Local Sponsorship and Partnership in Oman
Specific activities in Oman don't allow you to own 100% of the company. One needs a local sponsor in Oman to register the company.
Features of Local Sponsors in Oman:
- Guarantor of the business
- Ensures Compliance with Omani Laws
- Will help to navigate challenges
Introduction to Local Sponsorship in Oman
Oman’s financial landscape is transforming, with economic growth encouraging global corporations and businesses to consider investing in the country. Oman has developed an excellent infrastructure to meet the international and external requirements for economic development. Infrastructure development has gained momentum in the last couple of years, where emphasis was given to public services, roads, hospitals, educational institutions and other necessary public facilities to support the growth of the country. Notably, the government has recently revised its business laws, creating a more favourable environment for foreign business owners to invest in Oman. A significant change is that a foreign investor can now fully own a company in Oman, with only a few specific activities requiring a partnership business in Oman with an Omani national, also known as a local sponsor in Oman.
A local sponsor in Oman plays a crucial role as a guarantor and is responsible for all paperwork on behalf of the foreign investor, including applying for work, residency visas, and opening a bank account in Oman. The local sponsor in Oman can be an individual, a company, or an institution. A local sponsor is responsible for you and need to make sure you are abiding all the business regulations in Oman. It is essential for an investor to comprehend the advantages and disadvantages of choosing an individual or a company as a local sponsor in Oman. Let’s understand more about individual sponsorship and corporate sponsorship.
Types of Sponsorship
Individual Sponsorship: An individual sponsor or partner must be an Omani national who will sponsor the business and own at least 30% of the shares in the company. The Omani national needs to be over the age of 21 and have specific qualifications and experience in the same domain. As a business owner, you need not share the profits with your Local business partner in Oman. There can be an agreement with your local business partner in Oman where you have to pay a fixed annual fee in exchange for total power of attorney and control over business activities.
Corporate Sponsorship: The primary advantage of corporate sponsorships is that legal documents are much more robust, and more authority is given to foreign parties to ensure local business partners cannot interfere in the business. It ensures business owners can get 100% of financial benefits from the company along with full control of the business operations. Corporate Sponsorship also provides additional security to users. There can be ownership issues when dealing with individual sponsors in the event that a partner is demised or retires early. There could be other unforeseen scenarios that might pose a challenge when dealing with individual sponsors. Succession planning and management control can be better mitigated when we proceed with Corporate Sponsorships.
Benefits of Local Sponsorship and Partnership in Oman
- Regulatory Compliance
- Market Insights
- Networking Opportunities
Choosing the Right Local Sponsor
- Reputation: Research potential sponsors thoroughly to ensure they have a good track record.
- Industry Experience: Choose sponsors with relevant experience in your industry to navigate challenges effectively.
- Long-term Relationship: Look for sponsors who value long-term partnerships and can provide ongoing support.
What our clients say
Gryffin Capitalist made the process of setting up my business in Oman seamless and stress-free. The team assisted me through every step of company registration.
Gryffin Capitalist made setting up our business in Oman a stress-free experience. They handled the paperwork and guided us step-by-step through Oman’s legal requirements.
Gryffin Capitalist made starting my business in Oman a seamless process. Their expertise in Oman laws ensured a smooth setup process. I recommend GC to anyone.
Why Choose Gryffin Capitalist?
Company registration in Oman requires assistance in local sponsor services. You should do thorough research on the individual or company and choose the option with a good reputation and track record to act as a local business partner in Oman. A local business partner in Oman can also act as an invaluable source of support and can provide the necessary advice and support to overcome the situation.
We at Gryffin Capitalist can assist you and act as a secure local sponsor in Oman. Please feel free to reach out to us. Our senior advisors would be happy to provide you with tailored solutions based on your requirements.
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Popular Services in Oman
We have selected the services that entrepreneurs and business owners often seek when they consider Oman to start a business.
Frequently Asked Questions (FAQs)
To visit Oman for business purposes, you must apply for an Oman business visa. This visa requires a local company sponsor in Oman.
Oman provides various investment incentives. The incentives, such as nominal lease charges for plots in designated areas like SEZs, reduced utility rates, and tax exemptions, encourage business growth.
Oman’s local law requires a local partner with at least 30% ownership for a partnership business in Oman unless the business is in free zones, where 100% foreign ownership is allowed.
Oil and gas, logistics, construction, and tourism are among the most profitable sectors.
Yes, Oman does not impose personal income tax, including taxes on capital gains, wealth, inheritance, or property. It makes Oman an attractive destination for Indian residents and other expatriates.
