How to incorporate company in Oman?
Tetra Consultants’ ultimate guide on Oman company incorporation is tailored to help our international clients to understand the whole process fully. Before you choose to incorporate company in Oman, Tetra Consultants advises you to read through the following comprehensive guide as requirements and regulations are stated clearly to help you fully understand the company registration process.
Simply put, we can break down Oman company formation engagement into four different phases:
- Planning & strategy
- Bank account opening
- Staying compliant
By systematically following the above four phases, you can expect to start conducting business with your Oman company within 10 weeks.
Step 1: Planning & strategy
- Depending on your business goals and activities, Tetra Consultants will recommend the most suitable business entity. Prior to Oman company incorporation, you will be advised on the optimum paid-up share capital, corporate structure, and whether there is a need to apply for any licenses.
- Once confirmed, Tetra Consultants will search and reserve your preferred company name with the Oman Commercial Registry of the Ministry of Commerce and Industry.
- It is necessary that you have a legal office address in Oman. As such, Tetra Consultants will provide you with a local registered address.
- Other additional requirements include appointing a registered agent. To meet this requirement, Tetra Consultants will assist you in appointing the registered agent coupled with its address so that you can meet your registration needs.
- The role of the Local registered agent will act as your representative to the respective authority and submit accurate financial statements and corporate tax returns.
Step 2: Incorporation
- Tetra Consultants’ legal team will draft articles of incorporation, business plan, and other required legal documents for Oman company incorporation.
- Before submitting the documents to the government, it is required for these Oman company incorporation documents to be translated and notarized.
- Thereafter, Tetra Consultants will proceed to register company in Oman with the Ministry of Commerce and Industry.
- Once the company is successfully incorporated, Tetra Consultants will courier the Certificate of Incorporation, Memorandum & Articles of Association, to your preferred addresses. On average, within 1 week you can expect to receive the documents of your new company.
Step 3: Bank account opening
- Simultaneously, Tetra Consultants will proceed to open a corporate bank account for your newly-incorporated company. You can enjoy leveraging our extensive banking network and receive your bank account numbers within four weeks.
- Tetra Consultants will contact multiple reputable international or Oman banks and present your business to each relationship manager and compliance team.
- If you want to open an account with an offshore bank, we can help you with that as well. We work with renowned banking institutions in Hong Kong, the United States, and New Zealand.
- In most cases, Oman banks will not require you to travel to Oman for the bank meeting. In the event this is required, We will send a representative to the bank meeting with you. Conversely, our staff will negotiate with the banks to hold a conference call or obtain a waiver.
- On average, the corporate bank account will be opened within 4 weeks after Oman company incorporation. Tetra Consultants will courier the internet banking token and access codes to your preferred address.
Step 4: Staying compliant
- Tetra Consultants, following the incorporation of the Oman company, will proceed with the tax registration with the tax department of the 财政部.
- After incorporating the Oman company and opening a corporate account in the bank, Tetra Consultants will continue to provide you with the necessary accounting and tax services to ensure that you can continue to legally conduct business while staying compliant with regulatory obligations.
- You can be confident you are in the best hands when Tetra Consultants undertakes your Oman company’s accounting & tax services.
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