Open a Business Account in Oman
A business bank account is essential for companies operating in Oman as it enables business transactions with both local and international parties. Omani Banks offer lucrative options for business owners or entrepreneurs to open a corporate bank account for their businesses in the Sultanate of Oman.
Some features of Business accounts in Oman include:
- Local & SWIFT Transfers
- Multi-Currency Accounts
- Digital Banking Facility
- International Credit and Debit Cards
Why choose to Open a Corporate Bank Account in Oman?
Oman is one location where the opening of the Business Bank Account process is seamless. Oman has numerous reputed local banks with international standards that offer various services to assist Oman companies in dealing with regional and international clients. In line with the global banking system, Oman's banking ecosystem has outgrown to offer clients convenience banking, tailored business solutions, and expert guidance based on their requirements.
The Central Bank of Oman regulates the Banks in Oman. In recent years, the Central Bank of Oman has provided permission for Corporate Internet Banking (CIB), which enabled Omani companies to seamlessly handle company financial transactions directly from their computers without the need to visit bank branches. The Omani banks allow all Oman companies(including Sole Proprietorship (SPC) and partnership firms) to open a corporate bank account in Oman without any restrictions on foreign company ownership.
Additionally, Oman has signed a Double Tax Treaty with multiple countries. Check if the double taxation avoidance agreement (DTAA) exists between Oman and your home country to make banking transactions and tax advantages easier for your business. The first step in the process of opening a corporate bank account is to complete company registration in Oman. Upon completing the company formation and obtaining licenses from different authorities, the business owners can open a business bank account in Oman.
Benefits of Having a Business Bank Account
- Separation of Finances: Helps to segregate business transactions.
- Enhances trust with customers and suppliers.
- Enables access to loans, overdrafts, and payment solutions.
- Facilitates better tracking of income and expenses
Process to Open a Business Account in Oman
To open a corporate bank account in Oman, you must follow specific procedures and provide certain documents. Here is a general overview of the process:
Research and select a bank in Oman that suits your corporate banking needs. However, it is essential to consider the bank's reputation, services, fees, and location.
Contact an experienced business consultancy firm and appoint them to represent you. They will visit the bank's corporate banking department or website to gather information about the account opening requirements and procedures. Some banks may provide online application forms or request an in-person meeting.
Depending on the bank's policies, the banks may request additional documents such as tax identification numbers, VAT registration certificates, or any relevant licenses or permits, along with the business account application form.
After submitting the application and required documents, the bank will review and evaluate your application. They may conduct the necessary due diligence procedures and verify the provided information. The account opening process duration can vary depending on the bank's internal procedures and the complexity of your business structure.
The bank will let the applicant know the minimum deposit amount one must pay for the business activation. Upon successful bank account activation, the applicant can transfer the funds to the newly opened account to activate it.
Documents Required to Open Business Account in Oman
- Valid Passport of the shareholders
- The Identity card of the shareholders
- Two photographs (passport-size) of the shareholders
- A Resident Card
- Original trade license
- Eligible Visa
- Any proof of the residential address
- Reference Letter from the bank of expat’s country of origin
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?
A business bank account in Oman enables business owners to transact with multiple parties, such as local and international suppliers, distributors and other partners. Further, opening an account in Oman helps the company deal with government-related transactions like paying different fees, local taxes, etc. Hence, it is a must for any Oman company to have a corporate bank account.
Opening a corporate bank account in Oman requires compliance with legal and regulatory guidelines. Gryffin Capitalist understands Oman's local laws, regulations, and banking procedures. We can guide you through the process and ensure all documentation and processes are correct. Reach out to our consultants for more information.
Internet banking approval
Legalise due diligence
Bank account assistance service
Global Footprint
Competitive Market Pricing
Efficient and Transparent Process
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)
The popular banks in Oman are Bank Muscat, Bank Dohfar, HSBC Oman, Bank Sohar, Oman Arab Bank, Bank Nizwa, Bank Sohar, National Bank of Oman, and Ahli Bank.
Yes, foreigners can open a corporate bank account for their companies registered in Oman with the proper paperwork.
The company must be registered with the Ministry of Commerce to open a business bank account, participate in industry and investment promotion (MOCIIP), and possess a valid business trade license in Oman. Additionally, banks may require proof of the physical presence of your office in Oman.
The time frame varies on the bank's processing speed and completeness of documentation. But in general, verification and approval can take days to weeks.
Banks charge specific fees for account maintenance, transactions, or additional services. Please review the fee structure of the banks you are thinking of approaching.
