director (nationality does not matter)
• Registered office address
• Minimum of two shareholders

Oman Company Registration Process

The procedure of registering a business in Oman involves a few steps that must be completed appropriately. The process of company formation in Oman involves giving the business entity a physical foundation. The steps you must take to incorporate a business in Oman are listed below.

Step 1. Select a Business Structure

The selection of an appropriate business entity structure is the first and most important step in the incorporation of a business entity in Oman. The following business entities are profitable in the country:

• Commercial agency
• Sole proprietorship
• Representative office
• Branch office
• Joint-stock company
• Limited liability company

Step 2. Reserve a Company Name

You must submit an application to the Ministry of Commerce and Industry (MOCI) with a specially selected name for your suitable business that brands and highlights your services or goods.

However, there are some guidelines that must be followed when choosing a name for your company which is as follows:

• You cannot choose a name that incorrectly designates the Sultanate of Oman’s geographic division.
• The chosen name cannot be an exact replica of your current competitors.
• You cant choose a name that has a distinctive symbol or honorific in any worldwide, regional, or Arab organization.
• You cannot choose a name that could be offensive in a number of contexts, such as those related to content, religion, the military, politics, or meaning.
• You cant pick a name that contains “Omani” or “Oman.”

Step 3. Submit Incorporation Documents

After the company name has been approved, the authorized signatory form, the shareholders’ documents,  the bank certificate, and the company constitution should be sent to the MOCI.

Step 4. Open Capital Account

The initial incorporation fee must be deposited into a capital account after the documents have been submitted.

Step 5. Registering with the Oman Chamber of Commerce and Industries (OCCI)

After registration with MOCI is done, you must register your business with OCCI to ensure that it complies with all applicable commercial rules and regulations.

Step 6. Register the Business

The following must be submitted to the authorities to register the business:

• Share Capital Certificate
• Legalized Opening Forms
• Municipality Approval

Step 7. Obtaining approvals from Government Authorities

For company registration in Oman , you must receive a number of approvals from the relevant authorities, which may vary depending on the type, size, and nature of your firm. Some of them are as follows:

• Registration with the Public Authority of Social Insurance
• Tax registration
• Registration with the Ministry of Manpower
• Registration with Oman Police
• Industrial, environmental, and other permits and licenses
• Municipality License
• Oman police registration
• Import Export license as appropriate

Step 8. Designing a Company Seal

The registered authorized signatory of the LLC must create and issue a corporate seal.

Step 9. Post Registration Process

All of the submitted documentation must be received after the company registration is complete.

Step 10. Apply for Visa

After the incorporation procedure, the next step is to apply for Oman visa services for all of your employees.

Step 11. Employee Registration

Employees must be registered under the company name in order to be recognized as an integral part of the business entity.

Step 12. Conversion of Bank Account

To make commercial transactions successful and easy, the business capital account must be changed to the current account.

Things to Consider When Setting Up a Company in Oman

You should consider these factors when setting up a company in Oman :

Business Factors

Both the Arab League and the Gulf Cooperation Council (GCC) have made Oman their member. The Sultanate of Oman’s Commercial Law, which is modeled like that of other Middle Eastern countries, governs the business affairs of the country. Over the past few decades, the country has implemented strong economic policies to draw foreign investment into a wide range of industries.

Although investing in Oman looks attractive for foreign businesses in some sectors, there are bureaucratic challenges that they must overcome, such as the difficulty in permit clearances and securing visas for foreign workers and the gap between the public and private sectors. Specifically, many foreign businesses must deal with Oman’s Omanization policy, which establishes Omani national quotas that must be satisfied for the majority of industries.

The kind of investment vehicle a foreign company chooses will depend on the target market, the product or service being offered, and whether manufacturing or importing will be done.

You should also consider the following:

• Presence of existing trade relationships or agreements
• The type of business and industry where that will be conducted
• Nationality of the individuals or headquarters

Another consideration is the location. Rules, prices, and availability may vary between various regions and cities. Even though Oman is a physically small country, it is always advisable to consult with relevant experts depending on your needs, including business or legal advisors, accountants, and others.

The official language in Oman is Arabic. Along with secondary languages, Urdu, English, Baluchi, and some Indian dialects are also spoken. Since business is largely conducted in English, Arabic, or both, English is used extensively in the business community and is also frequently taught in schools starting at a young age.

Business Climate in Oman

There are zero restrictions on forming a business in Oman or conducting business there, with the exception of a small number of services and trades. The proposed revised Foreign Capital Investment Law (FCIL) RD 50/2019 will now permit 100% foreign ownership of Omani businesses.

The following list includes a handful of the 37 business activities that are prohibited from having 100% foreign ownership.

• Taxi services
• Photocopying and translation
• Rehabilitation centers
• Automotive and vehicle repairs
• Salon and hairdressing services
• Sale of drinking water

However, the restricted services only make up a small portion of Oman’s economy. The new law encourages foreign companies to conduct business in Oman by opening up promising new business sectors to 100% investment from foreign countries.

With the goal of promoting and facilitating investor-friendly regimes in the Sultanate of Oman, the Ministry of Commerce and Industry (MOCI) has adopted promising modernization steps under the new FCIL regulation.

The minimum share capital requirement is not included in the new FCIL law, which could drastically change the environment for foreign investment in Oman. The MOCI has recently eased the previous rule requiring a company with one or more foreign owners to have a minimum starting share capital of OMR 150,000. But being a new regulation, it does require reconfirmation from MOCI depending on the case.

The new FCIL law represents a major step in Oman’s modernization and globalization and will undoubtedly present a wealth of opportunities for business communities of foreign countries.

Free Zones in Oman

For luring foreign investment into the nation, there are two special economic zones and three free zones. 100% foreign ownership, tax holidays, waivers of the initial capital requirements, and import duty exemptions are only a few of the attractions that each zone offers.

Free zones in Oman are as follows:

• Al Mazunah free zone
• Salalah free zone
• Shohar free zone

Eight industrial estates, including Sohar, Rusayl, Raysut, Nizwa Al Buraimi, Sur, Al Muzanah, and Sumail, are also available and offer exceptionally appealing tax holidays, land rents, and exemptions on equipment and machinery.

Special Economic Zones (SEZ)

• Knowledge Oasis Muscat

Types of Companies in Oman

Investors must be aware of the business setup alternatives in order to establish a business in Oman . The following are the legitimate business entities that can be set up to begin business operations in Oman.

Limited Liability Company (LLC)

The responsibility of a shareholder in a limited liability company is restricted to the number of shares that the shareholder owns. In Oman, LLC formation is primarily preferred by international investors.

An LLC must have two shareholders in order to be formed in Oman. One of them must be a GCC citizen, an Omani native, or a US citizen who owns more than 30% of the business shares. It requires at least 150,000 Omani Riyals (OR) to register an LLC. There must be one director as well.

Public Joint Stock Company

Stocks are used to distribute capital in public joint stock companies. Shares of a publicly listed joint stock company can be bought and sold in Oman. The required minimum share capital to establish such a corporation is 150,000 OR. A joint-stock firm is incorporated after getting the Ministry of Commerce and Industry’s approval and issuing a license from them.

Private Joint Stock Company (PJSC)

A private joint-stock company’s shares are not traded on a public market. A minimum of three shareholders are needed to form a private joint-stock company in Oman. One of the shareholders must be an Omani national with at least 30% of the firm’s shares and at least 50,000 Omani Riyals in share capital.

Limited Partnership

In Oman, a limited partnership must have at least two members or more. One registered limited partner and one registered general partner are required for this legal entity. The limited partner is responsible for the obligations and debts to the extent of his restricted shares in the partnership. The general partner must be a citizen of Oman and be fully held accountable for any partnership obligations and debts with zero limitations.

Holding Company

A holding company is a business entity that owns 51% of the stock in a limited liability company or one or more joint-stock companies. Large investments or business projects are advised to register a holding company.

Tax Exemptions

The following don’t have to pay income tax in Oman :

• Foreign companies working on government projects
• Omani marine companies
• Dividends received from an Omani company
• Profit earned by the disposal of Securities listed in the Muscat Stock market
• Investment funds
• Foreign airlines
• Foreign companies doing activities related to the exploration of oil and gas

Personal Tax

There is no personal income tax to be paid in Oman.

Withholding Tax

Cross-border payments need to pay withholding tax at a flat rate of 10% on the gross payment in Oman. The payments are as follows:

• Provision of services
• Consideration for computer software
• Management fees
• Consideration for R&D

Indirect Tax

• Oman does not have property tax, VAT, or sales tax. Nevertheless, it made a 5% VAT effective in April 2021.
• Transactions done in real estate are subject to a 3% stamp duty.
• Oman imposes a 5% import duty on all imported goods.

How much does it cost to open a business in Oman?

The cost to open a business in Oman varies on various factors and differs from case to case.

Which business is best for Oman?

The best businesses in Oman are as follows:

• Mining and Minerals
• Digital Services
• Transportation and Logistic Services

Can I start my own business in Oman?

Yes, you can start your own business in Oman.

Can a foreigner own a company in Oman?

Yes, a foreigner can own a company in Oman.

It is very easy to set up a business in Oman . You only require to follow the defined process which we have discussed in this guide. We hope after going through this guide, you will be able to form a company in Oman without any issues. In case of any confusion or require any further guidance, you can get in touch with the relevant authorities.

Author:  Brenda

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Launching your dream: a guide to setup business in oman.

• December 7, 2023
• No Comments

Oman, with its strategic location, burgeoning economy, and investor-friendly policies, is rapidly emerging as a prime destination for entrepreneurs and businesses seeking expansion. Whether you’re a seasoned investor or a budding entrepreneur, setting up a business in Oman can be an exciting and rewarding experience. But where do you begin?

This comprehensive guide will navigate you through the essential steps involved in Setup Business in Oman, from selecting the right business structure to navigating the legal and regulatory landscape.

1. Choose your Business Structure:

The first step involves selecting the most suitable legal structure for your business. Common options in Oman include:

• Limited Liability Company (LLC):  A popular choice for foreign investors, offering limited liability protection and a minimum of two shareholders.
• Sole Proprietorship:  Suitable for small businesses owned and operated by a single individual, offering ease of setup but unlimited liability.
• Branch Office:  Perfect for establishing a presence in Oman without incorporating a separate entity, ideal for existing businesses.

Understanding the pros and cons of each structure, and seeking professional advice from a legal consultant, is crucial for choosing the right one for your needs.

2. Secure the Necessary Licenses and Permits:

Different businesses require varying licenses and permits to operate legally in Oman. The required documentation depends on your business activity, location, and nationality. Consult the Ministry of Commerce, Industry and Investment Promotion (MOCIIP) or local authorities for specific requirements.

3. Register your Business Name:

Choose a unique and commercially relevant name for your business. The name reservation process can be done online through the MOCIIP website.

4. Open a Corporate Bank Account:

Open a corporate bank account in Oman to manage your business finances. Several banks in Oman cater to businesses, offering a range of services and account types.

5. Obtain Visas and Work Permits:

If you are not an Omani citizen, you will need to secure a visa and work permit to work in the country. The type of visa and work permit required depends on your nationality and role in the company.

6. Register for Taxes:

As a business in Oman, you will be required to register for taxes, including Value Added Tax (VAT) and corporate income tax. The tax rates and filing requirements vary depending on your business structure and income.

7. Comply with Labor Laws:

Oman has strict labor laws that all businesses must adhere to. Familiarize yourself with these laws, including minimum wage requirements, working hours, and employee benefits.

8. Develop a Business Plan:

A comprehensive business plan is essential for any new venture. Your plan should outline your business goals, target market, marketing strategy, financial projections, and operational details. Having a well-defined plan helps you secure funding, attract investors, and guide your business towards success.

9. Network and Build Relationships:

Building relationships with local businesses, government agencies, and industry professionals is crucial for navigating the Oman market and gaining valuable insights. Attend industry events, join relevant associations, and participate in networking opportunities.

10. Promote your Business:

Implement a solid marketing strategy to reach your target audience and build brand awareness. Leverage social media , online advertising, public relations, and other marketing channels to attract customers and grow your business.

Additional Resources:

• Ministry of Commerce, Industry and Investment Promotion (MOCIIP):  https://omanportal.gov.om/wps/wcm/connect/en/site/home/gov/gov1/gov5governmentorganizations/mocioman/mcommerceindustry
• Oman Chamber of Commerce and Industry (OCCI):  https://www.omanchamber.om/
• Invest in Oman:  https://investoman.om/

Launch Your Journey Today!

With its strategic location, welcoming environment, and supportive government policies, Oman presents an exciting opportunity for entrepreneurs and businesses. By following the steps outlined above, you can seamlessly launch your business in Oman and embark on a rewarding journey towards success. Remember, planning, research, and professional guidance can make a significant difference in your entrepreneurial journey.

Additional Tips:

• Learn Arabic:  While English is widely spoken in Oman, understanding basic Arabic phrases demonstrates cultural sensitivity and can be beneficial for interacting with local businesses and customers.
• Adopt a local perspective:  Be sensitive to Oman’s culture and traditions when conducting business.
• Seek local expertise:  Partner with lawyers, accountants, and consultants who understand the Oman market and can provide valuable guidance.

By taking these steps and embracing the unique opportunities Oman offers, you can turn your entrepreneurial vision into reality.

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How to start a small business in Oman?

• August 4, 2021

With Oman’s economy shifting focus from being heavily reliant on oil and oil-based industries, business opportunities have escalated hugely over the past decade or so. Now’s the right time to think about starting your own small business. There are numerous ideas that work well, from starting a perfumery or an electronics/appliance store, a commodity outlet or a restaurant, a car servicing shop or one selling automobile spare parts, a book-keeping or accountancy firm, a boutique or beauty parlour, or anything more creative that brings in guaranteed income in a short time. According to Business Setup Worldwide, a platform that helps young, budding businessmen and women set up a small business, right from incorporation, registration and licensing to establishing office space, starting a company in Oman is a profitable move, not just for citizens but also for foreign investors. There are, however, a few essentials that one must be aware of before proceeding to start a business. Few of the opportunities that are widely preferred in the region include tech-based firms, accounting and investment firms, real estate, foodstuff and commodity stores as well as those dealing in the digital and technology field. Types of businesses Registering a business unit involves numerous steps, and selecting a structure is what one has to be clear about. In Oman, an investor has the flexibility to select any of the structures from the following: Sole proprietorship General Partnership Limited Partnership Joint Venture Company Joint Stock Company Holding Company Branch Office Representative Office

Starting a business in Oman

The Omani government has been taking respective measures to encourage enterprise growth and promote diversification, industrialisation and privatisation. The company registration in Oman involves a series of steps that involve:

Reserve a trade name Apply to the Ministry of Commerce and Industry (MCI) to reserve a unique name for your company, subject to nomenclature norms in Omani Law. One needs to make sure that the selected name for your business doesn’t sound offensive. It should stand unique from the competitors available in the market.

Submit company essentials Documentation plays an extensive role when it comes to getting a process incorporated. Once the company name for your business is reserved and approved, draft the shareholder documents and constitutive contract, and obtain the authorised signatory form and bank certificate, and submit these to the MCI.

Register with the Oman Chamber of Commerce and Industry ( OCCI ) After registering with MCI, register with OCCI for compliance with the commercial rules and regulations required of a corporate in Oman.

Get respective approvals from the government departments Depending upon the nature of your business, its size, and activities, you may need to obtain a couple of government approvals. This can include obtaining or carrying out: Tax registration Registration with the Royal Oman Police Registration with the Ministry of Manpower, to file for labour clearances and visas Municipality license Import/export license, if required Industrial, environmental and other permits and licenses Design a company seal In simple terms, a company seal can be understood as the signature of a business entity. The company seal is often used in the letterhead and the core documents while dealing with the clients or business stakeholders.

Banking in Oman One of the core fronts that every investor should be aware of is the banking process that every business entity must follow. Opening a corporate bank account helps a business investor gain multiple benefits, right from keeping track of the business expenses to monitoring the financial growth.

Business structures in Oman

Sole Proprietorship This turns out to be feasible for the business investor who stands single. A sole proprietorship is a business procedure in which a trade license is issued in the owner’s name and trading in that name. As compared to other entities, the capital requirement turns out to be low. Most business investors prefer to start a sole proprietorship company in Oman and later transform into an LLC. A few of the benefits that can be availed by incorporating a sole proprietorship company in Oman include: Greater control over the business Tax filing is easy Tax rates are low You can use any business losses to offset personal income from other sources General Partnership Another type of business entity that gets widely selected by business investors is the general partnership. Omani citizens are allowed to be partners in a general partnership, as compared to foreign investors. By doing so, an investor can gain the following benefits: The tax treatment can be done in a flexible manner The entire incorporation process turns out to be financially feasible Limited Partnership A limited partnership is a modified general partnership. The general partner, who is required to be an Omani national, is liable for the debts and obligations of the partnership without any limitations whereas the limited partner only has limited liability and is only liable for the company’s debts in the amount of his capital contribution. Holding an LLP is effective for a business investment due to the following benefits: When it comes to investment, it becomes easier to market the interest of a limited liability partner Just like a General Partnership firm, an LLP also enjoys the advantages of tax treatment The general partners can use their expertise to make the essential decisions in managing the overall business. Joint Venture Company A Joint Venture is an organised legal business structure that gets established when two or three businesses come together and incorporate a business without affecting any third party. Business entities usually prefer this when they join hands to create synergy and gain a mutual competitive advantage.

Joint Stock Company A Joint Stock Company or JSC is a legally authorised company where the capital is distributed into shares of equal value and can also be negotiated. Coming to the incorporation part, a JSC can be divided into two types: Public Joint Stock Company (PJSC) Closed Joint Stock Company (CJSC) Most business investors prefer to proceed with a Joint Stock Company (JSC) as they can enjoy enormous capital benefits, and the company’s shares can be easily transferred. Additionally, the risk involved in the process is comparatively less and can be borne at ease.

Limited Liability Company This structure turns out to be one of the highly opted options by the foreign investors that can be incorporated at ease. The maximum number of shareholders for an LLC is 40, and each of them can hold a maximum count of 70% of the company’s capital. The Sultanate of Oman allows an investor to start an establishment with a minimum of RO20,000.

Holding Company The concept of a holding company is all about business minds who wants to earn passive income. A holding company is a legal business entity that controls or gains shares of other companies by owning a minimum of 51%. Very few investors usually select these business structures as the investment is much higher than the other business entities.

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Do you have guests dropping in for a brief holiday in Muscat? With timed visits to the following 5 destinations in the capital, you can, indeed, give them a fair idea about what makes Muscat the most endearing city in the Arabian Gulf.

Trees along Sultan Qaboos Street exhibit interesting forms

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Eight steps to wellness: Yoga lessons – Episode 4

Learn how to do the ‘Ushtrasana’ with instructions from popular yoga exponent in Oman, Prema Nagesh

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 Information that helps in planning all your outdoor pursuits from dining out and adventures to arts and cultural events

The online highstreet of Oman. You can find details of malls, hypermarkets, stores, office equipment and more

Spas, salons, clinics, gyms and much more for your wellness…

The largest online industrial hub in Oman, with oil & gas, energy, equipment and agricultural tools listed

From furniture to furnishings, pets and garden accessories, you get all information to brighten your home

An online business hub with information on all types of businesses, from startups to corporate giants

The best places to stay in the sultanate and the most popular places to visit…

Cars, jobs, education, property, utilities – gather information on varied entities that impact your daily life

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The 54 Best Business Ideas In Oman [2024]

Interested in starting a business in Oman in 2024?

We put together 54 of the best businesses you can start in Oman today.

In this list of ideas, you can find:

• Home-based businesses to start in Oman
• Profitable online business ideas
• Unique business opportunities for Oman
• Low investment business ideas (under $5k to start)
• Easy businesses you can start in Oman today

For each business idea, we’ll show you real-world examples, revenue expectations for each idea, + a step-by-step on how to start your small business in Oman.

Here's the full list:

1. Start a logistics business

Logistics businesses focus on transportation and storage/warehousing, which are critical components of the supply chain. Without elaborate logistics, businesses will deliver goods to their customers efficiently and reliably.

A logistics business connects manufacturers and consumers through transportation and safe storage of products. Logistics may be a good place to start if you are interested in a supply chain-related business but not sure which one. You can work as a driver, connect manufacturers to storage warehouses and transportation companies, etc.

How much you can make: $83,333 — $2,000,000/month

How much does it cost to start: $5,000 (?)

How long does it take to build: 135 days (?)

How a logistics company grew its revenue over 300% in 2 years, starting with just 2 vans and 25k+ square feet of warehouse space, and focused on relationships, efficiency, and building trust with its customers.

2. Start an event management company

Do you have a basic understanding of events, possess great communication skills, and aren’t afraid to talk to C-suite executives, event attendees, donors, brand sponsors, and vendors?

Event management is a profession that is growing rapidly. Experts estimate that the event management and planning industry will experience a growth rate of 10% in a few years.

You can use your skills and passion by starting an event management company. Event management is not only an exciting career, but it is also a profitable business opportunity, with endless opportunities, you can focus on social and entertainment events, and corporate events, or become a general event management company.

How much you can make: $1,000 — $500,000/month

How long does it take to build: 160 days (?)

A successful ticketing platform that grew from a side project into a business that issues over 5 million tickets annually, using a combination of cold calling, word of mouth, and partnerships to attract and retain customers while navigating the challenges of COVID-19.

3. Start a beverage company

Are you thinking of starting a beverage or drink business?

Starting a beverage company can be a great way to combine your love of food and drink with a passion for entrepreneurship.

Beverage companies can make all sorts of different drinks, from juice to soda to beer. They can also sell other types of food products, like bottled water or snacks.

There are more and more drink options available today than ever before—and that means that beverage companies are constantly trying new things in order to stay competitive in this space! The more innovative they can be with their offerings, the better they'll be able to compete with one another

How much you can make: $500 — $200,000,000/month

How long does it take to build: 250 days (?)

BruMate is a successful insulated drinkware brand focused on the adult beverage community, with a flagship product that generated $2.1M in sales in 2017 and is now doing over $1.1M per month in sales, with plans to do $20M this year.

4. Start a food truck

Food trucks are a highly profitable business that offers customers a variety of meal options out of a mobile truck. This basically operates inside a large vehicle equipped with kitchen and food products. Starting a food truck is a dream for many people, but it's more challenging than it looks. To make it work, you need the ideal location and menu.

To start a food truck business in a particular city, it is mandatory to check what kind of food trucks are already operating, identify a gap, and bring in some new experiences. Then, with the right plan and the right approach, you can be on your way to starting your own food truck empire.

How much you can make: $29,166 — $61,650,000/month

How long does it take to build: 75 days (?)

Time commitment per week: Min. 5 hours/week

Food Fleet grew over 160% in just one year and managed over 20 million in sales for its clients, securing multiple contracts with the likes of Sodexo, Levy Restaurants and more, due to its understanding of catering client needs and its advanced turnkey and design services.

5. Start an online video editing business

Video editors manage camera footage, dialogue, sound effects, graphics, and special effects to produce the final film or video product. To become an online video editor, you must have media production and communication knowledge and the ability to work with others.

To start a video editing business, you can outsource video editing skills from an experienced professional. Your role will be to pick video footage from the customers and upload them for the video editor to do the magic.

How much you can make: $2,000 — $208,000/month

How long does it take to build: 145 days (?)

VEED.IO, a London-based start-up co-founded by Sabba and her partner, offers a simple online video editing platform using batch job cloud architecture to help social media managers across the world auto subtitle, filter, rotate videos and much more, earning the company $5,300 MRR and the founders Ramen profitability within just a year of starting.

6. Become a software developer

A software developer is a person who creates computer programs. They design, test, and oversee the creation of software for a variety of purposes including businesses, personal use, or social networking.

If you have strong technical skills and experience in programming, you can start a software development business. You should also have a good understanding of how the software works.

The average salary for software developers is $110,140 . The best-paid 25 percent earn an annual income of up to 140K dollars while the lowest-paid workers make just under 84K dollars.

The recent trends in software development are moving towards mobile apps and cloud-based solutions. Businesses are providing a variety of programming languages and tools to create software that meets the client's needs.

Starting a software development company is the perfect way to explore in this exciting industry. This type of business is growing in popularity as businesses are looking for ways to offer their customers a convenient way to access their data and applications.

How much you can make: $1,700 — $465,583,333/month

How long does it take to build: 180 days (?)

SkyVerge, a software company, has grown rapidly with revenue of $350,000 per month, over 100,000 eCommerce customers, and a globally distributed team of 30 people, all through starting with consulting projects and building focused and solutions-based products, acquiring small products from other developers, and focusing largely on content marketing and providing excellent customer support.

7. Start a boutique

You may consider opening a boutique if you are passionate about the fashion and textile industry.

A boutique is a shop that sells clothes. Opening a boutique is a dream for entrepreneurs who want to experience the joy and freedom of owning a cash business. Starting a boutique is easy and can be managed by a single individual. In addition, a boutique requires a comparatively smaller capital to start.

To succeed, the boutique owner must coming creativity and passion.

How much you can make: $10,000 — $25,000/month

How much does it cost to start: $100 (?)

Boutique Rye is an online-only women's clothing and accessories boutique that has grown to 3,200 Facebook Group members and a successful website through organic customer sharing, live sales, and open communication with customers.

8. Create an online course

An online course business involves creating and selling digital classes teaching specialized skills or knowledge to subscribed students.

As an entrepreneurial course creator, you identify educational gaps around topics you have expertise in and develop engaging video lessons and supplementary materials.

With flexibility around self-paced or cohort-based structures, building a student base provides passive income potential.

For founders who enjoy information-sharing, launching an online course platform presents a lucrative way to monetize your instructional talents with small startup costs by serving eager lifelong learners seeking convenient access to emerging subjects.

How much you can make: $350 — $3,735,000/month

How much does it cost to start: $1,850 (?)

How long does it take to build: 90 days (?)

Learn how one couple created a successful personal finance blog, The Savvy Couple, that now makes over $20,000 per month and has sold thousands of digital workbooks and courses, by focusing on purposeful content and optimizing their ROI with efficient time management.

9. Start a blog

In recent years, blogging has become a highly sought-after & lucrative Business. This location-independent business is a creative outlet to reach a broader audience and even work at any time. According to Optinmonster’s list of blogging statistics and facts:

• Blogs have been rated as the 5th most trustworthy source of gathering online information.
• 77% of internet users read blogs.
• Each month, approximately 409 million people view more than 20 billion pages.

Originally blogging started as an online journal, but today it is a highly profitable career option. Many people are choosing blogging as their full-time career and are earning their bread and butter from this profession.

If you want to start blogging as a side hustle or as a full-time profession, choose a niche you will enjoy writing about and have a content strategy ready. Then, create a mailing list, and decide on a good blog posting routine to keep your audience engaged.

How much you can make: $200 — $160,000/month

How much does it cost to start: $500 (?)

How long does it take to build: 37 days (?)

10. Start an affiliate marketing business

Are you looking for a side hustle to pay you a passive income? Affiliate marketing is one of those side hustles that will pay you well over the long term. It is a way to earn money online by promoting other companies' products and services. You will be paid a commission for each sale you make as an affiliate marketer.

To get started, learn how to find the right product and brand to partner with. For example, you may prefer becoming an affiliate marketer for an eCommerce store, partnering with a manufacturer, and marketing their products for a commission.

How much you can make: $500 — $773,000/month

How long does it take to build: 55 days (?)

Bar Games 101 is an authority website about classic bar games with over 200K monthly visitors and revenue over $4,000 for the month of August, achieved through consistent publishing of researched articles and outsourcing by the founder.

11. Start a web design & online marketing business

If you know about website design and marketing concepts then starting your own web design and online marketing business could be the perfect opportunity for you to do so.

The online marketing industry is the second largest industry in the United States and continues to grow. The online marketing industry is massive. It is estimated to grow by 30% annually, reaching $400B in the next four years.

How much you can make: $6,000 — $800,000/month

How Shannon Mattern built a DIY web design training business from scratch that now generates $10k/month in revenue through affiliate commissions and courses, without outside investment or debt.

12. Start a travel agency

Are you a passionate traveler with entrepreneurial skills? Then starting a travel agency can be a great career choice for you.

As a travel agency, you'll be responsible for linking travelers to providers of all the travel and tourism-related services such as accommodation, transportation, sightseeing, tour guides, local adventure, etc.

Starting an online travel agency is a lot easier than you might think. You'll need to perform market research, get a few necessary certifications (such as your IATA number), study competition, build a website, and do proper marketing.

To maximize earnings, negotiate discounts from the industry service providers, and charge travelers within the market rate.

How much you can make: $2,000 — $114,200,000/month

How much does it cost to start: $1,000 (?)

Marissa Daniels runs a successful travel agency, Spread Your Wings Travel, that hit $100,000 in sales within a year of launch and provides payment plan options for its all-inclusive vacations, and she hopes to help 100 families supplement their income through the business.

13. Start a mobile app development business

Mobile app development is the process of creating software applications that run on mobile devices. These apps can be used for a variety of purposes, including games, productivity, and social networking.

Starting a mobile app development business is a great way to enter the world of software development. This type of company is growing in popularity as businesses are looking for ways to reach their customers through mobile apps.

To start a mobile app development company, you need to have strong technical skills and be able to develop high-quality software. You should also have a good understanding of how to market and sell mobile apps

How much you can make: $7,500 — $2,333,333/month

How much does it cost to start: $7,500 (?)

How long does it take to build: 120 days (?)

"We started a custom iOS and Android app development consultancy that now makes nearly seven-figures a year by landing clients like Great Clips and the USA CUP after building successful concept apps."

14. Start a podcast

The podcast business involves creating and producing audio content that people can listen to online.

It’s a popular form of entertainment and information-sharing.

To start a podcast business on a budget, you'll need a few key steps.

First, choose a niche or topic that you're passionate about and that has an audience.

Next, get basic recording equipment like a microphone and headphones.

Then, find a free or affordable hosting platform to publish your episodes.

Finally, promote your podcast through social media, online communities, and word of mouth to build an audience and potentially attract sponsors or advertisers.

How much you can make: $400 — $1,020,000/month

How much does it cost to start: $2,000 (?)

How long does it take to build: 60 days (?)

Time commitment per week: Min. 2 hours/week

A successful podcast production company that grew from one client making $15/hour to a team of 10 contractors producing over 30 shows per week with revenue of over $10k/mo, primarily through referrals and with a focus on providing high personal touch and being picky about working only with clients who are a good fit.

15. Become a virtual assistant

Virtual assistants support businesses, teams, or individuals by performing administrative tasks remotely. As businesses these days tend to outsource their tasks, the demand for virtual assistants is growing rapidly.

Becoming a virtual assistant is flexible, as you can choose a work schedule and location at your convenience. Many virtual assistants in Oman have a dedicated home office where they work in a quiet and distraction-free environment.

To become a virtual assistant, identify a niche you like and undertake any training. Then, figure out how much to charge your customers and create an online presence where you can apply for jobs. As a virtual assistant, you can define your work schedule depending on your availability.

How much you can make: $1,000 — $1,000,000/month

Filipino Virtual Assistance by FVA Business Consultancy, founded by Julmar Grace Locsin, offers online and offline training to empower marketers, enable businesses, and equip freelancers which has trained 25,000 students from their 31 courses, has 16 coaches assigned from different territories, and fifteen in the FVA team for global digital leadership that will impact the world through digitalization, one life at a time.

16. Start a freelancer platform

Freelancer platform is a place where people come with skills and services to offer and people come who need those skills and services. So we can say freelancer platforms are a marketplace for sellers and buyers of services and skills.

The freelancing industry is growing rapidly and it's becoming a popular career option for people who are "non-traditional" employees. The global Freelance Platforms market size is expected to reach $6.7B by the year 2025 . While working on a full-time job, freelancers simultaneously work on a freelance career. The platforms available online help them to increase their business by attracting new clients.

With all of the businesses looking for help on their websites, it would be a good idea to start a freelancer platform. Freelance platforms do well because people have jobs that need to be done and businesses have the resources to pay for the job at hand.

How much you can make: $3,000 — $5,000,000/month

How long does it take to build: 80 days (?)

CloudDevs, a tech talent platform that sources and vets freelance tech talent and matches them with companies, has achieved $1 million in GMV in its first year, plans to achieve 100% growth year on year, and focuses on customer loyalty through its Net Promoter Score metric.

17. Become a mobile personal trainer

Do you love helping people through their fitness journey? If you want a great side hustle to earn extra income, consider becoming a personal trainer.

The fitness trainer side hustle can be an adamant industry to earn good money. However, once you develop a reputation as a good trainer, you can get more clients through referrals. You need to register for the certification course to start offering personal trainer services in Oman.

To attract your first clients, consider online advertising, and seek referrals from every customer.

How much you can make: $600 — $8,333,333/month

How long does it take to build: 532 days (?)

Time commitment per week: Min. 4 hours/week

Live Fit, a personal training company founded in 2011, grew from earning $80,000 in their first year with two trainers to earning over $760,000 in 2019 with 12 trainers and two locations, thanks to a focus on building trusting relationships and providing a variety of services to clients.

18. Start a dropshipping business

Dropshipping is a business model where you sell products to customers without holding inventory.

Instead, when a customer makes a purchase, you buy the product from a third-party supplier, who then ships it directly to the customer.

To start a dropshipping business on a budget, choose a niche or category of products you want to sell.

Next, set up an online store using platforms like Shopify or WooCommerce. Then, find reliable suppliers from platforms like AliExpress, list their products on your store, and focus on marketing and customer service to grow your business.

Remember to carefully manage your expenses and monitor your profit margins to ensure profitability.

How much you can make: $6,000 — $3,000,000/month

How much does it cost to start: $6,000 (?)

Time commitment per week: Min. 10 hours/week

Entrepreneur Kamil Sattar has developed multiple six-figure drop shipping businesses, and his company, e-commerce mentoring, specializes in helping others create their own successful companies, with favorite platforms including using Shopify and apps such as Loox reviews and SMSBump.

19. Start a content writing company

Content writing involves writing, editing, and publishing content in a digital format. Examples of content include a blog post, product description, and podcast script—eBooks, press releases, or landing page content.

Becoming a content writer allows you to work as your boss. Therefore, you choose whatever working schedule suits you and take a manageable workload. Moreover, content writing helps you develop essential skills you may not obtain from regular writing.

Content writing is a highly-on-demand service, as companies compete for the online audience who often begin their shopping journey by searching for relevant and educative content online. Therefore, a content writing company is an excellent source of passive income.

To start a content writing company in Oman, research the market and choose a suitable niche. Sketch a proper business plan and create a website. Hire a pool of talented writers and leverage modern technology to streamline operations.

How much you can make: $1,000 — $250,000/month

How much does it cost to start: $550 (?)

How long does it take to build: 30 days (?)

Scribly.io, a subscription-based copywriting service providing high quality content that helps businesses scale at roughly 50% of the cost of hiring in-house, created by Dani, a first-time entrepreneur who started with just a few hundred dollars worth of projects and with the help of three other writers; as of last month, Scribly.io topped $14K monthly revenue.

20. Start a travel agency

21. Start a business incubator

The popularity of incubators is on the rise. Today, start-ups and small businesses have unique needs because they have limited resources and often need professional help to get started. You can design your business incubator by leveraging your experiences as an entrepreneur.

Listed are the steps to start an incubator business.

• Plan your business
• Secure all needed permits and licenses
• Hire needed staffs
• Promote your business

How much you can make: $6,800/month

Hutch, founded by Fearless, is a 24-month program that helps minority and women entrepreneurs in government digital services; the program has had 9 graduates, 11 company founders in current two cohorts, and 20 companies within its portfolio.

22. Start a SEO agency

An SEO agency is a company that provides search engine optimization services to businesses. The function of an SEO agency is to help businesses rank higher in search engines through organic or paid means.

SEO is a rapidly growing industry, with experts across all aspects of the field already making six-figure incomes and expecting to see these earnings grow dramatically over the next few years. Getting into SEO today, before it gets too saturated, will allow you to establish a strong base in a new career, with an excellent chance for success.

It’s easier than ever to start your SEO agency in Oman. The tools are there, and the competition isn’t as stiff as it used to be. If you’re considering starting an SEO or digital marketing agency, it might be a good idea to learn how other digital agencies succeed.

How much you can make: $1,000 — $1,800,000/month

Rankings.io is a hyper-focused SEO agency that helps elite personal injury law firms dominate first page rankings and was ranked #858 in the Inc. 5000 list of the fastest-growing companies in America for 2018, with a current revenue just under $300,000 per month, with plans for a record-breaking year.

23. Become an IT consultant

Are you an IT graduate still looking for that dream job? Then becoming an IT consultant might be the right choice for you.

An IT consultant is an external analyst in charge of evaluating a company’s IT systems and helping them meets its business objectives. IT consultants analyze and diagnose a company’s IT infrastructure, understand the client’s needs, and design solutions to help companies’ IT problems.

How much you can make: $500 — $2,400,000/month

How much does it cost to start: $800 (?)

Data Fetcher is a no-code tool that imports data into Airtable which has reached 190 paying customers in just over a year after launch and is making $6500 in MRR, with a goal of reaching $30k+ in MRR, for aspiring founders looking to bootstrap an app to life-changing revenue as a solo founder.

24. Start a mobile photography business

Want to start your own photography business? You're not alone. With the rise of social media and photo-sharing, blogging, and online retailing, it's never been easier to start making money behind your camera.

There are photographers shooting weddings, creating images for ad campaigns, freelancing for magazines, touring the world, taking photographs of destinations — the list is endless!

To start mobile photography in Oman, research the target audience and determine which specialization area is more lucrative. Invest in high-quality, professional cameras, lenses, and a computer with professional software photo-editing software.

How much you can make: $2,000 — $500,000/month

How long does it take to build: 200 days (?)

Photobooth Supply Co. offers a profitable business opportunity through their sleek and portable photo booths, with up to 97% satisfaction rate and a focus on customer experience, in a fast-growing event industry where photo booths are exploding.

25. Start an online advertising agency

An online advertising agency helps businesses promote their products or services on the internet.

To start this business on a budget, first learn the basics of digital marketing through free online resources.

Create a professional website and set up profiles on social media platforms to showcase your skills.

Build a portfolio by working on mock campaigns or offering discounted services to friends and family, and gradually market your services to attract clients.

With dedication, you can grow your agency over time.

How much you can make: $2,797 — $1,250,000/month

How much does it cost to start: $2,500 (?)

How long does it take to build: 45 days (?)

Iman Gadzhi made over $1.2M in profit within two years with his social media marketing agency and education company, where he teaches entrepreneurs how to start and scale a profitable SMMA, with over 45 of his students making over six figures with their SMMA, and over 300 students having quit their regular jobs.

26. Become a proofreader

Proofreading business is a service that helps customers review their written work and ensure it is ready for publication. Typically, a proofreader corrects grammatical errors and provides the written piece meets any relevant style guide.

As a proofreader, you can work online, allowing you to choose what time to work.

If you plan to start a professional proofreading business in Oman, make sure you possess the following skills:

• Have an excellent grasp of grammar
• Ability to correct mistakenly capitalized words
• Familiarity with the proper use of capitalization
• Use spell-checkers to flag misspelled words

Proofreading is a great way to enhance content quality. With the increased use of written content marketing to reach a broader market, the demand for professional proofreaders has grown tremendously. Professional proofreaders earn an average of $12/hr. And $30/hr.

Therefore, consider proofreading as a business if you are looking for a great side hustle idea or simply looking for ways to increase your income.

How much you can make: $2,000/month

A proofreader was able to build a consistent income of ~$2,000 per month from scratch with zero experience in the field, no expenses, and barely any upfront costs by targeting bloggers and content creators who want their content to be copy edited and proofread.

27. Start a beverage company

28. Start a language translation service

Language translation services bridge the linguistic barriers, helping businesses reach a wider audience outside of a single language. A language translation job is an opportunity to cover a wide range of topics and meet people from different cultures.

To become a language translator in Oman, master a second language and earn some experience so you become fluent in the second language.

How much you can make: $40,000 — $550,000/month

How long does it take to build: 70 days (?)

DEMAN Translations grew from 6 employees and 1.5 million euros in turnover in 2015 to 17 team members and 3.5 million euros in sales in 2020 after acquiring 12 other translation agencies, with a goal to reach 6 million euros this year and 10 million euros in 2022.

29. Start a digital marketing business

Digital marketing businesses serve local and international companies to expand their reach and grow revenue. A top reason digital marketing is so exciting is that the field is constantly evolving and is easy to learn.

If you plan to start a digital marketing business in Oman, educate yourself and understand how digital marketing agencies work. Then, focus on building your digital skills and advancing your career through online digital marketing courses.

To stand out, find a digital marketing niche and focus on the audience interested in your services.

How much you can make: $2,000 — $6,660,000/month

How much does it cost to start: $1,260 (?)

How long does it take to build: 58 days (?)

H-supertools founder Hasan developed a set of free SEO and digital marketing tools generating $2k per month in profit using Google Adsense, affiliate marketing, selling ad spaces, and email, plans to launch a membership option, and has attained over 80k registered users and 300k monthly visits in less than two years.

30. Start a voice over service

Voiceover artist is an auditory performer who uses their voice in scripted presentations. The role of a voiceover artist is only to be heard but not to be seen.

Working as a voiceover artist is an opportunity to choose the projects you enjoy engaging in. The role of a voiceover artist is also fun and can help you meet new people.

To become a voiceover artist in Oman, start practicing aloud reading so you familiarize yourself with your sound. Then, create your recording studio where you can practice your voiceover skills. It would help if you had a quality microphone, professional recording software, a computer, and soundproofing materials.

How much you can make: $400 — $60,000/month

Voice Crafters, a multilingual voice-over agency and marketplace founded by Mony Raanan, doubled their revenue to over $765,000 in 2022 with a bottom line of around 30% after transitioning to an online marketplace and carefully vetting their network of over 1,000 professional voice actors in more than 80 languages.

31. Start a stock video business

Stock video is pre-filmed footage that can be purchased and used in various projects and films. Like stock photos, copyrighted stock videos cannot be used without permission and licensing from the rightful owner.

Businesses and filmmakers use licensed stock footage as they save money and hours, they would need to create original footage. Starting a stock video suitable for use in commercials and entertainment can be a great venture.

How much you can make: $10,000/month

How long does it take to build: 197 days (?)

VideoPlasty, an affordable and easy-to-use platform for buying pre-made stock animation elements and GIF images, has attracted over 600,000 visitors since its launch, with over $100k in revenue in 2020 alone, thanks to free organic traffic from YouTube tutorials and optimized SEO.

32. Start an email marketing business

Email marketing is a popular and effective way for businesses to reach their target audience and promote their products or services.

With the rise of the internet and the increasing use of email as a communication tool, starting an email marketing business can be a lucrative and rewarding venture.

An email marketing business involves creating and sending marketing emails to a list of subscribers. The emails can be newsletters, promotional messages, or other types of content designed to engage and convert the recipient into a customer. The business owner is responsible for building and maintaining the email list, creating the content, and sending the emails using specialized software.

To start an email marketing business, you must have a strong understanding of marketing principles and a good grasp of best practices. This includes creating compelling subject lines, segmenting your email list, and analyzing your campaigns’ results. You will also need to be proficient in email marketing software like Mailchimp or Constant Contact.

To run a successful email marketing business, you must clearly understand your target audience and what they are interested in. This will help you create relevant and engaging content that resonates with your subscribers and encourages them to take action. A solid call to action in your emails is crucial, whether it’s visiting your website, making a purchase, or signing up for a newsletter. Starting an email marketing business requires marketing skills, expertise, and a willingness to learn and improve continuously. The right strategies and tools can be a rewarding and successful way to reach your target audience and grow your business.

How much you can make: $1,500 — $8,333,333/month

Boundless Labs is an email marketing agency for eCommerce brands that has generated over $25 million in email attributable revenue for their clients since launching 18 months ago and currently makes around $90K per month, with plans to reach $100K per month by the end of January 2020 through client referrals, strong relationships, and hard work.

33. Start a hotels business

If you are considering starting a hotel, then it is time to implement your plan. There are five key elements to understand if you want to succeed in this industry: location, size, budget, experience, and market demand.

Here are some tips to consider before forming a hotel:

• Name your business
• Decide on a marketing strategy
• Start by renting out a room in your home.
• Hire a business capital broker
• Make a marketing plan
• Offer complementary services

How much you can make: $15,000/month

How long does it take to build: 325 days (?)

SKNMUSE, a premium beauty brand dedicated to elevating the beauty experience for Black Women, has a 40% customer retention rate, achieved a 169% increase in revenue, and made $30,000 in Q1 alone.

34. Start a youtube channel

For anyone looking to start a successful YouTube channel, there are plenty of YouTube channel success stories that can be used as inspiration and encouragement. In addition, YouTube has an established monetization system and boasts incredible popularity, making it a potential platform for revenue generation.

In this article, we'll look at different approaches you can use to help promote your channel and grow your viewers. While there's no quick and easy way to success, you can take these tips to build your own YouTube Channel Success story. If you love content creation, you can capitalize on YouTube's popularity to earn extra income.

If you want to join the Youtube partner program to monetize your channel, you will need to reach a minimum of 1,000 subscribers and 4,000 watch hours in the previous 12 months.

How much you can make: $800 — $4,500,000/month

How much does it cost to start: $750 (?)

Learn how this entrepreneurial couple made $5-7k a month by helping others find legitimate work from home jobs and creative ways to make money online through their blog and YouTube channel, as well as offering two flagship products designed to help beginner freelancers and new bloggers accelerate growth.

35. Start a restaurant

If you love cooking and are passionate about entrepreneurship, starting a restaurant can be a fun and lucrative business.

To get started, choose a great location, and hire an excellent support team. You will need a chef to inspect the food and line cooks, waiters, and waitresses to serve the customers. No matter the restaurant type, you need great culinary and business skills to make your dream come true.

If you plan to open a restaurant in Oman, gain insight from consumer preferences and focus on serving modern consumers what they need.

How much you can make: $48,333 — $61,650,000/month

One Life Meals is a Toronto-based healthy meal delivery service that made 14,500 meals per month and generated $130k in monthly sales in 2018 through their one-on-one consultation, lean protein and seasonal veggies-based meals, and their focus on the client experience.

36. Start a bed and breakfast business

Bed and breakfasts have been around for a long time. Owners interact with customers while they benefit from affordable lodging.

Travelers nowadays have a high interest in experiencing local culture, ready to take on the adventure of meeting and interacting with others from different backgrounds and perspectives in order to get a unique taste of how a small town or even neighborhood might live.

The great thing about starting at home B&B in Oman is that you don’t need a degree in business. You only need enough capital to purchase essential items needed to open your very first one.

Listed are the steps to start a bed and breakfast business.

• Plan your business plan
• Secure needed permits, licenses, and certifications
• Open a bank account for business transactions
• Prepare your business for operation -Promote your business

37. Start a social media management business

Similar to virtual assistants, social media managers offer various services, including but not limited to:

• Developing a marketing strategy based on clients’ goals
• Setting up social media accounts
• Posting on behalf of their clients
• Coming up with strategies for increasing client’s social media following
• Marketing analysis.

To become a social media manager, know the various platforms and understand how they work so you can develop strategies that help clients reach their goals.

The beauty of working as a social media manager is that you can define your work schedule and choose what niches to work on.

How much you can make: $20,000 — $166,667/month

How much does it cost to start: $251 (?)

How long does it take to build: 3 days (?)

A social media manager turned entrepreneur created a program that has brought in almost $100,000 in one year, designed to teach women how to run successful social media businesses in less than 30 days.  

38. Become a nutritionist

As individuals seek to adopt healthier lifestyles, there is an increasing demand for professional nutritionists who can offer tailored advice.

A nutritionist offers personalized nutrition advice and guidance to individuals or groups, helping them achieve their health and wellness goals through dietary recommendations and education.

This may include creating meal plans, conducting assessments, and providing ongoing support to clients seeking to improve their nutritional habits.

To become a nutritionist, consider obtaining relevant certifications and gaining practical experience through internships or supervised practice.

How much you can make: $600 — $500,000/month

How much does it cost to start: $300 (?)

Time commitment per week: Min. 3 hours/week

RDRx Nutrition is a successful private practice that offers individual nutrition coaching, boasting profits of $1,800-$2,100 per month after just one year of business, and achieving a client base of over 2200 followers on Instagram alone.

39. Start a jewelry making business

The global jewelry market size was valued at $278B in 2018 and is expected to reach $292B by 2025.

The industry comprises manufacturers, wholesalers, retailers, and jewelry designers. Unlike many other industries that have gone through leaps in technology, the jewelry industry has remained untouched for over 40 years.

If you know how to make jewelry in Oman, then this might be a great way to make some extra money.

How much you can make: $1,000 — $2,000,000/month

How much does it cost to start: $3,500 (?)

A primary school teacher found his passion for jewelry-making, turning it into a successful business generating $2500-3000 per month through sales at the Creative Queenstown Arts and Crafts Market, online, and through stockists, with plans to expand and eventually make it his full-time profession.

40. Start an online retail store

Starting an online retail store is straightforward. All you need is a computer, a domain, and a web hosting service. Then, determine a niche for your online store, and conduct product research before listing products.

You can start your online store based on a drop shipping business model or list your self-made products in your online store.

How much you can make: $5,000 — $62,500,000/month

How long does it take to build: 51 days (?)

This case study follows the story of a successful online business that has made 7.2 million dollars in sales since 2012, with profits of around 30-45%, and the founders share insights on lessons learned and tools used.

41. Start a business support services

Business support services offer continuous administrative, technical, and operational assistance to companies.

To begin this business, start by identifying core services such as virtual assistance, bookkeeping, web services, and equipment maintenance to provide clients.

Market your services by attending networking events, cold calling local businesses, using social media, and having a website that emphasizes reliability, expertise, and cost-effectiveness.

Focus on understanding every client's operations and needs to customize your services, maintain strong communication, and build long-term relationships.

Stay up-to-date on business practices, technologies, and methods to enable clients to improve efficiency and concentrate on core functions effectively.

How much you can make: $6,800 — $250,000/month

42. Start a restaurant

43. Start a tutoring or education business

When students have problems with their schoolwork, they turn to tutors for help.

Being a tutor awakens your entrepreneurial skills. Being your own boss allows you to set your own schedule and be more independent. You'll create lasting relationships with students and their parents. Last but not least: you get paid well!

How much you can make: $1,700 — $500,000/month

How much does it cost to start: $4,000 (?)

Online makeup academy, Vizio Makeup Academy, founded in 2011 by Anastasia Andreani and her partner, has enrolled over 3,300 students and generated $2.4M in revenue this year, by offering professional makeup courses online and creating their own cosmetic line.

44. Start a grocery store

A grocery store sells a wide variety of food products, fresh or packaged, and other household & personal care items. The grocery store industry is the largest retail channel that makes $682 billion in the United States.

To start a basic grocery store, you can expect to spend a minimum of $50,000. Ideally, the bigger expense would be the rent, equipment, labor cost, cash registers/POS systems, and software. Some of these are recurring monthly fees. However, the location, size of the store, competitors, and local customers will significantly impact the business. A new grocer should sell more items for a lower price to make a more significant profit.

A new grocer can also save costs by buying the items from local distributors. The distributor is the middleman between the manufacturer and the grocery store selling it. Once the store cost and location are decided, the next step is to obtain a seller license. In most states, a grocer's license is required to run a grocery store.

Thus an average grocery store has a profit margin of 3% to 5%. The profit rates depend on the store's location, size, and popularity. On average, a small to medium grocery store can make a profit of up to $300,000 annually if all the profit factors are considered.

Another way to make your business more profitable is to diversify your store and add amenities like a coffee shop or stocking up the front of the store with magazines, batteries, etc., as these items can cross a margin of up to 70%. As a rule of thumb, offering lower prices on higher purchases will ultimately win more customers and increase profitability.

45. Start a healthy food processing business

With the growing preference for healthy and functional food, starting a healthy food processing plant can be rewarding.

The advancements in the food processing industry, innovation in processing technology, and continuous growth in demand for processed food are some excellent reasons to consider opening a healthy food processing business.

To start a healthy food processing plant, find out a market gap, and research the demand. Understand customers changing tastes and focus on offering the best throughout.

How much you can make: $52,944/month

Bluebird Provisions Bone Broth is North America's fastest-growing bone broth brand, doing 49,000 per month and growing 50% YoY, with 5000% growth in customer base since starting, thanks to an SEO-focused strategy, email marketing, referrals, and Amazon.

46. Start an accounting software business

Accounting software is an important part of any business. Without a definitive accounting system, businesses cannot keep track of debtors, creditors, assets, and liabilities.

According to experts, demand for new and advanced accounting software is increasing than conventional software. Besides, conventional accounting software lacks technological competitiveness, which creates an environment for expansion and upgradation of the accounting software market.

Are you looking for a business idea within the accounting sector? If you understand how accounting systems work, you can build modern accounting software that helps businesses manage accounts receivables, payables, and the general ledger, among others.

How much you can make: $25,000 — $1,000,000/month

How long does it take to build: 150 days (?)

A case study about FreeCashFlow.io, an accounting agency that specifically caters to the financial needs of Onlyfans models and entrepreneurs, helping them with bookkeeping, taxes, and financial management, all while overcoming the stigma associated with the industry.

47. Start a perfume business

A fragrance or perfume business creates and sells products made from various ingredients, such as oils and extracts, which are mixed together to produce a pleasant smell.

And perfumes are no small business: the industry is expected to reach over $40B in the next few years .

There are a few ways to get started with creating your own perfume. You can start by choosing which ingredients you would like to use and then find recipes that will work for those ingredients. Or, you could start with a fragrance that you already love and try to recreate it as closely as possible with natural ingredients.

How much you can make: $19,000/month

Founder Rafael Hernandez launched Alfred Lane, a line of handcrafted personal and home fragrances, generating $19k in monthly revenue with 50% attributed to online and wholesale sales, while expanding to 65 stores across 6 countries and expanding to Europe and South America.

48. Start a tech company

Tech businesses are about the most exciting and potentially lucrative businesses you can start.

The global tech market size is expected to grow from $8,384B in 2021 to $9,326B in 2022 .

But don't mistake the excitement for easy street: getting the tech startup off the ground requires a lot of work. There are many important factors, including how much capital you need, your business plan, and equipment needed to get started.

How much you can make: $1,000 — $50,000/month

Apps: Lab KE is a software development company generating $3,500 per month, specializing in problem-solving using technology and data for businesses and communities.

49. Start a mineral water production

How much you can make: $1,500/month

How long does it take to build: 100 days (?)

Pyotam is India's first ayurvedic alkaline beverage brand that provides water solutions through expertise and innovation, boasting a monthly revenue averaging Rs. 1,00,000/- ($13K) from a customer base of around 250 customers having sold 1,400 bottles so far.

50. Start a perfume making business

Perfume making is not only fun but also a lucrative endeavor.

According to a market report, the global perfume market will reach over 440.91 billion in the next few years. The global perfume market is gaining traction owing to the rising trend of personal grooming and the increasing demand for youth-oriented exotic fragrances.

Therefore, starting a perfume-making business in 2024 can be a great business venture.

51. Become a landlord

Investing in rental properties and becoming a landlord is a lucrative way to earn money in the real estate industry.

By purchasing properties and leasing them out to tenants, you can generate a steady stream of income through monthly rent payments.

In recent years, renting has become increasingly popular, making it an opportune time to dive into this market.

Aside from providing a source of cash flow, being a landlord also offers the potential for long-term investment gains and the freedom to be your own boss in managing your properties.

52. Start a storage facility

Starting a storage space business is an accessible venture that allows you to utilize unused space effectively.

Additionally, you can start this with little capital. If you have available space, such as a warehouse, garage, or unused rooms, you can repurpose it for storage purposes.

Apart from renting out storage space, self-storage facilities make money by selling locks, cardboard boxes, packing supplies, insurance, and other products.

Pros of starting a storage space business include the following:

• Great profit potential
• Growing demand
• Low overhead compared to other businesses
• Requires minimal management

How much you can make: $150,000 — $2,500,000/month

53. Start a grains distributor

How much you can make: $99,999/month

How long does it take to build: 365 days (?)

Ka-Pop! is an Ancient Grain snack company that has grown over 300% per year, reaching nearly $10 million in annual sales by 2021, through innovation, passion, demos, social media, TV appearances, and driving relationships with retailer partners.

54. Start a car washing and detailing business

The carwash business is already a multi-billion-dollar industry with room for growth.

With the number of vehicles per household increasing daily, starting a car wash and detailing business could be a profitable idea.

If you have a piece of vacant land in the right location, you can get into the carwash business. You can set up an in-bay automatic carwash, self-washing carwash, touch-free carwash, or a wide range of other options.

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Top 15 Business Opportunities in Oman

Strategically positioned in the Persian Gulf, the Sultanate of Oman turns out to be a striking business investment destination. With Muscat as its capital, the economy of Oman has been growing significantly and has positioned itself among the fastest-growing economies among the Arabian countries. The GDP of the economy is expected to increase by 2.3% in 2018, 3.5% in 2019, and 2.9% in 2020. By this, we can see the growth in the economy. According to a source, it is projected that by the year 2040, the economy will grow by 10%.

The government of Oman has been significantly working on different measures as well as adopting different measures to establish Oman as a center of business opportunities. Business setup in Oman has various business establishment options that help international investors initiate the process. In this article, you will be able to get an idea of the various business opportunities available in Oman. 

Growing Business Opportunities to Register a Company in Oman 

The Omani Government will focus on the following sectors to leverage the untapped potential of the following sectors. Over 500 policies and programs have been designed accordingly to uplift these sectors and make the economy as an international business destination. The investment opportunities in Oman are available in the below-mentioned sectors:

• Manufacturing
• Transportation and Logistics
• Tourism and Travel
• Technology-Based Startups
• Event Management
• Medical Consultancy
• Health Sector

Well, now you must be wondering about the benefits will you be provided with. Well, the answer to your question lies below.

Benefits of Establishing a Business in Oman

• Access to the global market
• World-class Infrastructure facilities
• Stable Investment and Business Climate
• Availability of Educated and Bilingual Workforce
• No Personal Tax

Thus, you have seen the opportunities that lie in Oman's business in different sectors followed by the benefits derived. 

In a nutshell, we can say that Oman has widespread its wings to businesses of different natures and sizes. The chances of establishing a small business in Oman have shot up in proportion to those of large business entities. If you are planning to establish a company in Oman, the best you can do is to consult a business consultant who can understand your business needs and help you with company registration in Oman.

Business Setup Worldwide will accompany you in the entire process of incorporation, settle the legal activities and help you in building your business foundation in Oman, the future business hub. We have a huge portfolio of satisfied clients all around the world. For further information or any query, do contact us . We’d be happy to assist!

Which is the most profitable business in Oman?

Oil and gas business.

What is the price to launch a business in Oman?

OMR 150,000.

What is the growth in the manufacturing industry in Oman?

By 2040, manufacturing is anticipated to have increased significantly from its 10.8% GDP contribution in 2020.

What is the growth rate of the 3PL (3rd Party Logistics) sector in Oman?

The Oman 3PL market is expected to register a growth rate of over 6.5% from 2020 to 2025.

Published on: 16 Nov 2018

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Understanding the Cost of Business Setup in Oman

• July 11, 2023
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Table of Contents

• Introduction

Legal Requirements for Business Setup

Types of business entities in oman, cost considerations for business setup, registration and licensing fees, office space and rental costs, employee costs and benefits, utilities and infrastructure expenses, taxation and accounting costs, frequently asked questions (faqs).

Setting up a business in Oman can be a lucrative opportunity for entrepreneurs and investors looking to tap into the thriving Middle Eastern market. However, before embarking on this venture, it is crucial to understand the cost considerations involved in a business setup. In this article, we will explore the various aspects contributing to the overall cost of establishing a business in Oman , including legal requirements, registration fees, office space expenses, employee costs, utilities, taxation, and accounting fees.

To establish a business in Oman, it is essential to comply with the government’s legal requirements. The first step is determining your business entity’s appropriate legal structure. The options include a sole proprietorship, partnership, limited liability company (LLC), joint-stock company (SAOC), or branch office of a foreign company.

Each business entity has its own set of regulations and requirements. For example, an LLC requires a minimum of two shareholders and a capital investment of  OMR 20,000 . On the other hand, a branch office of a foreign company must appoint a local agent and provide relevant documents such as a certificate of incorporation, memorandum, and articles of association.

To better understand the cost implications, let’s delve into the different types of business entities in Oman:

Sole Proprietorship

A sole proprietorship is the simplest and most cost-effective form of business setup. As the sole owner, you have complete control and responsibility for your business. The setup costs are minimal, primarily involving registration fees and obtaining necessary permits.

Partnership

Partnerships are formed when two or more individuals establish a business. The costs associated with partnerships depend on the legal structure chosen, such as a general partnership or a limited partnership. Registration fees, drafting partnership agreements, and obtaining necessary licenses contribute to the overall setup costs.

Limited Liability Company (LLC)

An LLC offers limited liability protection to its shareholders while allowing flexibility in management. The setup costs for an LLC include the following:

• Capital investment.
• Registration fees.
• I am drafting the articles of association.
• I am obtaining approvals from the Ministry of Commerce and Industry.

Joint-Stock Company (SAOC)

A joint-stock company suits larger businesses planning to raise capital through public offerings. The setup costs for an SAOC involve the following:

• Minimum capital requirements.
• I am obtaining the necessary approvals from regulatory bodies.

 Branch Office of a Foreign Company

Foreign companies looking to establish a presence in Oman can set up a branch office. The costs associated with this option include:

• We are appointing a local agent.
• I am obtaining the necessary approvals from government authorities.
• We are providing relevant documents from the parent company.

When planning for business setup in Oman, several cost considerations must be considered. Here are the key factors to consider:

To legally operate your business in Oman, you must register with the appropriate authorities and obtain the necessary licenses. The registration fees vary depending on the business entity, ranging from a few hundred Omani Rials to several thousand.

Finding suitable office space is crucial for your business operations. The rental costs depend on location, size, and facilities provided. Muscat, the capital of Oman, offers a range of commercial spaces, but prices can be higher than in other regions.

Hiring and retaining skilled employees is a significant investment for any business. In Oman, labor costs include salaries, social security contributions, medical insurance, and end-of-service benefits. It is important to comply with labor laws and provide competitive compensation packages to attract and retain talented individuals.

Running a business requires access to essential utilities such as electricity, water, and internet services. The costs associated with utilities and infrastructure depend on the size and nature of your business. Additionally, investing in technology infrastructure, such as computer systems and software, is important.

Oman has a favorable tax environment, with no personal income tax for individuals and a low corporate tax rate. However, businesses must maintain proper accounting records and submit annual financial statements. Employing the services of a professional accountant or accounting firm ensures compliance with tax regulations and reduces the risk of penalties.

The registration and licensing fees for business setup in Oman vary depending on the legal structure and business activity. Here is an overview of the typical fees:

• Sole Proprietorship: Registration fees range from OMR 50 to OMR 500, depending on the nature of the business activity.
• Partnership: Registration fees and additional charges for drafting partnership agreements can range from OMR 500 to OMR 1,000.
• LLC: The registration fees for an LLC range from OMR 300 to OMR 1,000, depending on the share capital.
• SAOC: The registration fees for an SAOC start from OMR 1,000 and can vary based on the share capital and business activity.
• Branch Office: The registration fees for a branch office can range from OMR 1,000 to OMR 5,000, depending on the business activity.

It is important to note that these fees are approximate and may vary based on specific circumstances and regulatory changes.

The cost of office space in Oman depends on the location and the type of premises, in Muscat, the capital city, prime commercial areas like Al Khuwair and Qurum command higher rental rates than other regions.

On average, the rental costs for office space in Muscat range from OMR 6 to OMR 12 per square meter per month. For example, a 100-square-meter office can cost between OMR 600 and OMR 1,200 monthly. Consider the needs of your business and budget accordingly.

Employing a skilled workforce is essential for business success. The Oman employees’ costs include salaries, social security contributions, medical insurance, and end-of-service benefits. The salary range varies depending on the industry, job role, and experience level.

As an employer, you are also responsible for providing mandatory benefits such as annual leave, sick leave, and gratuity payments. It is crucial to adhere to labor laws and compensation guidelines to ensure compliance and maintain a motivated workforce.

The cost of utilities and infrastructure depends on the specific requirements of your business. In Oman, the rates for electricity and water are reasonable. However, heavy energy-consuming industries may incur higher costs. Investing in reliable internet services and necessary technology infrastructure is crucial for efficient business operations.

Oman offers a favorable tax environment for businesses. The corporate tax rate is set at 15% on taxable income. However, certain industries may enjoy exemptions or reduced tax rates based on government incentives.

To ensure compliance with tax regulations, it is advisable to engage the services of a professional accountant or accounting firm. They can assist with bookkeeping, preparing financial statements, and submitting tax returns accurately and on time.

Understanding the cost considerations involved in a business setup is vital for entrepreneurs and investors planning to establish a presence in Oman. Each aspect contributes to the overall financial commitment, from legal requirements and registration fees to office space expenses, employee costs, utilities, and taxation.

You can make informed decisions that align with your business goals by carefully evaluating these costs, seeking professional guidance, and conducting thorough market research. With proper planning and strategic budgeting, you can successfully navigate the business setup process in Oman and position your venture for growth and profitability.

What are the legal requirements for setting up a business in Oman?  

A1: The legal requirements for business setup in Oman include choosing the appropriate legal structure, meeting the minimum capital requirements, obtaining necessary approvals from government authorities, and providing relevant documents.

What is the cost of registering a sole proprietorship in Oman?  

The registration fees for a sole proprietorship can range from OMR 50 to OMR 500, depending on the nature of the business activity.

How much does it cost to rent office space in Muscat?  

 The rental costs for office space in Muscat typically range from OMR 6 to OMR 12 per square meter per month, depending on the location and size of the premises.

What are the employee costs in Oman?  

Employee costs in Oman include salaries, social security contributions, medical insurance, and end-of-service benefits. The salary range varies based on the industry, job role, and experience level.

Are there any tax benefits for businesses in Oman?  

Oman has a favorable tax environment, with a low corporate tax rate of 15% on taxable income. Certain industries may also enjoy exemptions or reduced tax rates based on government incentives.

Should I hire an accountant for my business in Oman?  

Engaging the services of a professional accountant or accounting firm is recommended to ensure compliance with tax regulations, maintain accurate financial records, and submit tax returns on time.

Note : The cost figures mentioned in this article are approximate and may vary based on specific circumstances and regulatory changes.

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setting-up and managing your company in Oman

Mainland structures.

Limited Liability Company (LLC)

The LLC is the most frequently used business entity in Oman due to its speed of establishment, limited liability and relaxed share capital requirements. A mainland registered entity is allowed to carry out its business activities throughout the Omani market. A commercial registration is only issued for LLC entities that already have a physical office or business space. An LLC requires a minimum of two shareholders and can have no more than 40. A foreign shareholder can own up to 70% of the shares in the company, although US citizens are permitted 100% ownership under the 2009 US-Oman Free Trade Agreement (FTA). The minimum capital requirement is OMR150,000 (c. USD390,000). This is generally no longer required to be deposited to register an LLC, but a portion must be available as proof of funds.

Sole Establishment

A Sole Establishment is a simple and straightforward business structure whereby an individual trades on his/her own account under a trade licence issued by the Ministry of Commerce & Industry (MOCI). An establishment does not provide limited liability. The sole proprietor is personally liable to the full extent of his/her assets for the liabilities of the business. Generally, only Omani, GCC and US nationals (subject to certain conditions) are permitted to form sole proprietorships in Oman.

Branch Office

A popular way for foreign companies to secure 100% foreign ownership in Oman is to establish a Branch Office of the parent company. A Branch Office is legally an extension of its parent company. It does not have a distinct legal identity in Oman and is required to use the same name as its parent company. To establish a Branch Office, the foreign company must be contracting for a discrete project with the Omani government or a government company. There is no minimum capital requirement. Read more

Free zones allow companies to have a physical presence in Oman with 100% foreign ownership and offer prebuilt facilities, ‘one stop-shop’ registration and administrative services. Three free zones have been established in the Sultanate – Salalah Free Zone (SFZ), SOHAR Free Zone and Al Mazyunah Free Zone – together with a major logistics hub, the Special Economic Zone at Duqm (SEZAD), and the Knowledge Oasis Muscat (KOM) tech park.

Although geographically located in Oman, these free zones operate as distinct legal jurisdictions and companies setting up in free zones are eligible for various incentives. The legal forms available for investors to set up in the free zones in Oman are a Sole Establishment and an LLC with at least two shareholders.

Foreign Investment

Foreign nationals are generally not permitted to conduct any business activities or participate in an Omani company without obtaining a licence from the Ministry of Commerce & Industry (MOCI). As from January 2020, foreign investors are allowed to own 100% of a business in mainland Oman in certain sectors. Some business activities are still reserved for Omanis and other activities still require a local Omani partner with a minority shareholding.

All types of consultancy activities still require a local Omani partner, who is required to hold a minimum of 35% of the shares in the new company. The minimum share capital requirement is OMR150,000. This does not have to be deposited but a portion must be available as a proof of funds.

In-Country Value (ICV)

Oman’s ‘In-Country Value’ (ICV) is designed to develop the skills of Oman’s workforce and increase in-country spending on local goods and services. ICV is defined as the total spending retained in-country that can benefit business development, contribute to human capability development and stimulate productivity in Oman’s economy.

Sovereign can assist you in Oman through our sister company PRO Partner Group (PPG). For more detailed information on Oman, please click through to the PPG website here .

Please contact us if you have any questions or queries and your local representative will be in touch with you as soon as possible.

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Law and practice.

Said Al Shahry & Partners is a leading Omani full-service law firm which has provided expert legal services to its domestic and international clients for over 28 years. Today it operates seamlessly across three fully operational offices in each of the Sultanate's major civil and industrial hubs (Muscat, Sohar and Salalah), enabling the 36 experienced and qualified lawyers to service clients with specialist, local knowledge and around-the-clock support. SASLO has advised on some of the most complex financing and infrastructure deals in the Sultanate and has been involved in significant litigation and arbitration in Oman, setting precedents with the Supreme Court. It has a reputation for providing practical and commercial advice in the context of Omani regulatory and legal requirements. SASLO has a good working relationship with all government ministries and decision makers within Oman whose remit affects the business of both local and international clients. The firm has also regularly acted as an adviser to the government on the regulatory development of the business environment.

1. Legal System

1.1 legal system and judicial order.

Oman is a civil law jurisdiction. Legislation is the primary source of its laws, not judicial precedent.

Royal Decrees form the bedrock of Oman's legislative framework and are often supplemented by secondary/delegated legislation in the form of Ministerial Decisions. Royal Decrees are identified in this article with the initialisation "RD".

Oman's Civil Transactions Law RD 29/2013 (the Civil Code) regulates all matters not addressed by other specific laws. Under the Civil Code, commercial arrangements between parties are governed by the contract between them unless the law imposes a contrary requirement. The principles of Islamic jurisprudence, the principles of sharia and customary practices may also be relevant when interpreting a contract (in that order of descending authority).

The courts take a purposive approach to the construction of contracts and will seek to identify the parties' intention to a contract. Broadly speaking, a party exercising rights under a contract will be expected to act reasonably and in good faith.

The Basic Law of the State RD 6/21 (the Basic Law) essentially serves as Oman’s constitution. Under the Basic Law, judicial power is independent and vested in the courts, which operate in accordance with the rule of law.

The judiciary consists of the Primary Courts (the Courts of First Instance), the Appeal Courts and the Supreme Court (Oman's highest Court).

2. Restrictions on Foreign Investments

2.1 approval of foreign investments.

General Principles

Non-Omanis may only conduct business in Oman through a locally registered entity. In practice, this means that non-Omanis must either establish a presence in Oman or conduct their business through a local commercial agent in order to invest in Oman.

Establishing a Presence in Oman

Oman's Foreign Capital Investment Law RD 50/2019 (the FCIL) came into force and effect in January 2020, and its impact has been to relax Oman's foreign ownership restrictions significantly.

Oman's Ministry of Commerce, Industry and Investment Promotion (the MOCIIP) has issued, pursuant to Ministerial Decision 209/2020, a list of activities subject to foreign ownership restrictions (the restricted activities list). The restricted activities list includes activities such as automotive repair, translation/interpretation services and labour recruitment offices; it may be updated from time to time by a decision of the Minister of the MOCIIP.

Certain industry sectors do not appear on the restricted activities list, despite historically requiring a higher level of local ownership. Oman's engineering law, for instance, requires engineering consultancy offices to have a minimum of 35% local ownership. The MOCIIP is expected to continue to apply any such industry sector restrictions.

Even prior to the introduction of the FCIL, foreigners establishing a presence in Oman's "free zones" or "special economic zones" or under the US–Oman free trade agreement or certain reciprocal arrangements implemented within the GCC (Gulf Cooperation Council), were able to take advantage of less onerous foreign ownership restrictions. However, the restricted activities list also applies to non-Omanis establishing a presence under these routes.

Conducting Business Through a Local Commercial Agent

Any arrangement under which a foreigner conducts business through a local commercial agent must be registered with the MOCIIP. Commercial agents must be duly licensed by the MOCIIP.

2.2 Procedure and Sanctions in the Event of Non-compliance

Companies, partnerships, branches and representative offices must be registered with the MOCIIP. Where the entity being established is owned in whole or part by non-Omanis, the application for registration will need to be processed through the investment services centre of the MOCIIP. MOCIIP registration is required before any of these types of entities can commence operations.

Contractual joint ventures (see 3.1 Most Common Forms of Legal Entities ) are the exception to this general rule: although they are treated as legal entities formed under the Commercial Companies Law RD 18/2019 (CCL 2019), they do not require registration with the MOCIIP. However, at least one of the parties to the contractual joint venture will need to have an appropriately licensed presence in Oman.

A foreigner undertaking investment activity in Oman other than in compliance with the FCIL may be fined between OMR20,000 and OMR150,000, as may an Omani who participates with a foreigner in an investment project other than in accordance with the FCIL.

2.3 Commitments Required From Foreign Investors

The FCIL's executive regulations were issued in June 2020 and amended further in March 2022. The FCIL's executive regulations set out the types of investment projects that may apply for preferential treatment (eg, projects established in Oman's less developed regions) and the financial and non-financial conditions that must be satisfied for an investment project to qualify.

2.4 Right to Appeal

There is no formal procedure to challenge a decision by the MOCIIP to reject a foreign investment (eg, where the MOCIIP declines to issue the necessary licence or approval of the necessary registration). If an investor believes an application has been unreasonably rejected, the first response should be to open a dialogue through the appropriate channels at the MOCIIP. It is prudent to appoint local counsel with an understanding of the MOCIIP's structures, practices and ethos to assist with these discussions. If that approach is unsuccessful, an investor may challenge any such decision in court. Oman's legal system operates in accordance with the rule of law.

3. Corporate Vehicles

3.1 most common forms of legal entity.

The types of legal entities available in Oman are companies established under the CCL 2019, branches and representative offices.

For new entrants to Oman, a presence is typically established by incorporating a limited liability company/single-person company or by establishing a branch.

Entities may be established either "onshore" in Oman or in one of Oman's industrial free zones (free zones) or special economic zones (SEZs). A company established in a free zone or an SEZ may not undertake commercial activities onshore in Oman.

Companies Established Under the CCL 2019

These may be formed as:

• joint stock companies (JSCs), which may be established as:
• public joint stock companies (SAOGs); or
• closed joint stock companies (SAOCs);
• holding companies (Holdcos);
• limited liability companies (LLCs);
• single person companies (SPCs);
• contractual joint ventures (CJVs);
• general partnerships (GPs); or
• limited partnerships (LPs).

A JSC must have at least three shareholders.

The minimum share capital of an SAOG is OMR2 million, and the minimum share capital of an SAOC is OMR500,000. Higher share capital requirements may be required, depending on the activities undertaken by the JSC. A JSC must allocate 10% of its net profits to a legal reserve until the legal reserve reaches one-third of the JSC’s share capital.

The liability of a JSC is limited to the amount of its share capital, and a shareholder’s liability is limited to its shareholding in the JSC’s share capital.

SAOGs and SAOCs are subject to considerably more onerous regulatory requirements under the CCL 2019 than LLCs. SAOGs must also be listed. As a listed company, an SAOG is regulated by the Capital Market Authority (CMA) and subject to its rules and regulations.

A JSC is managed by its board of directors. Subject to the CCL 2019 and the JSC’s Articles of Association, a JSC’s board of directors has all authority necessary to manage its affairs; its board also has a duty to implement any resolutions passed by the JSC’s shareholders in general meetings. An SAOG must have between five and 11 directors, and an SAOC must have between three and 11 directors. In each case, the number of directors (which must be uneven) will be specified in the JSC’s Articles of Association.

A JSC’s directors are listed in its commercial registration (a document maintained by the MOCIIP and available for public inspection), which will also set out the authorised signatories of the JSC and any limits on their powers.

The key advantage of JSCs over LLCs is that shares in JSCs may be mortgaged as security (this may be necessary in order for a company to procure debt financing). Unlike SAOCs and LLCs, SAOGs may also raise equity finance in the capital markets, as they are able to offer their shares to the public. LLCs may now procure funding through crowdfunding platforms, subject to the rules and regulations issued by the CMA. Some regulated activities in Oman may only be undertaken by SAOGs.

A Holdco is a JSC that exercises financial and administrative control over one or more JSCs and/or LLCs by holding at least 51% of the shares of each such company. Holdcos are generally subject to the same regulation as JSCs.

An LLC must have at least two shareholders.

An LLC must allocate 10% of its net profits to a legal reserve until the legal reserve reaches one-third of the LLC’s share capital.

The liability of an LLC is limited to the amount of its share capital, and a shareholder’s liability is limited to its shareholding in the LLC’s share capital.

LLCs are managed by one or more managers. Subject to the CCL 2019 and the LLC’s constitutive documents, an LLC’s managers have all the authority necessary to manage its affairs.

An LLC’s managers are listed in its commercial registration (also available for public inspection), which will also set out the authorised signatories of the LLC and any limits on their powers.

LLCs are subject to a considerably less onerous regulatory regime than JSCs and are considerably more prevalent.

An SPC must have only one shareholder.

SPCs are subject to the same regulation as LLCs under the CCL 2019, to the extent such regulations are not inconsistent with the nature of an SPC.

SPCs were introduced for the first time under the CCL 2019, and are likely to be a popular alternative to LLCs going forward.

A CJV is formed (typically pursuant to a written joint venture contract) by two or more partners. It is described in the CCL 2019 as a “concealed company”, and is the only legal entity in Oman that is not subject to registration with the MOCIIP.

CJVs are not subject to any minimum share capital requirement.

A CJV does not have a separate legal personality. Each of its partners therefore contracts only in its own name and has unlimited liability for the obligations and liabilities it assumes under that contract.

If a CJV partner discloses the existence of the CJV to a third party who deals with that partner in the context of the CJV’s activities, then the CJV will become a general partnership. This will result in all of the CJV’s partners assuming unlimited liability for the liabilities and obligations of the CJV.

Investors tend to favour LLCs over CJVs because of the limited liability that LLCs confer. CJVs can, however, offer a quick route into the market and are subject to considerably less onerous regulation under the CCL 2019 than LLCs. Historically, foreign investors have sometimes adopted the CJV structure where they have a single contract to perform (eg, as a contractor on a project) and do not intend to remain in Oman following its completion. As a consequence of the liberalisation of Oman's foreign ownership restrictions, however, some contractors that would previously have adopted the CJV structure may view an LLC as a more attractive option in the future.

GPs and LPs

A GP is formed of two or more general partners, each of whom must be a natural person. The partners of a GP are jointly and severally liable for the GP’s liabilities and obligations.

An LP is formed of at least one general partner and at least one limited partner. The general partners of an LP are jointly and severally liable for the LP’s liabilities and obligations, whereas the liability of a limited partner in an LP is limited to the amount of its contribution.

GPs and LPs have constitutive contracts that regulate their management and operation. Subject to its constitutive documents, all partners of a GP and all general partners of an LP are considered managers of the GP/LP. The limited partners of an LP may not be involved in its management.

Neither GPs nor LPs are subject to a minimum capitalisation requirement, and neither structure has a legal reserve requirement. However, the unlimited liability of general partners means that GPs and LPs rarely attract investors when structuring their investments.

Previously, branch structures could only be established where a foreign company entered into a "qualifying contract" with the Omani government or a company in which the Omani government has a material interest. The CCL's executive regulations issued by the MOCIIP on 14 October 2021 override this requirement, and a "qualifying contract" with a government entity is no longer one of the prerequisites to establishing a branch in Oman.

Representative offices

The permitted activities of a representative office are limited to the following:

• contacting customers to promote the products or services of the foreign company or institution it represents;
• contacting exporters and sellers of raw, manufactured and semi-manufactured materials required by the foreign company or institution it represents and removing any obstacles hindering quick access to them; and
• notifying the foreign company or institution it represents of any complaints it receives in relation to the products or services and overcoming difficulties related to the distribution of such products or the provision of services.

A representative office is prohibited from engaging in any of the following activities:

• import, export or sale, except for the importation of commercial samples of goods produced by the foreign company or institution it represents for the purpose of promotion;
• promotion of products or services other than those produced or offered by the foreign company or institution it represents; or
• contacting consumers directly.

Features Common to Branches and Representative Offices

There are no foreign ownership restrictions on branches/representative offices, and accordingly, the parent company of a branch/representative office can be a foreign company.

Branches/representative offices do not have a share capital or legal reserve requirement, but their parent companies are required to guarantee their obligations. This guarantee is the letter of undertaking referred to under 3.2 Incorporation Process .

Both branches and representative offices are regulated by the constitutional documents of their parent companies. They are managed by a general manager, who will have the powers and authorities granted to him/her under a power of attorney issued by the parent company.

3.2 Incorporation Process

This section focuses on the formation process for LLCs and branches, as these are the usual alternatives for a foreign investor entering Oman for the first time. The process for establishing an SPC is the same as for an LLC.

In some cases, pre-approval must first be sought for the LLC’s proposed name. In most circumstances, however, the process to incorporate/register an LLC is initiated by submitting an application to the MOCIIP.

The application will need to be made by the LLC's founding shareholders and must be accompanied by all necessary supporting documents, including:

• the LLC’s new constitutive contract;
• certain resolutions of the LLC’s founding shareholders;
• a foreign investment form (where applicable); and
• copies of the passports of the LLC’s first authorised signatories/managers.

Preparation of these supporting documents can involve considerable lead time because some will need to be notarised (or, in the case of foreign shareholders, apostilled) before submission to the MOCIIP. The constitutive contract must either be in Arabic or be provided with an Arabic translation (dual-language constitutive contracts are permissible). The licensing process will involve seeking approval for the specific activities to be undertaken by the LLC.

The steps following incorporation include registration with the Chamber of Commerce and Industry and application for a municipality licence. To apply for a municipality licence, the LLC will need to submit a copy of its tenancy agreement.

An application can be made to the MOCIIP for registration of a branch. The supporting documents that will need to be provided include the following:

• the commercial registration certificate of the foreign company in its principal place of business, which includes the foreign company’s commercial activities;
• the incorporation documents of the foreign company (ie, the Articles of Association, Memorandum of Association or the Constitutive Contract, as the case may be);
• the authorisation document issued from the foreign company to the manager(s) of the branch to carry out the management of the branch;
• a letter of undertaking from the foreign company to bear liability in relation to the acts of the branch; and
• copies of the passports/Omani identity cards of the authorised managers.

Preparing these documents can take time for the same reasons given in relation to LLCs above. All documents (except for copies of passports/Omani identity cards) must be translated into Arabic and duly notarised, legalised, or apostilled, as the case may be. As with an LLC, the branch's activities will need to be specifically licensed.

The MOCIIP usually registers a branch within one week of the application.

As with LLCs, the steps following incorporation include registration with the Chamber of Commerce and Industry and application for a municipality licence. The LLC must submit a copy of its tenancy agreement to apply for a municipality licence.

3.3 Ongoing Reporting and Disclosure Obligations

Any change to the constitutional documents or commercial registration certificate of an entity registered with the MOCIIP needs to be approved by the MOCIIP before it takes effect.

As noted in 3.1 Most Common Forms of Legal Entities , all companies established under the CCL 2019 (other than CJVs), all branches and all representative offices must be registered with the MOCIIP. Accordingly, MOCIIP approval and registration are needed for any change to any such entity's constitutional documents (eg, its constitutive contract or Articles of Association) or commercial registration certificate, including in relation to its managers/authorised signatories or its share capital/shareholders.

Most entities registered with the MOCIIP are required to file approved financial statements with the MOCIIP (although exceptions apply).

JSCs are subject to considerably more stringent reporting requirements than LLCs. Analysis of these requirements falls outside the scope of this article.

3.4 Management Structures

LLCs are managed by one or more managers. Subject to the CCL 2019 and the LLC’s constitutive documents, an LLC’s managers have all the authority necessary to manage its affairs. The CCL 2019 and the LLC’s constitutive documents specify the matters that are reserved to be decided by its shareholders.

Branches are regulated by the constitutional documents of their parent companies. They are managed by a general manager, who will have the powers and authorities granted to him/her under a power of attorney issued by the parent company.

3.5 Directors’, Officers’ and Shareholders’ Liability

The rules governing the liability of management and shareholders will depend on the type of Omani legal entity in question. The comments below are confined to an overview of the main rules applicable to LLCs and branches.

General principles

The managers of an LLC are jointly or severally liable to the LLC and third parties for, inter alia, their violation of the CCL 2019 and/or the LLC's constitutive documents and their negligence in the management of the LLC.

The CCL 2019 also provides that the managers of an LLC are subject to the same liability as the directors of a JSC, regardless of any provision to the contrary in the LLC’s constitutive documents.

Conflicts of interest

The CCL 2019 contains several provisions that subject a manager to liability where he/she contravenes the CCL 2019’s provisions requiring a manager to avoid conflicts of interest.

Piercing the corporate veil

The general rule is that the liability of an LLC is limited to the amount of its share capital, and a shareholder’s liability is limited to its shareholding in the LLC’s share capital.

There is, however, the potential in certain limited circumstances for the corporate veil to be pierced in the event of an LLC’s bankruptcy, and managers can also become liable where they act outside their authority. In certain limited circumstances, managers may also become criminally liable under the Penal Code RD 7/2018 (the Penal Code) in the event of an LLC’s bankruptcy.

The liability of a branch's directors/managers and officers will, generally speaking, be determined based on the laws applicable in the jurisdiction of incorporation of its parent company and the constitutional documents of its parent company.

The general manager of a branch will also be personally liable if he/she exceeds the authority granted in their power of attorney (as will any other authorised signatory of the branch who exceeds their authority).

The parent company of a branch is required to guarantee the obligations and liabilities of the branch pursuant to the letter of undertaking referred to under the 3.2 Incorporation Process . Therefore, the liability of a branch is not ringfenced.

4. Employment Law

4.1 nature of applicable regulations.

The employer/employee relationship in Oman is regulated by the Labour Law RD 35/2003 (as amended – the Labour Law). Regulations are issued from time to time by the Ministry of Labour to regulate particular aspects of the employment relationship further.

The Labour Law prescribes an employee's minimum benefits and entitlements, such as maximum working hours, annual leave and sick leave entitlements. The employment contract may include benefits and entitlements that exceed these minimum requirements.

Employee unions are recognised in Oman. Collective negotiations may take place between the employer and the employees' trade union to improve the terms and conditions of work, enhance productivity and settle disputes. Employees have a right to strike peacefully, provided certain procedures are followed.

4.2 Characteristics of Employment Contracts

The Labour Law requires a contract of employment to be in writing; it must be in Arabic and must be translated into a language that both employer and employee can understand, where applicable. A contract of employment must include certain specified information and may be for a fixed or unlimited term.

4.3 Working Time

Employees may not be required to work more than nine hours a day or 45 hours a week, including at least a half-hour break. Employees should have a lunch break of not less than half an hour if the continuous work period is six hours or more.

An employee is entitled to at least 48 consecutive hours of rest per week after five continuous working days.

If an employee is required to work overtime, then the employer must pay the employee overtime equivalent to the employee’s basic salary for the extra work hours, plus at least 25% of such salary (for day-time work) and 50% of such salary (for night-time work); if the employee agrees in writing, the employer may grant the employee leave from work in lieu of the overtime.

Employees who work on an official holiday are entitled to salary for such day plus additional overtime pay equal to at least 25% of such pay or to an additional rest day.

4.4 Termination of Employment Contracts

An employment contract will terminate under the following circumstances:

• upon the expiry of the term of the contract;
• without notice on one of the grounds for summary dismissal as set out in the Labour Law;
• upon the employee’s death or permanent disability; and
• upon the service of a termination notice by either the employer or the employee.

Although an employer may terminate an employment contract by notice, the Supreme Court has held that termination should be based on a legal justification.

The Labour Law contains no provision that entitles an employer to terminate an employee on the grounds of redundancy if the employer remains solvent.

If the termination of an employee's employment contract is arbitrary or without legal justification in accordance with the Labour Law, then an employee may file a claim for unfair dismissal. In such circumstances, the court may order the employee's reinstatement or the payment of not less than three months' salary as compensation.

There are no definitive guidelines for the courts to consider in determining unfair dismissal claims or how compensation for unfair dismissal is calculated.

4.5 Employee Representations

The Labour Law does not include any rights for employee representation.

5.1 Taxes Applicable to Employees/Employers

Personal Income Tax

Although Omani citizens and residents are not currently subject to personal income tax unless they solely own an establishment (as defined in 5.2 Taxes Applicable to Businesses ), an income tax on high earners/high-net-worth individuals may be introduced in the future.

Social Insurance

Each permanent employee in the private sector who is an Omani national and is aged between 15 years and 59 years must contribute 7% of their gross salary to the Public Authority for Social Insurance (PASI). This amount is deducted from their salary and paid by the employer. The employer is also required to contribute to PASI an amount equal to 11.5% of the gross salary of an Omani national. A total of 18.5% of the gross salary of an Omani national must therefore be remitted to PASI. The gross salary is restricted to OMR3,000 per month for calculating these contributions.

Employment Security Scheme

In addition to the above, Oman has recently introduced an Employment Security Scheme pursuant to RD 82/2020 (the Scheme). Employers will be required to contribute an amount equal to 2% of each Omani employee’s monthly gross wage to the Scheme each month, half of which will be deducted from the employee’s salary.

5.2 Taxes Applicable to Businesses

The following categories of persons (Omani taxpayers) are liable to income tax in Oman:

• enterprises;
• establishments; and
• permanent establishments.

The tax rate is generally 15% of taxable income, although a lower rate of 3% applies to certain small taxpayers where prescribed conditions are met.

For these purposes:

• "Person" means a natural or juristic person and includes joint ventures and non-Omani partnership agreements that do not assume the form of a company.
• “Enterprise” includes:
• Individual enterprise owned by a natural Omani person which exercises in Oman any of the specific activities specified in Article 159 (bis) of the Income Tax Law. The owner of the enterprise shall be determined from the commercial or industrial registers or other fiscal records or documents.
• Omani company that takes the form of partnership, limited partnership, or limited liability company and exercises the activities specified in Article 159 (bis) of the Income Tax Law. 
• “Establishment” means an establishment solely owned by a natural person who independently carries on a commercial, industrial or professional activity in Oman.
• “Permanent establishment” means a foreign individual or entity that carries out an economic activity either directly or indirectly through an agent, where such foreign individual/entity resides in Oman for a period exceeding 90 days within any 12-month period.

A lower income tax rate of 12% is temporarily in place for small and medium companies (SMEs), as noted under Economic Stimulus Plan below.

Special provisions apply to the taxation of income derived from the sale of petroleum.

In addition, excise duties were introduced in Oman in 2019 on certain specific goods.

Economic Stimulus Plan

The Ministry of Finance has published an Economic Stimulus Plan (ESP) as part of its efforts to mitigate the effects of COVID-19 on the economy. The plan addresses the following key areas:

• taxes and fee incentives;
• stimulating business and investment through, for example, the simplification of procedures and the relaxation of regulations for foreign companies;
• SMEs, including a temporary reduction of income tax rates and the postponement of loan repayments;
• the labour market/employment, including a reduction in fees for hiring ex-pats; and
• banking – the postponement of loan instalments.

The tax measures adopted by the ESP include the following:

• income tax on dividends and interests has been suspended for an additional period of five years, from 2020 until 2024;
• the rate of income tax for SMEs has been reduced to 12% for the tax years 2020 and 2021;
• certain provisions have been introduced relating to the carrying forward of losses; and
• hotels were exempt from income tax for 2020 and 2021, and tourist facilities were exempt from paying the municipality and tourism taxes they collect until the end of 2021.

The ESP also exempts all companies whose main activity is operating in the economic diversification sectors from income tax for five years. Only activities which commenced between 1 January 2021 and 31 December 2022 are eligible for this exemption (subject to the rules and conditions set out by the Omani tax authority).

Oman’s Supreme Committee has also issued various decisions to mitigate the effects of COVID-19, including tax relief measures.

Amendment to Income Tax Law

The Income Tax Law was amended in 2020 by RD 118/2020. Key amendments include the following:

• enabling provisions to facilitate the exchange of information between the tax jurisdictions of different countries, which will help create a more tax-transparent environment to prevent tax avoidance;
• residency provisions to enable the authorities to determine the residential status of both individuals and corporates; and
• only one tax return must be submitted within four months of the tax year/period.

Value Added Tax (VAT)

VAT was introduced in Oman pursuant to RD 121/2020, promulgating the Value Added Tax Law. The standard VAT rate is 5%, and it is generally applicable to most goods and services. Other supplies - such as food, medicine and medical equipment - are charged at a 0% rate. In addition, certain other services, such as education and healthcare, are generally exempt from tax.

Withholding Tax

Omani taxpayers are required to withhold tax on any of the following types of payment to foreign entities that do not have a permanent establishment in Oman but which derive income from Oman:

• consideration for carrying out research and development;
• consideration for the use or right of use of computer programs;
• management fees;
• the provision of services, whether the services are rendered in Oman or outside (subject to certain exceptions); and
• dividends or interest (subject as set out below).

Withholding tax applies to foreign entities conducting business in Oman through a permanent establishment and does not consider the amount paid or credited to them as part of their income on which tax is levied in Oman.

Withholding tax is applied at 10% of the gross income from the above sources, as modified by any Double Tax Treaties entered into by Oman. The withholding on payments of dividends and interest applies only to JSCs and investment funds.

Withholding tax related to dividends and interest has been suspended until 2024 (see under Economic Stimulus Plan above). Pursuant to a Royal Directive announced in January 2023, it is understood that dividends and interest will no longer be subject to withholding tax.

Article 4 (bis) (1) of the Executive Regulations of the Income Tax Law sets out the services which do not fall under the purview of withholding tax.

5.3 Available Tax Credits/Incentives

Tax Credits

The worldwide income of an entity formed in Oman is taxed in Oman. Tax credits are available to Omani taxpayers (as defined in 5.2 Taxes Applicable to Businesses ) who are subject to foreign taxes on income that is also taxed in Oman. The credit is limited to the amount of tax incurred in Oman.

Tax Incentives

The FCIL's executive regulations set out the types of investment projects that may be exempt from tax, customs and other charges.

The income of companies established in the Salalah free zone, the Al Mazunah free zone and the Duqm SEZ is exempt from tax for a period of 30 years and 25 years for companies established in the Sohar free zone.

Tax Exemptions

Exemptions from tax are given in two ways: exempt activities and exempt income.

Exempt activities

Tax exemptions are available for industrial (manufacturing) activities; the exemption is for five years and cannot be renewed.

Tax exemptions are also available to establishments/Omani companies engaging in shipping.

The ESP has exempted certain commercial activities from income tax – see 5.2 Taxes Applicable to Businesses (Economic Stimulus Plan).

Exempt income

Examples of income exempt from tax include the following:

• dividends received from Omani companies and permanent establishments;
• profits or gains on the disposal of securities listed on the Muscat Securities Market;
• the income of Omani marine companies and foreign marine companies conducting activities in Oman through an authorised agent, but only where the country of the foreign company affords reciprocal treatment;
• the income of foreign airlines carrying on business through permanent establishments in Oman to the extent of the income from operating aeroplanes for international transport, but only where reciprocal treatment is afforded in the airline's home country;
• without prejudice to the Income Tax Law, the income of collective investment funds offered for public subscription and financial trusts; and
• the income of a special purpose company established in Oman under the Securities Law.

While taxable under law, foreign companies engaged in oil and gas exploration activities normally have their liability to tax discharged by the government under the terms of their oil and gas concession agreements.

Foreign companies working for the government on projects deemed to be of national importance may be able to negotiate a tax protection clause whereby the government reimburses any tax paid by them.

5.4 Tax Consolidation

Oman does not have a regime of tax consolidation. Each taxable entity is required to file its own Annual Return of Income.

5.5 Thin Capitalisation Rules and Other Limitations

If the debt-to-equity ratio exceeds 2:1 in the case of related party debt, interest on the excess debt is not deductible for tax purposes. This rule applies to all Omani taxpayers other than banks and insurance companies, permanent establishments of foreign companies, or proprietary (Omani-owned) establishments. Interest paid to related parties is allowed only to the extent the loan terms are at arm's length.

5.6 Transfer Pricing

Transactions between related parties must be valued at arm’s length. There is no specific guidance on acceptable methods for determining an arm’s-length price. In practice, the Oman tax authorities apply transfer pricing rules in accordance with OECD guidelines.

5.7 Anti-evasion Rules

Oman has stringent anti-evasion rules.

Where a taxpayer fails to declare the correct income in their income return, the Chairman of the tax authority may impose a fine of between 1% and 25% of the difference between the tax value of the taxpayer's actual taxable income and the tax value as per the return submitted.

Subject to any harsher punishment specified in the Penal Code or any other law, the following offences are punishable by imprisonment for a period of between six months and three years and/or by a fine of between OMR5,000 and OMR50,000:

• intentional refusal by the tax manager to submit the actual taxable income;
• intentional abetment or assistance of the person subject to tax to submit incorrect tax declarations, accounts, records, lists of assets or debits or other documents relating to the tax return of the person subject to tax;
• intentional destruction, concealment or disposal of any documents, records, accounts or lists required by the Secretary-General to be submitted if such destruction, concealment or disposal takes place within two years of the date of receipt of the Secretary-General’s notice; or
• intentional violation of the obligations to, among other things, provide data, information or documents regarding taxation-related international treaties or failure to do so as a result of gross negligence.

6. Competition Law

6.1 merger control notification.

Anti-competitive practices in Oman are regulated by the Competition Law RD 67/2014 (as amended – the Competition Law) and its executive regulations.

Any person intending to take any action resulting in an "economic concentration" must submit a written application to the MOCIIP.

An "economic concentration" is defined in the Competition Law as "any act that results in the transfer of the ownership of all or part of the assets, shares, stocks, use, rights or obligations of one person to another person or establishing consortiums or amalgamations or combining two or more managements under one joint management, which is likely to cause a person or a group of persons directly or indirectly to be in a dominant position." Joint ventures are, therefore, potentially caught by this definition.

Any action that would lead to an economic concentration resulting in the acquisition of more than 50% of the market concerned may not be approved by the MOCIIP, which has the discretion to approve or reject applications falling below this 50% threshold.

The scope of the Competition Law is broad. It applies to all activities of production, commerce, services and any other economic or commercial activities practised in Oman and to any economic or commercial activities performed outside Oman that would have consequential effects inside Oman.

The Competition Law also regulates the abuse of IP rights, where this would have an adverse effect on competition. It does contain limited exemptions, however, including for public utility companies and certain R&D activities.

6.2 Merger Control Procedure

The MOCIIP will examine any application for clearance of an economic concentration (see 6.1 Merger Control Notification ) and issue a decision within 90 days (and will be deemed to have approved the application if it does not respond within such timeframe).

6.3 Cartels

The Competition Law provides that any agreement, arrangement or practice (whether concluded inside or outside Oman) that has the object of preventing, limiting or weakening the competition is prohibited.

Express examples of prohibited practices include collusion in bids or tenders among persons, or drawing up provisions in the conditions of tenders such as the inclusion of the trade mark of the commodity or specification of its type (ie, cartels).

The Competition Law contains a non-exhaustive list of practices that would be treated as having the object of preventing, limiting or weakening competition.

6.4 Abuse of Dominant Position

The abuse of a dominant position is prohibited under the Competition Law. Any person who enjoys a dominant position is prohibited from carrying out any practice likely to prejudice, restrict or prevent competition. The Competition Law also contains a non-exhaustive list of practices that would be caught by this prohibition on abusing a dominant position.

The Competition Law defines a dominant position as the ability of a person or a group of persons who directly or indirectly work jointly to control or influence the market concerned, including the acquisition of more than a 35% share of that market. The "market concerned" is also defined in the Competition Law, and has two key elements: relevant product and the geographical scope. Identifying and applying the scope of the "market concerned" to the activity/practice in question is key to determining whether a dominant position has arisen.

Agreements and arrangements (whether concluded inside or outside Oman) that aim to secure the monopoly of the import, production, distribution, sale or purchase of any goods or circulation thereof are also prohibited, as is performing any monopolistic act that would affect the market. For these purposes, a "monopoly" is defined in the Competition Law as the control by a person or a group of persons directly or indirectly of the quantity and prices of a kind of goods or service in a manner that would result in a restriction or cause an adverse effect on the freedom of competition.

The Executive Regulations

In January 2021, the executive regulations to the Competition Law were issued pursuant to MOCIIP Ministerial Decision No 18/2021 (the Regulations). The Regulations aim to remove uncertainty and provide clear guidance in determining whether or not an arrangement would fall within the scope of the Competition Law.

In doing so, the Regulations provide further guidance on the meaning of dominance, relevant products and geographical scope. They should therefore be consulted when assessing whether or not an arrangement would fall within the scope of the Competition Law (ie, whether or not an arrangement would be considered a prohibited practice or whether a transaction would require MOCIIP pre-approval).

The Regulations also set out clear guidance as to when market dominance could be triggered, as follows:

• where a person or persons acquire shares exceeding 35% of the relevant market; and
• where a person is able to influence product prices, or the volume of the supply of products, even if that person’s share is less than 35% of the relevant market.

The Regulations set out the process to apply for MOCIIP approval for an economic concentration and provide that the application must be accompanied by several documents, including information determining the nature and structure of the economic concentration. Justification for the economic concentration, copies of reports, studies and questionnaires prepared for the purpose of assessing the economic concentration must also be provided. It is important to note that the Regulations provide that all documents submitted as part of the economic concentration application must be in Arabic; if they are in a foreign language, an attested and certified Arabic translation must be attached.

The MOCIIP has 90 days from the date of receiving all the required information and documents to consider the application and make its decision. The MOCIIP may approve (subject to conditions) or reject the application. A rejected or conditioned application can be appealed to the Minister of the MOCIIP.

7. Intellectual Property

7.1 patents.

Under the Industrial Property Rights Law RD 67/2008 (as amended – the IPR Law), an invention is patentable if it is new, involves an innovative step, and is capable of industrial application.

Broadly speaking, the procedure to register a patent is as follows.

• The procedure is commenced by submitting an application to the Directorate of Intellectual Property at the MOCIIP (the Registrar) in the prescribed form, accompanied by a petition (containing all the data concerning the applicant, the inventor and the title of the invention, and a statement proving the applicant's right to the patent if they are not the inventor) and a description of the invention.
• Eighteen months after the filing date, the Registrar will open the patent application for public examination. Upon payment of the prescribed fee at any time between the filing date and the expiry of such 18-month period, the applicant may request the Registrar to open the application for public examination.
• If the Registrar considers that the requirements set out in the IPR Law are not satisfied, they will notify the applicant to submit their observations and amend or divide the application within three months of the date of the notice.
• If the Registrar grants the patent, the applicant will be required to pay the prescribed fee within 90 days.
• The patent will be considered to be granted on the date of publication of such grant by the Registrar, and a certificate of grant signed by the Registrar will be issued.

A patent generally expires 20 years after the filing date.

7.2 Trade Marks

The IPR Law also regulates trademarks. A trade mark is any sign capable of being represented graphically in a manner that distinguishes the goods or services of one supplier from those of another supplier.

Broadly speaking, the procedure to register a trade mark is as follows.

• The procedure is commenced by submitting a trade mark application in the prescribed form along with the relevant documents (such as details of the applicant and a power of attorney) to the Registrar.
• The Registrar will then examine the application to ensure that it complies with the prescribed requirements and is capable of being registered.
• Once the Registrar establishes that the application for registration meets all the legal requirements, the application will be published, and any interested party may submit a written objection to the registration to the Registrar after payment of the prescribed fees within 90 days of the publication date.
• If no objection is raised, the Registrar shall register the trade mark, publish it and issue a registration certificate to the applicant.
• Alternatively, the application for registration of the trade mark may be refused by the Registrar if it does not meet the requirements; the applicant would be notified of the decision and its reasons.
• The applicant may oppose the decision refusing the application for registration of the trade mark within 60 days of the date of notification. The applicant can also appeal to the competent court against the decision to refuse the application.

The protection period for a trade mark registered in Oman is ten years from the filing date (which may be renewed).

7.3 Industrial Design

Industrial design is defined under the IPR Law as "any combination of lines, colours or any three-dimensional form whether connected with lines or colours or not, provided that such combination or form gives a distinctive appearance to an industrial or a handicraft product forming a sign of an industrial or a handicraft product which is visually perceptible with an unaided eye." For the industrial design to be eligible for registration, it must be:

• not disclosed to the public; and
• be industrially applicable.

The term of protection for an industrial design registered in Oman is five years, which may be renewed for two consecutive periods of the same duration upon the owner’s request and after payment of the prescribed fees.

Broadly speaking, the procedure to register an industrial design is as follows.

• The procedure is commenced by submitting an application for registration to the Registrar in the prescribed form, signed by the applicant or the applicant's lawyer.
• The application must be accompanied by drawings, photographs and a petition that sufficiently describes the goods incorporating the industrial design and indicates the type of products for which the industrial design is used.
• The Registrar will then evaluate the application and notify the applicant of the decision to accept or reject the application. The applicant must pay the prescribed fees within 90 days of the date of such notification.
• The Registrar will publish the industrial design in the Official Gazette.
• Upon successful completion of the no objection period, the Registrar will issue the registration certificate for the industrial design.

An industrial design expires five years from the filing date and is renewable for two consecutive periods of the same duration upon the owner's request.

7.4 Copyright

The Law for the Protection of Copyright and Neighbouring Rights RD 65/2008 (as amended – the Copyright Law) regulates copyright law in Oman. Oman ratified the Berne Convention for Protection of Literary and Artistic Works in July 1999.

Protection under the Copyright Law is provided to original literary, technical and scientific works, regardless of their value, nature, method of expression, or the purpose of their authorship. Computer programs and databases read from a computer or elsewhere are protected by copyright. Mere ideas, procedures, methods of work, mathematical concepts, principles, inventions and data are not protected by copyright.

Before the author's work is published, an author or their representative may deposit an application for protection of their work to the MOCIIP in the prescribed form, together with three copies of the work. The Copyright Law considers such a deposit tantamount to ownership. The applicant will be provided with a deposit number, and the deposit will then be published in the Official Gazette. Thereafter, an application is submitted to the Ministry for the data deposit certificate for the work.

The financial rights of an author of a literary work, including computer programs, are protected during their life and for 70 years starting from the commencement of the calendar year following the year of their death.

Registration of title to the authorship of a work acts as proof of ownership to the work (Registered Owner), and the onus to prove that the work does not belong to the Registered Owner is on the infringer. In addition to the civil and penal remedies available, a titleholder is entitled to remedies at borders and interim/ex parte remedies. Civil remedies include orders to prevent the export/import of the goods involved in the infringement, orders to cease the infringement, and claims for compensation based on losses incurred and profits made by the infringer. If copyright infringement is established, the court must pass a judgment to confiscate any assets resulting from the infringement. Except in exceptional cases, the court must also order the confiscation of all the commodities involved in the infringement and the material and equipment used to commit the act of infringement and order their destruction at the expense of the judgment debtor or their disposal outside the trade channels if the destruction is liable to undermine public health or the environment.

Under the Penal Code, a person who becomes acquainted with a secret by virtue of their profession, occupation or work and (without the consent of the concerned person) discloses it other than in the circumstances permitted by law, or uses it for their personal benefit or the benefit of another person, may be imprisoned for between one month and one year.

8. Data Protection

8.1 applicable regulations.

Oman has issued its first comprehensive personal data protection law, enacted by RD 6/2022 (the DPL). The DPL came into force on 13 February 2023 and will be supplemented further by the Executive Regulations to be issued by the Ministry of Transport, Communications and Information Technology (the MOTCIT).

The DPL introduces matters such as the rights of owners of personal data (an “Owner”) and the obligations of controllers and processors of personal data.

The DPL applies to any processing of personal data, which is defined in the DPL as data that makes a natural person identifiable, directly or indirectly, by reference to one or more identifiers. Identifiers include but are not limited to an individual's name, civil identification number or other data related to an individual's genetic, physical or mental identity.

Article 3 of the DPL sets out certain circumstances in which the provisions of the DPL will not apply to the processing of personal data. These circumstances include but are not limited to the following:

• the protection of national security or public interest;
• the execution by the units of the Administrative Apparatus of the State and other public legal persons of their functions prescribed to them under law;
• compliance with a legal obligation imposed on a controller under any law, judgment or court decision; and
• the protection of the economic and financial interests of the State.

Rights of the Owner

Under the DPL, personal data may only be processed with the Owner's express consent. This is to ensure that any processing of personal data is done within the framework of transparency, honesty and respect for human dignity. Any request to process personal data must be in writing, in a clear and understandable manner.

Sensitive personal data

The DPL provides for a general restriction on the processing of certain data, including:

• genetic and biometric data;
• health data;
• data relating to an individual’s ethnic origin, sexual life, political or religious opinions or beliefs, criminal convictions; and
• data relating to security measures.

The processing of such data will require authorisation from the MOTCIT.

Other rights

Data Owners enjoy several other rights under the DPL, including the right to:

• obtain a copy of their processed personal data;
• transfer personal data to another controller;
• revoke their consent in respect of the processing of their personal data;
• amend, update and withhold personal data; and
• be notified of any breach or violation of their personal data and measures taken in this regard.

The Executive Regulations are expected to provide further guidance on the exercise of these rights by the Owners.

8.2 Geographical Scope

The DPL applies to any processing of data in Oman. Similarly, the transfer of data outside of Oman may only be done in accordance with the controls specified in the Executive Regulations.

8.3 Role and Authority of the Data Protection Agency

The MOTCIT is the authority responsible for implementing the DPL and has the right to do the following:

• prepare the controls related to the protection of personal data, including specifying the necessary safeguards and measures required to protect personal data;
• issue procedures for processing personal data and ensure the compliance of controllers and processors with such procedures;
• receive complaints filed by Owners and decide on them within the period specified by the Executive Regulations;
• co-operate with competent entities in other countries with respect to the protection of personal data;
• provide advice and support to units of the administrative apparatus of the State and other public legal persons in matters related to personal data protection;
• draft guidelines for implementing the DPL whenever necessary; and
• maintain a register of controllers and processors meeting the conditions in accordance with the regulation.

To protect the rights of Owners, the MOTCIT may:

• issue warnings to controllers and processors who violate the provisions of the DPL;
• order the correction or removal of personal data;
• suspend the processing of personal data, either temporarily or permanently;
• suspend the transfer of data to another country or an international organisation; and
• take any other measures it deems necessary for the protection of personal data.

Sectoral Laws

To the extent they do not contradict the DPL, certain sectoral laws containing limited data and privacy protection provisions will continue to apply. These include the Telecommunications Regulatory Law and the Banking Law, for example.

9. Looking Forward

9.1 upcoming legal reforms.

Health Insurance Companies Regulations

In response to the increasing significance of the health insurance sector and the rapid growth of the health insurance market, the recent amendments to the Insurance Companies Law have effectively separated health insurance activities from other insurance activities. Previously, health insurance was considered part of general insurance activities. The amendments to the Insurance Companies Law envisage that the executive president of the CMA will issue a decision regulating the activities of health insurance companies.

DPL Executive Regulations

Pursuant to the DPL, the MOTCIT is required to issue the Executive Regulations of the DPL, which are expected to clarify the application of the DPL to several matters, including the exercise of Owners' rights, the transfer of data and the process of filing a complaint with the MOTCIT regarding breach of Owners' personal data.

Securities Law Executive Regulations

The Securities Law came into force on 20 June 2022, repealing Royal Decree No 80/1998 promulgating the Capital Market Law, except for Articles 46–58, which shall remain in force. The Executive Regulations are expected to be issued within one year from the date the Securities Law came into force and are expected to regulate matters such as the conditions and procedure for establishing and licensing entities that are subject to the Securities Law, activities which require a licence to be undertaken and those which do not, and the prohibited activities.

Regulation of Virtual Assets

It is understood that the CMA and other regulators in Oman intend to promote and develop fintech products. The CMA is currently preparing the regulatory framework for the regulation of virtual assets, including the licensing, regulation and supervision of Virtual Asset Service Providers.

A new labour law is expected to be issued, which would repeal the existing Labour Law. The exact date of publication is yet to be announced.

Said Al Shahry and Partners (SASLO)

SASLO Building No. 597/1 Way No. 262 Airport Heights, Ghala P.O. Box 1288, PC 112 Ruwi Muscat Sultanate of Oman

+968 2463 6999

+968 2463 6900

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Financing, Funding & Investing (Oman Investment)

An introduction to financing, funding & investing (or oman investment).

It is a consensus that Small & Medium Sized Enterprises (SMEs) and Start Ups are the foundation of national economies in developed countries around the world.

Small & Medium Sized Enterprises (SMEs) and Start Ups are under-represented (in terms of contributions to the economies) in a number of countries in the Middle East. The policies and strategies to diversify these economies include the encouragement of entrepreneurship.

The Oman Vision 2040 {_blank} emphasizes the importance of Start Ups and Small & Medium Sized Enterprises (SMEs) and their contributions to the economy and development of the Sultanate of Oman.

In line with the Oman Vision 2040, the public and private sector in the Sultanate of Oman has created an ecosystem with initiatives to promote the development of Small & Medium Sized Enterprises (SMEs) and Start Ups.

The focus is on a number of sectors with priority such as:

It applies for Small & Medium Sized Enterprises (SMEs) and larger corporations in particular.

In case of Start Ups the focus is on:

It is our aim and intention to facilitate the utilization of the support from the most relevant stakeholders in the public and private sector.

In case of Start Ups, we engage at any stage in terms of maturity from pre-seed over seed, early stage, later stage and IPO to public.

In case of Small & Medium Sized Enterprises (SMEs), we involve from preparation over formation and expansion to transition (in terms of the business life cycle).

We have a range of opportunities and possibilities to invest, finance or fund (with examples of businesses and projects in artificial intelligence, augmented and virtual reality, face analytics, big data, e-sports, sports, agriculture, health and education) and a network of financiers and investors (such as banks and financial institutions as well as individuals such as members of the royal family, current and former senior administration officials and key businessmen and -women).

The types of Financing, Funding & Investing (or Oman Investment)

The types of investments for Start Ups include:

In case of Small & Medium Sized Enterprises (SMEs), the types of financing or funding include:

• The participation of strategic financiers or investors (or other forms of private equity) in terms of equity
• Credit Lines, Supply Chain Finance/Working Capital Finance, Trade Finance, Factoring (Invoice Finance/Purchase Order Finance) and Leasing from banks and financial institutions in terms of debt

The steps to Financing, Funding & Investing (or Oman Investment)

We will assist you to prepare for an investment in a business or project with market research and assessment [, potential evaluation and analysis in market reports and/or with business cases, project reports, feasibility studies or business plans to receive some type of financing or funding to start, grow and/or transform.

It would be our pleasure to learn more about your aims and intentions, if you are interested to invest, finance or fund a business or project and your business or project (with references to the fundamentals (e.g. context/environment/market, problem, solution, features and functions, business model with key activities, customers segments, value propositions, most-relevant stakeholders, revenue streams, etc.) as part of papers, plans, presentations, studies, teasers and/or briefs), if you are interested to receive some type of financing or funding.

It will allow us to assess your possibilities]( http://bsuo.esmclients.com/contact ) and to evaluate your potentials!

Other Activities

• Market Research & Assessment Oman
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Please click on the link and reach out to our experts and specialists to discuss your story. It would be our pleasure to share it with others!

Please click on the link and reach out to our experts and specialists to discuss your requirements. It would be our pleasure to assist you!

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Arloopa Inc. is an augmented reality (AR) and virtual reality (VR) application and game development company. It delivers advanced AR and VR products and services including but not limited to cloud-based...

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