Easy, convenient and accessible!

That, in a nutshell, explains the process of starting a 100 percent foreign ownership company in Oman

Valid passport and a little saving is all that is required to get into the business horizon of Oman. Described by many as a game–changer, this ease of starting business is designed to pave the way for economic transformation – at personal as well as national level.  

As per Oman’s foreign investment law, expatriates are allowed to have 100% ownership in a wide range of permissible businesses. The Oman government’s decision to open up the doors to 100% foreign ownership in specific sectors affirms its openness for business. By welcoming foreign investors with open arms, Oman has positioned itself as a regional hub for trade, and commerce.

Known for its hospitality and peaceful culture, Oman is on a mission to attract foreign investment and boost its economy. The 100 percent ownership move is in stark contrast to the earlier restrictions that called on foreigners to acquire local partners to initiate businesses. While Oman’s rich cultural heritage, stunning vistas, diverse landscape and strategic location has made it a perfect destination for tourists, its changing business protocol is fast proving to be a hidden gem for foreign investors, who can enjoy full control over their businesses and experience a sense of trust and confidence.

It may be noted here that previously foreign investors required partnering with Omani nationals to establish businesses. The legal framework to enable foreign ownership was introduced in 2020 with the issuance of the Foreign Capital Investment Law. This law offered foreign investors the opportunity to own 100% of businesses in specified sectors, including manufacturing, tourism, and technology. It was a clear signal to the global business community that Oman was open for business.

Oman’s decision to allow foreigners to have 100% ownership in companies reflects its intent to forge ahead on its economic diversification and sustainable growth policy. This bold move not only opens doors for international entrepreneurs but also sets the stage for a brighter and more prosperous future for the country. 

How to Start a 100% Foreign Ownership Business in Oman: TAS Explainer

If you are an expatriate residing in Oman with plans to enter the seemingly complex world of business, here is a quick checklist to get you started

Two options

One document

Minimal cost

Simple procedure

Did that get your attention? Starting a business in Oman is easy and simple for expatriates now.  The Arabian Stories conducted a video interview with Libby Jose, Business Development Consultant at Feamish Business Solutions (business setup services provider), to find out more…

As mentioned earlier, following the introduction of the Foreign Investment Law, there has been significant relaxation of rules, with procedures for registration and licensing streamlined to encourage foreigners to enter the local business horizon. It has, in effect, fuelled many an expatriate’s dream of starting a business.

But turning that dream into a reality requires a push; a leverage to trigger it to move in the right direction. 

If you are one of those who has been dilly-dallying on the threshold of dreams, now is the time to take action. Get the business locomotion moving in as little as 15 days! As Libby Jose states, the entire procedure, including the visa, will like approximately 15 days.

Here is how to start the process: “First of all, customers have to choose which type of business they would like to opt for, as there are two options; they can either choose to be a SPC company or an LLC company. SPC means a Sole Proprietor Company where you do not require any partner – it is a 100% owned company. The second option will be an LLC company where you need a partner, but not necessarily an Omani. You can add partner from any nationality and open it as an LLC company,” explains Libby.

What documents are required to initiate the procedure?

Just your passport!

That’s right. “We need passport copy of the person,” notes Libby, pointing out that in the case of a partnership company, the requirement is for passports of both the partners to initiate the process.

The passport copy will be accompanied by relevant documents, dependent on the chosen company structure (SPC or LLC). The signed document and the passport copy will then be sent for processing.

What about the minimal costs…?

“Minimal cost, like government fees, is just OMR 81.300 to obtain a Commercial Registration in Oman’” states Libby.

Now, if that doesn’t make it a piece of cake to start a business, nothing else will. Add to that the procedure too – which is equally simple.

The first step, as Libby notes, is to zero in on the type of business one wants to initiate in Oman.

It is important to note here that not all business activities are open to expatriates on a 100% ownership basis. Some of the areas restricted for expatriates include transportation, manpower recruitment, translation services and tailoring, among others.

“There are, of course, many categories in which expatriates can do business. They can just choose from them and inform us about the same; after which, within two or three days, the commercial registration will get done,” notes Libby, adding further that the entire procedure, including the visa, will take approximately 15 days.

What about investor visa?

Here too there are two options, one as a proper investor and the other as a business partner. Explaining about the same, Libby states, “The person who owns a company – that is during the initial stages of opening a company – will get a business partner visa which is valid for two years. That person would be already having a CR along with some of the assets. In the sense, the asset, for five years, is just OMR 250,000 and for 10 years it is approximately OMR 500,000, which has to be shown in the name of your company. It should be a company asset. Following that you can apply for a proper investor visa, which is also called as golden visa.”

The golden visa process can take approximately ten days, she adds.

Time to get the ball rolling…?