How to Set Up a Sole Proprietorship in Oman?

Oman is an Arab country located in the Southeastern part of the Arabian Peninsula with an abundance of coastline and other natural resources. The Sultanate of Oman is an absolute monarchy with a stable government and strong judicial system protecting the interests of locals and foreign compatriots alike. The business-friendly policies of the state have resulted in the country becoming a thriving hub for many foreign companies exploring the opportunities in the Gulf Cooperative Council (GCC) region. Additionally, Oman has signed many trade agreements with many countries around the world to strengthen its ranking to attract foreign investments. The investment in state-of-the-art infrastructure and strong economic policies have opened many opportunities for entrepreneurs and SMEs to open a company in Oman.

Entrepreneurs looking to start a business in Oman can choose to set up a Sole Proprietorship company among the available corporate structures.

Key Features of Sole Proprietorship in Oman

• Most suitable for individual Entrepreneurs.
• Avail 100% ownership of the company.
• No special legislation
• The owner is completely responsible for profits and losses.
• The owner bears unlimited liability.
• No restrictions on opening and closing the company

Documents Required to Set Up a Sole Proprietorship in Oman

The following documents are required to start a sole proprietorship firm in Oman:

• Copy of the Identity card of the individual entrepreneur
• Authorized signatories form
• Personalized key Infrastructure enabled ID card
• Personalized Key Infrastructure enabled Resident card of Oman

Procedure to Register a Sole Proprietorship Company in Oman

The below steps guide entrepreneurs about the steps involved in registering their sole proprietorship firm in the Sultanate of Oman.

1) Choose a Company Structure and Name – After deciding on the company structure as Sole Proprietorship, choose a company name and check for its availability in the Oman company registrars with the Ministry of Commerce and Industry (MOCI) and reserve the name.

2) Submit Documents – Submit the filled application form along with all the supporting documents to the MOCI, which include the bank certificate, shareholder documents, and company structure.

3) Open a Capital Account with Minimum Capital – The minimum capital of OMR 3,000 must be deposited to this account as the initial incorporation fee.
 
4) Register your company – After thorough and successful due diligence, the authority approves the registration of the company.

5) Register with the Oman Chamber of Commerce and Industries (OCCI)- After the successful completion of company registration with MOCI; the company must further register with the OCCI to comply with all the rules and regulations.

6) Register with Other Government Authorities – To complete the process of sole proprietorship company registration in Oman, further approvals are needed from Government authorities, including the Royal Oman Police, Ministry of Manpower, Public Authority of Social Insurance, Tax Registration, Municipality approval, etc.

Read more about Business Setup in Oman

Oman is a country with many business opportunities for first-generation entrepreneurs and international companies alike. The process of sole proprietorship company registration seems tiresome, with many government bodies and procedures involved in completing the process. Any delay in one of the steps can affect the total time to register the company in Oman.

The whole journey can be simplified with the involvement of a company formation specialist with prior knowledge and experience of company formation in Oman. Gryffin Capitalist, with many years of experience assisting international clients with company registration in Oman, can be your right choice to start sole proprietorship firm registration in Oman. Our expert consultants will assist you with completing your application process without hassles. Contact Us for more information; we’d happily work with you.