Benefits of Setting Up Business in Oman
- Potential gateway to over 1,500 million consumers
- Less than 2 hours from the major business centres of Asia
- Well connected by air, sea and land
- Duty-free exports within the Arab Gulf Co-operation Council member countries
- Has the right climate for new investments with its free, competitive economy with equal opportunities for all
- Powerful concentration of international companies such as BP, Vale, Carrefour
- Pro-enterprise laws and regulations
- Liberal investor-friendly policies
- Simplified procedures for clearance and approvals
- Abundant power supply
- A young, multilingual and educated talent pool
- Inexpensive long-term use of land for industrial purposes
- Safe access to the Middle Eastern market
- Free trade agreement with US
- Free trade agreements with Singapore, Iceland, Norway, Switzerland and Lichtenstein
- Free trade agreement negotiations are underway with the EU
- Fantastic place to live, adored by millions world-wide
For more information, please see the links below:
- Oman Investment Handbook https://assets.kpmg.com/content/dam/kpmg/om/pdf/oman-investment-handbook.pdf
- Invest Easy Portal https://www.business.gov.om/
- Oman Chamber of Commerce & Industry https://chamberoman.om/
- 2015 DIT trade guide – exporting to Oman https://www.gov.uk/government/publications/exporting-to-oman/doing-business-in-oman-oman-trade-and-export-guide
- US Trade Guide to Oman http://photos.state.gov/libraries/oman/231771/PDFs/20160616-oman-country-commercial-guide.pdf
- PWC – Doing Business Guide Oman https://www.pwc.com/m1/en/tax/documents/doing-business-guide-oman.pdf
- Oman Projects website http://www.omanprojects.com/
- British Business Forum, Oman http://www.bbfoman.org/
Omanisation
Omanisation is a way of ensuring that Omanis in Oman are employed in certain sectors. It aims to replace “expatriates with trained Omani personnel” (Ministry of Manpower, 2016), thus strengthening the financial future of Oman and ensuring that the work force is well-trained. Quotas have been set for various industries – such as in construction, 30% of the work force must be Omani, while 100% of taxi drivers should be Omani. Companies which reach these goals are given a government-issued “green card”, are thereby able to carry out business easily. Similar policies exists in several countries, and it is known as “Gulfisation” across the GCC.
Omanisation has benefits and limitations, but is overall extremely positive for Oman and those who have set up business there. It should be a consideration of anyone planning on moving business to Oman. Expatriate business owners in Oman must have an Omani partner to help them. The Omani British Friendship Association can help find Omani partners for Brits who wish to set up here.
Taxes
People who work in Oman pay no income tax in Oman. Oman has recently implemented VAT, at 5%.
http://taxsummaries.pwc.com/uk/taxsummaries/wwts.nsf/ID/Oman-Corporate-Other-taxes
http://gulfnews.com/news/gulf/oman/oman-to-introduce-vat-by-2018-1.1924645
Visas
To visit Oman for less than 14 days, UK passport holders have visa free entry.
For longer trips, you can get visas online at https://evisa.rop.gov.om/
To get a working visa for your business, contact the Ministry of Commerce, Industry & Investment Promotion, or companies such as Bondoni Insights.