Breakdown of how self-employment works for expats in Oman
Self-employment is a viable option for expats in Oman, especially those who want to work in industries that are not heavily regulated. To become self-employed in Oman, expats need to follow a few steps.
As a self-employed person in Oman, you are responsible for your own income, taxes, and insurance. You will need to register with the Ministry of Commerce, Industry and Investment Promotion (MoCIIP) to operate legally.
Detailed step-by-step guide on how an expat can register as self-employed in Oman
Here is a detailed step-by-step guide on how an expat can register as self-employed in Oman:
Check if you are eligible: Before registering, make sure you are eligible to work as a self-employed person in Oman. You need to have a valid work visa and a no-objection certificate (NOC) from your sponsor.
Choose your legal structure: As a self-employed person, you have two legal structures to choose from: a sole proprietorship or a limited liability company (LLC).
Register with the Ministry of Commerce, Industry and Investment Promotion (MoCIIP): You must register your business with the MoCIIP before you can start operating. You can register online or in person at the MoCIIP. You will need to provide your personal details, business name, legal structure, and a description of your business activities.
Apply for an Establishment Card: An Establishment Card is a unique identifier that all businesses in Oman must have. You can apply for an Establishment Card online or in person at the MoCIIP.
Open an Omani bank account: To receive payments and pay taxes, you will need to open an Omani bank account. You can do this online or in person at a bank branch. You will need to provide identification and proof of address.
Register for tax: You must register your business for tax with the Ministry of Finance. You can do this online or by completing a paper form. You will need to provide personal and business details, including the name of the company, the legal structure, and an estimate of your annual income.
Get business insurance: Consider taking out insurance to protect your business and yourself in case of accidents, illnesses, or other unforeseen circumstances. The most common insurances for self-employed people are public liability insurance, professional indemnity insurance, and personal insurance.
Can you work as a digital nomad in Oman?
Yes, you can work as a digital nomad in Oman. However, you will need to have a valid work visa and a no-objection certificate (NOC) from your sponsor. Additionally, you may need to meet certain requirements to obtain an Omani work visa, such as having a job offer or starting a business.
Breakdown of how an expat can start a company in Oman
Starting a company in Oman is a relatively straightforward process that requires a few steps. The most common legal structure for businesses in Oman is a limited liability company (LLC).
Detailed step-by-step guide on how an expat can set up a company in Oman
Here is a detailed step-by-step guide on how an expat can set up a company in Oman:
Choose your legal structure: The first step in setting up a company in Oman is to choose your legal structure. The most common structure for small and medium-sized businesses is a limited liability company (LLC). An LLC offers limited liability protection to the shareholders and requires a minimum share capital of OMR 20,000.
Reserve a company name: Before registering your company, you must reserve a name with the Ministry of Commerce, Industry and Investment Promotion. You can check the availability of the name on their website and reserve it for up to six months.
Obtain necessary licenses: Depending on the nature of your business, you may need to obtain additional licenses and permits from various government authorities. These may include a commercial registration certificate, an industrial registration certificate, or a municipal license.
Draft and sign the Memorandum of Association (MOA): The MOA is a legal document that outlines the structure and rules of your company. It must be drafted in Arabic and signed by all shareholders.
Register your company: Once you have obtained the necessary licenses and drafted the MOA, you can register your company with the Ministry of Commerce, Industry and Investment Promotion. You can do this online or in person at the ministry. You will need to provide personal and business details, including the name of the company, the legal structure, and a description of your business activities.
Open an Omani bank account: You must open an Omani bank account for your company to receive payments and pay taxes. You can do this online or in person at a bank branch. You will need to provide identification and proof of address.
Register for tax: You must register your company for tax with the Ministry of Finance. You can do this online or by completing a paper form. You will need to provide personal and business details, including the name of the company, the legal structure, and an estimate of your annual income.
Get business insurance: Consider taking out insurance to protect your business and yourself in case of accidents, illnesses, or other unforeseen circumstances. The most common insurances for businesses are public liability insurance, professional indemnity insurance, and personal insurance.
Incentives or Programs for Expats in Oman
There are several incentives and programs available to encourage expats to become self-employed or set up a company in Oman. Here are some examples:
Oman Investment Authority (OIA): The OIA is a government agency that provides funding and support to businesses in Oman. The agency offers grants, loans, and equity investments to help businesses grow and expand.
Al Raffd Fund: The Al Raffd Fund is a government-owned financial institution that provides financing and advisory services to Omani entrepreneurs and SMEs.
Oman Chamber of Commerce and Industry: The Oman Chamber of Commerce and Industry is a non-profit organisation that provides training and support to entrepreneurs in Oman. The chamber offers mentorship, workshops, and networking opportunities to help entrepreneurs start and grow their businesses.
Tanfeedh: Tanfeedh is a national initiative that aims to diversify Oman’s economy and create new job opportunities. The initiative offers support and funding to businesses in several sectors, including tourism, logistics, and manufacturing.
In conclusion, self-employment and business start-ups in Oman are accessible to expats with a relatively simple process. The Omani government provides ample support and incentives to encourage entrepreneurs to start their own businesses in the country. With the right legal and financial advice, expats can take advantage of these opportunities and build successful businesses in Oman.