Oman stands as a beacon of opportunity for businesses eyeing a strategic foothold in the Middle East, thanks to its enticing free zones. These zones come laden with benefits and incentives, making them a hotbed for enterprises aiming to expand their footprint across the Middle East, Africa, and Asia. Here’s a comprehensive guide to understanding Oman’s free zones and why they’re a game-changer for businesses.
Exploring Oman’s Free Zone Landscape
- Sohar Free Zone: a melting pot of industries. Specializes in plastics, metals, minerals, food, petrochemicals, and services.
- Salalah Free Zone: a hub of manufacturing and logistics. Focused on chemical and material processing, manufacturing, assembly, logistics, and distribution.
- Al Mazunah Free Zone: embracing commerce and industry. Catering to commercial, service, and industrial sectors.
- Knowledge Oasis Muscat Special Economic Zone (KOMSEZ): championing knowledge-based ventures. A center for science, IT, and knowledge-driven sectors.
- Duqm Special Economic Zone (DSEZ): powering industry trade. Facilitating trade in petrochemicals, minerals, and logistics.
Setting Up a Company in Oman’s Free Zone
Establishing a presence in Oman’s free zones comes with plenty of advantages:
- 100% Foreign Ownership: Full control and ownership for international investors.
- No Minimum Share Capital Requirement: Flexibility in investment structures.
- Duty-Free Import/Export: Streamlined trade processes.
- Corporate Tax Exemption: Enjoy tax benefits.
- Long-term documents: trade license for 3 years and commercial registration – for 5 years.
- Access to Skilled Workforce: Tap into Oman’s talent pool.
- Attractive Property Leasing: Favorable terms for land and property.
Diverse Company Structures in Oman Free Zones
- General Partnership
- Limited Partnership
- Limited Liability Company (LLC)
- Joint Venture
- Joint Stock Company
- Holding Company
- Branch Office
- Representative Office
Navigating the Business Incorporation Journey
- Define Your Company’s Activity.
- Choose the Optimal Legal Structure.
- Application Process Initiation:
– Submit Commercial Terms Agreement.
– Obtain No Objection Letter from the Environment Climate Affairs Ministry.
– Complete due diligence requirements.
– Select desired plot and gain application approval. - Document Submission:
– Provide No Objection Letter to the Ministry of Environment and Climate Affairs.
– Share employment generation details.
– Disclose investor information and business plan.
– Specify infrastructure requirements. - Plot Approval and Due Diligence Clearance.
- Certificate of Incorporation Collection.
- Lease Agreement Signing.
Visa Process Essentials
- Apply through Royal Oman Police Immigration Department.
- Provide employee’s passport and photograph.
- Submit offer letter and criminal record clearance.
- Obtain health insurance (for applicants over 60 years).
- Provide company’s latest electricity bill and medical reports.
- Seek Free Zone’s approval.
