Steps for Setting up a Company in Oman
- Choosing a company name and going to the Ministry of Commerce & Industry to verify that this name can be used.
- Submitting an application form to establish the company.
- Preparing the necessary documents, which include:
- Copies of the personal ID and passport.
- A request to obtain a license.
- A company registration form.
- The incorporation contract of the company
- A document from the bank to show the capital deposit.
Types of Companies in Oman
It consists of two or more people, and all partners would be responsible for the company’s obligations and debts. The company must be registered with the commercial registry upon incorporation. There is no minimum capital for this type of company.
Limited Partnership Firms
It has two types of partners:
- Joint Partners: who manage this company are responsible for its debts.
- Limited Partners: they are not responsible for company’s management duties, but participate with their capital, and are obligated to pay a percentage of the debts of the company, depending on their share.
Public Joint Stock Company
Its capital is divided into shares of equal value, and each shareholder is responsible according to the amount of their contribution to its capital. The capital should not be less than two million Omani Rials, or half a million Omani Rials in case the company was set up by switching from another type of company to public shareholding. The number of founders should not be less than three.
Closed Joint Stock Company
Has the same structure of public joint stock companies, but its shares are not offered for public subscription.
Limited Liability Company
Consists of at least two people at least, and fifty people at most. Each person is liable according to the value of his share in the company’s capital. The company’s capital is divided into shares of equal value.
Joint Venture Company
Consists of at least two people, and does not have a legal personality and is not subject to registration and licensing procedures. In order to guarantee the rights of the partners in the simple recommendation company, the company contract specifies their obligations and rights and determines how their profits and losses are distributed.
This company participates in setting up other companies or owns shares in them, and tries to manage and provide the necessary support to them. Its capital should not be less than two million Omani Rials.
It is owned by one person and has a limited liability. The founder determines the capital he will use and the company’s activity in accordance with the laws.