From Vision to Venture: Oman Simplifies Business Start-Up for International Entrepreneurs

From Vision to Venture Oman Simplifies Business Start-Up for International Entrepreneurs

The Sultanate of Oman is a business platform for international entrepreneurs. Its strategic location contributes a lot to attracting foreign investors. The region is interested in attracting foreign investors to start their business vogue in Oman.

Dive into the Perks for Foreign Investors 

The Ministry of Commerce, Industry and Investment Promotion (MOCIIP) is working along with other authorities to make the region more supportive for foreign entrepreneurs. The step of MOCIIP in this regard is reducing the commercial registration fees. Similarly, for foreign entrepreneurs and dealing with them like an Omani investor. And also facilitates foreign investors by providing them incentives for the ease of business.

Moreover, in the region the investment sector allows foreign investors to invest in the region as well as own 1700+ industrial and commercial activities. Additionally, minimizing and merging 836 government services and also allocating significant lands as well as properties for investment projects.

The other significant incentive is eliminating investors from corporate tax for 30 years. Moreover, an investor residency program has been launched to cater to quality investors. This allows investors and their families to be residents in Oman wishing to contribute in the region between 5 and 10 years.

Furthermore, MOCIIP highlights the significance of investment licenses for carrying out investment projects. Also, a feasibility study apart from investor experience should be submitted after approval of the Development Bank. Similarly, it ensures that the feasibility studies match the project value. Foreign investors avail the chance to register in all types of companies in commercial companies Law No. (18/2019) except for the prohibited ones.

The other factor is that Oman does not restrict foreign entrepreneurs from sticking to the Omani employee after the completion of one year. The Ministry explained that FDI was valued at more than RO 25 billion by the end of Q3 of 2023. And the increase of RO 4.8 billion was observed in comparison to the Q3 of 2022. The value in the manufacturing sector rose almost up to RO 1.4 billion.

Conclusion

Oman takes the initiative of simplifying the process for foreign entrepreneurs to foster economic growth and also the step forward to increase foreign direct investment (FDI).  The landscape of Oman continues to growth by simplifying the process for foreign entrepreneurs. Let’s explore further with Muscat Auditing and Accounting’s LinkedIn account, a platform where dreams turn into realities.

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