Why entrepreneurs are moving their businesses to Oman?

30 Jan 2024

In 2023, many entrepreneurs decided to relocate their businesses to Oman. This was partly facilitated by the recently signed agreement on the avoidance of double taxation. Oman is a convenient entry point into the MENA region: there is less competition here. Additionally, banks in Oman operate faster than in the UAE.

Confident competitor to the UAE

Amid the overheated business environment in the UAE, it is difficult to find a sector that is not facing high competition from local or international companies. Oman is becoming an attractive alternative: the government is investing in infrastructure and logistics, with three modern deep-water ports established here and container shipping routes to ports on all continents.

If your business is related to the financial or investment sector, or high technology, then it is worth giving preference to the Emirates: there is a more financially solvent market. For everyone else, Oman is worth considering.

Advantages of Oman

• the government's Oman Vision 2040 program involves accelerated development of green energy, tourism, logistics, and the food industry;

• proximity and close economic ties with the countries of the Gulf Cooperation Council, India, and East Africa;

• wide selection of qualified labor force;

• Oman has signed free trade agreements with the United States, Singapore, and countries in the EAC;

• English is the language of business communication;

• the thousand-kilometer coastline is undeveloped and unspoiled by tourists.

New business center

Oman has only five zones: three free trade zones (FTZ) and two special economic zones (SEZ). The cost of companies in FTZs is lower than in SEZs, but in SEZs, there are no taxes, and no import duty is required on goods. A local co-founder is not required, but an experienced agent can help you enter the market faster. The mandatory requirements include leasing an office, undergoing immigration services, activating licenses, and visiting the tax department.

If you want to buy real estate in Oman, call +971 (4) 450-2640 for consultation.

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