Business investors for a long time have found the Sultanate of Oman to be among their favorable investment spots. It is really flexible to establish a new business in the Sultanate of Oman, since it has on offer multiple free-trade locations called ‘Free Zones’ that targets industries from the different segments. ‘Salalah Free-Zone’s is referred to be one such free-zone which stands out of the crowd. This article can provide you with a clear insight of Salalah Free-Zone. Once you reach the end of this article, you can figure out the reason for this region to be a hot favorite amongst global investors. Let’s first understand the following…
Salalah Free-Zone and Key Investment Sectors
Salalah Free-Zone has been specially designed to focus upon the given below sectors
- Distribution and logistics
- Assembly and manufacturing
- Material and chemical processing
Check out the benefits which can be derived by the potential investors through establishment of their business in the Salalah Free-Zone.
Benefits of establishing a venture in Salalah Free-Zone
- Exemption from tax for a minimum thirty years period.
- Is currently under expansion to allow both direct and cargo destination links.
- By 2028, there is expected to flow US $15 billion investment.
- Provides FTA (Free Trade Agreement) in large numbers.
- Cost competitive Market Research combined with infrastructure, utilities and labor.
The above is sure to have given you a clear idea of the reasons why this region has been a favorite choice for all investors. As an investor, you need to be aware of the different licenses and permits offered by the zone.
Permits & Licenses
To perform business activities, the following investors are offered by the SFZ to potential investors.
Given below are some documents which are to be kept ready prior to moving ahead to set up the venture.
Documents to be submitted to open up a venture in Salalah Free-Zone
- Summary of business to be set up.
- There needs to be filled up an application form with all necessary professional and personal details.
- Shareholders’ passports
- MOA (Memorandum of Articles)
- Registration Certificate
- Minimum 6 months bank account
- Appointment letter from an auditor
- Letter of acceptance from an auditor
Once all essentials are in place, the next step will be to proceed with the company set up process.
Steps to establish a venture in Salalah Free-Zone
To set up a business in Salalah Free Zone, there needs to be followed some stringent processes, which are given below
Submitting Company Essentials: Submission of necessary documents to initiate process to next level.
Obtain NOC (No Objection Letter): This is the next step, where a letter of No Objection is to be derived from the concerned Authorities at Salalah Free Zone, stating they do not have any objection in your setting up of a company in their premises.
Company Due Diligence: This is the 3rd step involves getting of company due diligence to avoid unwanted offences, of any type.
Selecting a plot: It is necessary to select the desired plot size to establish the company.
Fee payment: The next step is to pay the essential fees for the premise selected.
Necessary Permits and Licenses to obtain: Once payment is done, there needs to be obtained special permits and licenses from concerned authorities for carrying out state business activities.
Collect Registration Certificate: Once required permits and licenses are obtained, it is necessary to obtain Registration Certificate from Registrar Office.
Now, find out more about the facilities offered at Salalah Free Zone.
Some facilities offered at Salalah Free Zone
- Excellent connectivity
- Different sized warehouses
- Construction facilities
- Office space available for lease
In short, these free zones are considered to be business centric and designed accordingly to promote them. Millions of investors are attracted by these free zones, which offer them a wonderful platform to potential entrepreneurs allowing them to carry out their dream projects. The other factor that makes setting up of business establishments here to be much easier and beneficial is tax exemption. If planning to start your venture in Oman at Salalah Free-Zone.