How to Register a Sole Proprietorship in Oman
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Located on the Arabian Peninsula, this country borders Yemen, Saudi Arabia, and the United Arab Emirates. The coast is formed by the Arabian Sea in the southeast and the Gulf of Oman in the northeast, which contributes to Oman's strategic position in the trade. Oman has large oil reserves that allow the money to enter infrastructure, and thus lead to an increase in GDP, which is projected to grow by 2.5% in 2021. Activities that have a bright future in Oman are logistics and transport as well as the field of tourism.
Disclaimer: Be aware that this article is not a substitute for legal advice. Please always check official websites or seek legal advice before you take action.
Sole proprietorship in Oman
A sole proprietorship is a form of business available only to citizens of Oman or GCC (The Gulf Cooperation Council) countries. To start this legal entity in Oman, it is necessary to have a founding capital of OMR 3,000. When establishing, there are no limits on the number of partners or stakeholders.
How to register a sole proprietorship in Oman
The registration process of a sole proprietorship in Oman is not complicated and consists of several steps.
- Business name registration
- Tax Registration
- Registration with the Royal Oman Police
The individual needs to register the sole proprietorship with the Royal Oman Police (ROP), as well as obtain a good standing certificate.
Business name registration in Oman
Choosing a name is a vital part of registering any business. In Oman, the process is fast and can be done online. The availability of the desired business name can be checked on the Ministry of Commerce and Industry website. No documentation is required, and the reservation is free. You can register your business name on the ministry website.
Tax Identification Number (TIN) Registration in Oman
To obtain your tax Identification Number (TIN), you need to register on the Secretariat General for Taxation website. You can also do it in person. The website indicates the ranges with the amount of tax collection expressed in the Omani Rial. In addition to the registration, a tax refund request can be submitted on the website. The request should be submitted no later than three months from the end of the year for which the request is submitted. The refund takes place no later than six months from the submission of the request.