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Telephone Numbers
Which States Should You Choose to Open a Company in America?
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No, the entire registration process can be done online. However, you will need to be in Qatar in person to process the Qatari ID, and this will need to be done by the company's SEF (Senior Executive Function) within 3 months of the company's incorporation.
Qatar has a legislative system based on English Common Law, with an independent court, regulatory tribunal, and dispute resolution center.
No, Qatar offers 100% tax-free repatriation of profits and returns to the shareholders' home country.
No, Qatar allows 100% foreign ownership. A local partner is not necessary.
No, registration with the WPS (Wage Protection System) for employees is not required.
Having an office on Qatar's premises is not mandatory. Office space can be rented by the client at ServCorp, Regus, or other business centers on Qatar's approved list.
The incorporation process takes about 2 weeks for an individual or 4-6 weeks for a subsidiary setup.
Prohibited activities are any kind of trading activities, manual trades, or commission-based work.
Tax filing is done with the Qatar tax authority, not the General Tax Authority.
The initial deposit to open a corporate bank account at Qatar Commercial Bank is QAR 100,000. This is significantly less than the normal QAR 500,000 applied to companies operating in other jurisdictions.
No, Qatar does not assist the client in opening a corporate bank account. It must be done by the client themselves or a designated third party.
The commercial office must be selected before setup, during the initial phase of the application. Otherwise, a change fee of USD 200 will apply for changing the office address.
Yes, a registration fee of USD 5,000 applies for each company incorporated in Qatar.
The Qatari government has prepared some guidelines regarding company registration in Qatar.
In this regard, the name is reserved; applicants must reserve a name for the company they propose, and the name so reserved must comply with the country's rules. Name registration is done at the Ministry of Economy and Commerce.
After the name reservation, a draft of the Memorandum of Association or Articles of Association is prepared. This document plays a vital role in the entire procedure of incorporating a company in Qatar. It is the document that defines the company's purpose and other details related to the company. It is almost impossible to draft the Articles of Association without the help of an experienced legal expert. We can assign the best professionals in this field to draft these documents for you.
If the draft of the Articles of Association is duly prepared, the same document can be attested by the Ministry of Justice, and from there, after approval, each subscriber is given a copy of the document.
In case of verification of the Memorandum of Association, it allows the company to apply for a tax card and trade license. It should be noted that when applying for a trade license, there must be a commercial office location address next to the company's name. Since we offer you end-to-end service, we can also arrange an office space for you if needed.
Obtaining a trade license allows the company to apply for a computer card, known as an establishment card, from the Ministry of Interior, which is an important step when trying to register a company in Qatar.
Do you find it a tedious task?
Don't worry, we have a team of professionals who have mastered every detail of these procedures for registering a company in Qatar.
Company registration in Qatar involves various departments and offices in the country for the completion of procedures, but with the knowledge and experience of our experts, this task can be completed faster and more completely.
We know the potential obstacles and procedural complexities you might face when trying to register a company in Qatar, and we have solutions for all your concerns.
You will have our unique quality of service at the most affordable fees for setting up a company in Qatar.
We recommend creating a business plan to understand your company requirements. For example: What will be your company's activities? Who is your target market? Where will you likely be located? How many staff will you need? What is your timeline? All these questions are necessary to understand how we can help you.
Mainland Company
A mainland establishment is an onshore facility licensed by the Ministry of Commerce and Industry (MOCI). An onshore establishment is allowed to do business in the local market as well as outside Oman without any restrictions.
Freezone Company
A Free Zone business is established within a designated jurisdiction of a specific Free Zone, where the company is only allowed to do business within the same Free Zone or outside of Oman. Omani free zone companies are allowed to trade in the Omani mainland without a local agent, but in these cases, a 5% customs duty is applied.
Depending on the activities and shareholder composition, foreign companies can be established in the following most common legal forms:
After the new company is registered with the Ministry of Commerce and Industry and the Commercial Registry is issued, a physical location must be leased and a lease agreement obtained so that the company can apply for a Municipal (Commercial) License.
The same rule applies for Oman Free Zones, and it is mandatory to rent space within the Free Zone where the new company will be established.
The size of your office will largely determine the number of staff you can have, and for some activities, specific types of offices and locations will be required.
A new company in Oman cannot be registered against a virtual office.
It usually takes 1 to 3 weeks, depending on the jurisdiction, legal structure, shareholding, and, if necessary, third-party approvals.
100% GCC citizens or GCC companies owned by GCC citizens can set up a company without a local partner for approved activities. Under a free trade agreement (FTA) signed between the US and Oman, US persons can establish an entity in Oman without a local partner, provided that all shareholders are US persons.
Yes, but it is only permitted for business owners.
Yes, although it is not a mandatory requirement for new companies without staff, it is highly recommended that you open a local Omani corporate bank account as soon as possible. Not only for local commercial transactions, but when a company has staff, they will need to be paid through the WPS banking system. Failure to do so will result in a block against the company. You can choose from many local Omani Banks, most of which offer competitive commercial rates.
Income tax – 15% (3% for certain small taxpayers) and Withholding tax – 10% (can possibly be reduced or eliminated with a valid double taxation treaty). Tax exemptions are available only for industrial (manufacturing) activities.
Income tax – 15% (3% for certain small taxpayers) and Withholding tax – 10% (can possibly be reduced or eliminated with any relevant double taxation treaty). Tax exemptions are available only for industrial (manufacturing) activities.
Omanization is a policy by the Omani Government aimed at replacing expatriate workers with trained Omani Personnel. Specific quotas are set by the country in certain sectors, which determine the ratio of Omanis to necessary foreign workers. This is something to consider when hiring staff under the new entity.
Why do I need an Omani national sponsor? What are my options?
If you are aiming to set up an Omani Mainland LLC, you will need to have an Omani citizen or a 100% Omani-owned company as a partner or sponsor to register the business.
Under the Oman Commercial Companies Law, in an LLC structure, 30% of the shares (some activities require 51%) must belong to your local Omani individual or corporate partner, but this is not related to the profit ratio. An agreement with your local partner can stipulate that the majority of the profits and management control remain with the Foreign Party, which owns 70% (or 49%).
When registering a limited liability company (LLC) in Oman, clients often ask about capital requirements and the 'grade of the company' and how the grade set by the MOCI benefits the LLC in Oman.
The Ministry of Commerce and Industry (MOCI) specifies the following grades for an LLC in the Sultanate based on company capital.
The grades for companies are as follows:
|
Grade |
Capital in OMR |
|
Excellent |
250,000 + |
|
First |
100,000 - 249,999 |
|
Second |
50,000 - 99,999 |
|
Third |
25,000 - 49,999 |
|
Fourth |
Up to 24,999 |
While the minimum capital requirement for a wholly-owned Omani Company is RO 20,000, the MOCI provides certain advantages to an excellent-grade company over other grades.
As of January 2020, foreign citizens, companies, and investors in Oman can now own 100% of their businesses in many sectors on the Omani mainland. Some activities on the mainland are still reserved for Omanis, and other activities still require a local Omani partner with a minority shareholding.
The benefits of an excellent-grade company are based on the practices of the MOCI, the Ministry of Manpower (MOM), and the Tender Board, and their internal policies and regulations. Therefore, there is no direct law or provision that defines the benefits and limitations applied to the grades for companies.
The potential advantages of an excellent-grade company over lower-grade companies are:
Therefore, there are significant benefits to being an excellent-grade company in terms of speeding up applications - for labor quotas, visas, and permits, as well as general benefits related to the employment of expatriates and Omanization.
The decision to increase a company's capital to OMR 250,000 is a commercial decision and should be made based on a company's business and activities, as well as its capital and manpower requirements.
It has turned out that Oman is one of the rapidly developing platforms that international investors and business enthusiasts choose to invest in a business. The Sultanate provides a gateway to set up
Oman is one of the thriving platforms chosen by international investors and business enthusiasts to invest in a business. The Sultanate provides a gateway for businesses to transfer and expand their business ideas from one GCC country to another.
The idea of setting up a business in Oman does not just end with the company formation process. It goes several layers further, involving tasks such as taxation, visas, IP services, etc. One of the key points a business owner needs to target after the incorporation process is opening a corporate Omani bank account.
The banking platform in Oman has expanded its wings to serve and support business sectors ranging from small newly established companies to well-established MNCs. Furthermore, the Central Bank has introduced Corporate Internet Banking (CIB), which enables the bank to offer internet-based solutions for a fast and smooth process. The overall banking system can be divided into three categories:
Local Commercial Sector
Foreign Bank Sector
Specialized Sector
All localized commercial banks are controlled by the Central Bank of Oman, which is the highest regulator and offers bonds and Omani treasury bills. Some of the prominent banks in Oman are mentioned below.
Some of the best banks in Oman to create a corporate account are:
Bank Muscat
Bank Dhofar
National Bank of Oman
Alizz Islamic Bank
Oman Arab Bank
Bank Nizwa
Ahli Bank
Bank Sohar
Bank of Beirut Oman
HSBC Oman
You can see that Oman's banking sector offers many options for commercial investors to initiate the process of opening a bank account.
As mentioned above, different Omani banks are designed accordingly to deal with different business structures, so it is very important to choose the right one according to your business needs.
Opening a corporate bank account is not as easy as it sounds. Strict rules must be followed and a large amount of paperwork must be done to initiate the process of opening a corporate bank account in Oman. Most expatriates who establish their companies in Oman hire a business consultant who can sort out the process of opening a corporate account much more easily. Let's take a look at the essentials that need to be submitted.
Identity card
Two passport-sized photos
Copies of Residence/Work Permit
Lease agreement to prove residential address
A No Objection Certificate from the Omani employer, stating that the expected monthly salary will be deposited into the respective accounts
Valid Passport along with a valid visa and residence card
Original trade license
Reference Letter from the expatriate's bank in the country of origin
All the specified essentials are fundamental for foreign investors to submit to initiate the account opening process. After preparing all the documents without errors, choose the bank that suits you and proceed with the application by submitting all the documents. Opening a corporate bank account will help your business in many ways.
At World Company Setup, we take care of our clients' company formation and bank account opening. We can help you by completing all the necessary processes for you to open a corporate bank account in Oman.
Qatar is among the richest countries in the world, the lifestyle of the average person in Qatar is quite high compared to other similar countries. The wealth of spare oil and a faster growing economy has paved the way for international business organizations to mark their branches in Qatar. The steady progress in the economy has made Qatar one of the safest business environments in the world.
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