Oman's Free Trade Zones (FTZs) play an important role in attracting foreign investment and stimulating economic growth. These zones offer numerous benefits and advantages, making them attractive to entrepreneurs and investors. In this article, we will look at the key aspects of opening a company in Oman's FTZs and provide examples of successful businesses.
Advantages of Oman Free Zone
Tax incentives
Companies registered in the Oman Free Zone are exempt from corporate tax and customs duties on imported materials and equipment, subject to certain conditions. This allows for a significant reduction in operating costs and an increase in profits.
Modern infrastructure
Oman’s free zones are equipped with modern infrastructure, including convenient transport and logistics networks, high-quality office and industrial premises, and modern communication systems. The ports of Sohar, Salalah and Duqm, as well as Muscat International Airport, provide easy access to global markets. This facilitates efficient business operations and reduces logistics costs. In particular, the port of Salalah handles over 4 million containers annually, providing quick access to international markets.
Simplified registration procedures
The process of registering a company in the Oman Free Zone is as simple and transparent as possible. The required package of documents includes the company's constituent documents and copies of the founders' passports. Obtaining all the necessary licenses and permits takes minimal time. According to a survey conducted among new companies in the Duqm Free Zone, 90% of respondents noted the transparency and speed of obtaining the necessary licenses.
The process of opening a company in a free zone
Registration steps
1. Consultation with experts: The first step is to consult with experts who will help you choose the best form of company and type of activity. Gates of Arabia specialists will help you choose the best form of company registration.
2. Preparation of documents: The required documents include certified constituent documents of the company and copies of the founders' passports.
3. Filling out the questionnaire: The questionnaire includes information about the company and its founders.
4. Registration of mandatory lease in the FEZ: Depending on the expected number of employees and type of activity, the option of an office or production facility is selected.
5. Obtaining licenses: It is necessary to obtain licenses for the selected types of activity.
6. Obtaining residency: If the company manager is not a local citizen, then he must have Omani residency.
7. Opening a bank account: The final stage is opening a corporate bank account in local banks.
Required documents
To register a company in a Free Trade Zone, you will need the company's incorporation documents, copies of the founders' passports and digital photographs. All documents must be certified by the Omani Embassy in the country of origin and translated into English.
Oman's Free Trade Zones offer significant benefits to foreign investors, including tax incentives, developed infrastructure and simplified registration procedures. These zones create favorable conditions for doing business, making Oman an attractive jurisdiction for entrepreneurs. For further information and advice, contact Gates of Arabia.