Accountancy in Oman

>> Audit Requirements in Oman

All the forms or type of Companies will be subject to audit in compliance with the tax laws or in the case of listed companies and companies regulated by the Capital Market Authority, will be as per the guidelines of the Capital Market Authority.

Free zones in Oman

Free Zone had been set up in Oman in order to attract more foreign investment with all facilities of warehousing, industrial space to occupy and build factories or manufacturing facilities and Wi-fi enabled industrial complexes with moderate investment.

The free zones are situated in a place where port facilities are nearby to encourage the foreign investors for exporting of goods produced locally.

The following are some the free zones situated in Oman

  • Salalah Free Zone
  • Free zone Sohar
  • Sohar Port and Free Zone
  • Al-Mazunah Free Zone
  • Duqm Special Economic Zone
  • Knowledge Oasis Muscat

Advantages of investing in free zones

  • 100% Foreign Ownership
  • Lower Omanisation requirements
  • Zero Custom Duties
  • Tax exemption as applicable under tax laws
  • No minimum Capital requirement

Recent developments and sectors attracting foreign investment

Most of the foreign investments continue to go to the oil sector. The country’s leading investors are the United States, the United Arab Emirates, Japan and China.

To encourage investments in Oman, “In- Country value” (ICV) has been initiated which is now included in government tenders in all sectors like transportation, tourism, while oil and gas sectors were the primary sectors were ICV was introduced.

Apart from ICV, government proposal the mining law and few other changes were proposed in the Foreign investment law such as 100% foreign ownership in some sectors and Invest Easy for registration of companies to attract foreign investments.

The invest easy is a one-stop shop that provides e-services for establishing companies and managing them online making it much easier and convenient for Investors.


Latest version updated 11th April 2019

Country Breakdown

4.96

Million

Population

OMR

Omani rial

Currency

$ 72.64

Billion

GDP

309,501

km2