LIMITED LIABILITY COMPANY

An LLC company in Oman can be 100% foreign owned but in some instances, a 30% local partner may still be required or desirable to have. An LLC company in Oman is the most common vehicle for company formation.

How to set up an Oman LLC

Limited Liability Companies (LLC) are most popular for foreign business formation in Oman. Foreign investors could previously only own 70% of their business with an Omani partner owning the remaining 30%. However, in January of 2020 the Foreign Capital Investment Law (FCIL) by Royal Decree No: 50/2019 allowed foreign investors 100% ownership of their businesses in many industries in mainland Oman.

There remain approximately 40 Omani reserved activities including manpower recruitment, vehicle repairs and fuelling stations and traditional Omani products such as making of Omani sweets and Omani Khanjar.

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Benefits

Some of the key benefits for setting up an LLC in Oman would include

100% foreign ownership allowed for majority of business activities
Only one shareholder and one director are required
No restrictions on shareholder or director nationality
Commercial registration is valid for 5 years
Quick formation process
Foreign companies registered in accordance with FCIL and invest in sectors which align with economic diversification

Requirements

Oman LLC setup process:

Reserve Company Name
Ministry of Commerce and Industry Application
Oman Chamber of Commerce and Industry Registration
Define the LLCs business activities
Leasing office space
Register with Ministry of Finance
Post-incorporation – municipality licence, tax registration, Royal Oman police registration, Ministry of manpower registration

Documents required:

Passport copies of shareholders and authorised signatories
Approved form detailing names and signatures of authorised signatories
Company registration forms
Proof of initial capital through bank statement

How can we help?

PRO Partner Group can assist with setting up a 100% Foreign Owned Limited Liability Company (LLC) in Oman. We can also assist with restructuring existing companies to allow 100% Foreign ownership. Our expert consultants and PROs on the ground in Muscat have close government relations that can help ease the process of company formation and continue to support post-incorporation with other corporate services such as HR services, Payroll, Accountancy.

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FAQs

What sectors does the Foreign Capital Investment Law (FCIL) support?

There are several industries and sectors that the FCIL support to enhance economic diversification. To name a few; agriculture, logistics and transport, tourism) receive the same reduced registration fee as Omani citizens.

What is the role of SGT?

Secretariat General for Taxation (SGT) is the Oman taxation law regulator. The SGT department is a branch within the Ministry of Finance of Oman.

Does my business have to have a HR manager?

No, these requirements can be outsourced to a third party such as PRO Partner Group.

What are the compliance requirements?

Register with Ministry of Finance for filing corporate tax payments
An annual general meeting must be held once a year
The Ministry of Commerce and Investment would need to be notified of any changes to company structure

What is the liability of LLC shareholders in Oman?

Shareholders are limited to a particular amount of capital contribution for Oman LLC businesses.