Legislation of Oman

Service packages Legislation Tax System Audit Services

List of laws and regulations

Act name
Scope of law
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Tax treaties entered

Algeria
Belarus
Brunei
Canada
China
Croatia
Egypt
France
Hungary
India
Iran
Italy
Japan
Korea
Lebanon
Mauritius
Moldova
Morocco
Netherlands
Pakistan
Portugal
Qatar
Russia
Seychelles
Singapore
South Africa
Spain
Sri Lanka
Switzerland
Syria
Sudan
Thailand
Tunisia
Turkey
United Kingdom
Uzbekistan
Vietnam
Yemen

Tax Exchange Information Agreement (TIEA)

No

List of state regulatory authorities

Capital Market Authority
Foreign Ministry
Ministry of Justice and Legal Affairs
Diwan of Royal Court
Official Oman eGovernment Services Portal

Corporate info

Legal system
Islamic law, principles of civil law and English common law
Types of entity
- General Partnership;

- Limited Partnership;

- Joint Venture;

- Joint Stock Company (public / closed);

- Holding Company;

- Limited Liability Company;

- One-Person Company

Shelf companies permitted
No
Incorporation timescale for a new company
From 1 week
Company suffix
The company’s name must be followed by the words "Limited Liability Company" or abbreviation "LLC"
Sensitive words
The name of a limited liability company (LLC) may consist of the name of one or more members, any word or expression, provided that such company name must not mislead in respect of its purposes, purposes of the company or identity of its members Use of Cyrillic in the name
Cyrillic alphabet permitted in company name
No
Local registered office
Yes
Local registered agent
No
Information to be kept at the registered office
Corporate documentation, reporting
Seal required, type of seal
A seal will be issued upon registration
Redomiciliation (to, from) permitted
Not provided

Director and secretary

Minimum number of directors
1
Residency requirements for directors
No
Corporate directors permitted
Yes
Directors’ meetings/frequency/location
No restrictions
Disclosure to local agent
Yes
Disclosure to public
No
Company secretary required
No
Residency requirements for a secretary
No
Qualified secretary required
No
Corporate secretary permitted
No

Shareholder and beneficiary

Minimum number of shareholders
Not less than 2 and not more than 50
Residency requirements for shareholders
No
Corporate shareholder permitted
Yes
Meetings/frequency/location
No restrictions
Disclosure to local agent
Yes
Disclosure to public
No
Beneficiary info disclosure to
Yes

Shares and share capital

Minimum authorized share capital
No requirements
Minimum issued share capital
No requirements
Minimum paid share capital
No requirements
Authorized capital payment deadlines
No requirements
Issued capital payment deadlines
No requirements
Standard currency
OMR
Standard authorized share capital
Standard par value of shares
No
Shares with no par value permitted
No
Bearer shares permitted
No

Taxes

Personal tax
No
Сorporate tax
15%
Corporate tax (in detail)
Corporate tax rate is 15% for all taxpayers, except for Omani owners ("establishments") and limited liability companies (LLCs) that meet small and medium-sized enterprises (SMEs) conditions
Capital gains tax
15%
Capital gains tax. Details
Capital gains received as a result of sale of investments, fixed assets and acquired intangible assets is subject to corporate tax at the same rates as ordinary income
VAT
5%
VAT. Details
Standard VAT rate is 5%; some supplies are exempt from VAT or taxed at a zero rate for the purpose of VAT taxation
Withholding tax
0% / 0% / 10%
Other taxes
Social security contributions; tourist and municipal taxes may also be levied
Exchange control
No
Government fee
No
Stamp duty
Stamp duty is only levied when purchasing real estate and amounts to 3% of the cost of sale

Accounts

Requirement to prepare accounts
Yes
Requirement to file accounts
Yes
Publicly accessible accounts
No
Requirement to file Annual Return
No
Publicly accessible Annual Return
No
Audit required
Yes

General information shortly

Location
Southeast of the Arabian Peninsula; borders Saudi Arabia, UAE and Yemen
Total area
309 500 sq. km
Population
3 694 755 (2021)
Capital
Muscat
National currency
Omani rial
Conditional reduction of currency
OMR
Against USD
2,6
Climate, average max and min t°
Tropical, hot
Time difference from Moscow
- 1 hour
Dialing code
+968
State language
Arabic
Ethnic groups
80% of the population is Arab
Literacy rate
96,88% (2020)
History
Credit rating
BB+
Government type
Absolute monarchy
Executive branch
All legislative and executive authority is held by the Sultan. Authority is inherited (through the male line). The Sultan of Oman is the head of state, head of government, supreme commander-in-chief, minister of defense, foreign affairs and finance. He also appoints cabinet ministers
Legislative branch
Legislative authority is held by the Sultan
Judicial branch
Oman has three court levels: primary court, court of appeal and the highest-tier court, the Supreme Court. There is also administrative court that reviews lawsuits against the government
Unemployment
2,3% (2022)
GDP per capita rank
17 632 (2021)
Corruption perceptions index rank
Corruption Perception Index - 52 (2021)

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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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