How to open a bank account in Sohar International

GSL reference about the bank What is it?

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GSL rating

Beginning of cooperation

May, 2023

Last contact

April, 2024

Last update

October, 2023
  • founded in 2007, a relatively young but dynamically developing bank;
  • the bank opens savings (deposit) and current accounts;
  • the bank only opens accounts for local companies registered in Oman, and personal accounts also only for residents of Oman;
  • to open an account for a foreign company will require the opening of a branch in Oman;
  • the minimum balance and minimum account turnover per month – OMR 200* (~ USD 520);
  • to open an account requires a personal visit of the founders and the account signatory in Oman;
  • main available currencies: OMR, USD, EUR, AED;
  • they do NOT issue credit or debit bank cards for corporate accounts, they issue “deposit & withdrawal” cards;
  • pre-approval is possible before the account opening process;
  • fee for transfer to foreign bank is ~ OMR 5,25* (~ USD 14);
  • Internet-banking in English;
  • account opening time: about 1-2 weeks

*The rates shown are approximate as they may ultimately vary depending on the service program chosen by the client in the bank

GSL rating
Beginning of cooperation
May, 2023
Last contact
April, 2024
Last update
October, 2023
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General information and rating

Not rated
Global rating
Not rated
Countrywide rating
Countrywide rating of the head bank
Global rating of the head bank
Year of foundation
2007
History
Sohar International is a commercial banking institution founded in 2007 and based in Muscat, Oman
Personnel
There are English-speaking staff
Bank’s shareholders
Royal Court Affairs - 16,39%; OIFC - 15,43; Seventh Moon Investment LLC - 9,03; Neptune National Investment Company LLC - 7,81%; Western Sea Investments LLC- 7,60%; MARS Development and Investment LLC - 6,83%; Oman Investment Authority (Government of Oman) - 5,59;
Confidentiality
AML legislation is strictly observed
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    Minimum requirements

    476
    Minimum balance, €
    No restrictions
    Transactions permitted per month
    476
    Initial deposit of funds, €
    1
    Deadline for the initial deposit, month
    Minimum balance, €
    The minimum balance per month - OMR 200 (~ USD 520)
    Transactions permitted per month
    No limit on the number of transfers
    Initial deposit of funds, €
    The initial payment is equal to the minimum balance
    Deadline for the initial deposit, month
    Immediately after opening an account
    Minimum turnover, €/year
    The minimum account turnover per month - OMR 200 (~ USD 520)
    How fast payments are executed
    Same day or next day

    Tariffs and services

    12
    Outcoming transfer, €
    0
    Incoming transfer, €
    N/A
    Account maintenance, €/year
    N/A
    Payment limit for credit cards, €/day
    Outcoming transfer, €
    Fee for transfer to foreign bank is ~ OMR 5,25 (~ USD 14)
    Incoming transfer, €
    The bank does not charge for incoming transfer
    Distant access to the account
    Internet Banking in English
    Financial products
    The bank offers an incentive-linked savings product, a current account for business banks, a high-yield fixed deposit and various other investment-related products
    Credit/debit cards
    They do NOT issue credit or debit bank cards for corporate accounts, they issue "deposit & withdrawal" cards

    Account opening procedure

    Days to open for incoming transfers
    Case by case
    Days to open for outcoming transfers
    Case by case
    References
    Not necessary
    Purpose of the account
    Savings & current
    Visit to the bank
    To open an account requires a personal visit of the founders and the account signatory in Oman
    Required
    For legal entity: Memorandum and Articles of Association; Company Registration; Account Opening Resolution indicating the signatory of the account; Chamber of Commerce Certificate; Municipality Activity License, Municipality Certificate; completed bank form for the company and owner; copies of current contracts with counterparties; office rental agreements, cash flow chart, ownership structure chart, etc.
    On physical persons (directors / shareholders / beneficiaries / attorneys): proof of identity (passport) + Resident ID card; proof of address not older than 3 months; CV; bank references + bank statements for the last 6 months
    Types of accounts
    Savings; Current
    Chances to open an account
    Predictable

    Banks of Oman

    Bank
    The cost of opening an account, $
    Global rating
    Countrywide rating
    GSL rating
    1 800
    N/A
    N/A
    1 800
    N/A
    N/A
    1 800
    N/A
    N/A
    1 800
    N/A
    N/A
    1 800
    N/A
    2
    1 800
    N/A
    N/A
    1 800
    N/A
    N/A
    1 800
    N/A
    N/A
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