Oman is an Arabian country, located in South-Eastern Arabian Peninsula. For business owners and investors across the globe, this has always been a favorite investment hotspot. Be it for expansion purpose or to establish new business, the location does offer investors with greater flexibility to choose any. Besides partnership ventures, individuals are also encouraged to come forwards to invest low capital to start one man company, referred to as sole proprietorship. If the plan is to make investment for the very first time in Oman or to invest some low capital, then sole proprietorship firm can be a wonderful choice. Once you go through the article and reach its end, you will get to know of the crucial steps to be taken.
About Sole Proprietorship Firm
It is considered to be a corporate structure set up by and individual considered being the sole owner. The individual gets trade license made in his own name and trades with his own account. As it is the owner who is fully responsible for the liabilities and assets, the establishment is not known to possess different legal identity from the owner. For having a better understanding, let’s go through what is mentioned below…
Some key features of Oman based Sole Proprietorship
- Owner is an individual
- There is no restriction to initiate or close
- Complete control is with the owner
- No special legislation
- Owner bears all profits and losses
- Owner bears unlimited liability
- Formation and compliance requires very less cost
Once the key features have been noted, the next step will be to know the type of documents which will be necessary to set up sole proprietorship, here in Oman.
Some documents necessary for Sole Proprietorship establishment in Oman
- Identity card of the individual
- Authorized Signatories Form
- PKI (Personalized Key Infrastructure) enabled Resident Card
- PKI (Personalized Key Infrastructure) enabled ID Card
Sole Proprietorship Registration Procedure in Oman
Sole proprietorship registration procedure in Oman tends to involve very few steps when compared to other business entities. Some core steps include the given below:
Completion of the registration procedure is likely to require specific government approvals. The Commerce & Industry Ministry is to issue trade license. Once obtained, it becomes possible to commence core business practices. Once on the field enjoying conducting business and earning profits, the one-man company can also be converted, if desired into partnership firm. This is very much possible! As per Article 13 Bis1 of 1974 Sultanate Decree of Commercial Company Omani Law, one-man company can be converted into other corporate structures. Hence, why wait?
It will be advisable to avail the assistance of the professional business consultants to initiate the company right from scratch. This is because, the business consultants have strong knowledge in understanding specific laws that governs the land, which every business entity is to follow when establishing a business especially in some foreign land. This procedure can be made easy with OCR. We are a Oman based premium business consultant with an objective to help clients with their business incorporation requirements. We also can help to set up core pillars such as visa, legal, taxation, accounting, etc. Understanding your requirements better, our business experts are sure to cater to them.