Business dreamers and global investors find Oman Sultanate to be a wonderful investment decision as it offers them with innumerous opportunities. It boasts of being among the world’s open economies offering different corporate structure with variety of opportunities to avail. There are several Free Zones offered here for boosting this region and making it investor centric. Sohar Free Zone is one such free zone. If you plan to establish a business and/or invest in Oman, then you can choose Sohar Port & Free Zone. You can get necessary guidance that will be required to help you know how to proceed with setting up a venture in Oman. Let’s begin with…
Sohar Free Zone Investment Opportunities
Multiple industries at Sohar Port Free-Zone are offered diverse business opportunities to explore, with the core industries being
- Ceramics
- Furniture
- White goods
- Grains
- Auto parts
- Aluminum, iron & steel
- Plastic
- Petrochemicals
This free zone is said to be dominated by the above mentioned industries. Investors are also offered huge benefits from this region. Let’s check out the details…
Benefits derived from establishing a company at Sohar Free Zone
100 percent Foreign Ownership: It is definitely an important aspect that tends to grab all investors’ attention at international level. 100% Foreign Ownership is enjoyed by all investors when establishing a business here at Sohar Free Zone.
25 year Tax Exemptions: This is another lucrative offer where on investing at Sohar Port, you simply can forget about making any kind of tax payment to any authority. You get an exemption for minimum 25 years period!
Relaxed Omanization Rates: 15% is the minimum rate of Omanization level. Omanization rates
- After 10 year period will reach 25% Omanization
- After 15 year period will reach 35% Omanization
- After 50 year period will reach 50% Omanization
Free Trade Agreements: Free trade is enjoyed by investors who invest at Sohar Port Zone with Singapore and the United States, since the location offers Free Trade Agreement options.
0 percent Personal Income Tax: For the majority, tax payment can prove to be a major burden. Tax exemption is enjoyed at the Port on import, re-export duties and personal income tax.
The above details give you a clear indication of why Oman’s Sohar Port Zone tends to rank very high as must invest list. Moving to the next level will help you to understand the essential permits and licenses.
Permits & Licenses for Sohar Free Zone
They are related specifically to the business type and its nature as well as the activities to be performed. Check out the below details…
License types provided in Sohar
- Assembly and Light Manufacturing License
- Industrial License
- General Trading License
- Logistics License
- Service Provider License
License types provided in Sohar Free Zone
- Special Transport Permit
- Common Area Work Permit
- Sohar Work Permit
Check out the processes involved in setting up the company.
Steps to follow to establish a venture in Sohar Free-Zone
Given below are few steps that need to be followed to set up a company at Sohar Free Zone
Application submission: An application form is to be submitted for company incorporation. The PAF (Plot Application Form) is to be filled up completely and submitted.
Submission of Essential Documents: On submission of application, there are to be submitted few core documents as per regulations to complete registration procedure. Given below are few documents which are to be submitted. The necessary documents to be submitted for establishing venture at Sohar Port Zone are as follows
- Shareholder’s Passport copy
- Investors’ form duly signed and filed by shareholders
If shareholder is a foreigner to Oman, then there are to be submitted few documents.
- Memorandum & Articles of Association
- Free Zone Company Board Resolution
- Company Commercial Registration
No Objection Letter to be obtained from MECA: The MECA (Environment & Climate Affairs Ministry) is to provide a No Objection Letter stating very clearly that it has no objection towards specified project commencement.
Due Diligence Process: It is performed on the FZ company’s promoters and shareholders. Also will be investigated clients’ information, past projects and background checks conducted.
Agreement Signing: On completion of the above mentioned procedure, the final step involves agreement signing between new Free-Zone Company & Sohar Free-Trade Zone Authorities.
The following documents are then issued towards the end of the process:
- P.O. Box No. for 1 year period
- Oman Chamber of Industry & Commerce issuing Affiliation Certificate
- Commercial Registration Certificate
Certain benefits are offered by all free zones created in Oman. Sohar Free Zone quite similar to Al Mazunah Free Zone provides investors with certain facilities to commence smoothly their business operations.
Some facilities offered by Sohar Free-Zone
- Excellent and smooth road connecting with Saudi Arabia
- Direct highways that connect with Muscat and the UAE
- Modern infrastructure
- Availability of Rental Commercial Offices
- Pre-built warehouse available for Lease
- Land available for logistical or industrial use
Hence, plenty of flexible investment options are offered at this free zone, besides multiple benefits, which has managed to attract huge number of foreign investors. Moreover, the government has managed to make the company incorporation procedure to become more easier, especially if you hire a guide having adequate and in-depth knowledge of the different legal laws that govern the specific region. We at Commitibiz are completely committed towards providing entrepreneurs and business investors with the very best possible business incorporation solutions and help transform their dreams into a grand reality. We are an expert team with an aim to help and serve business investors to ease the company incorporation procedure. Also we offer various other services like visa, tax, legal, accounting, etc.