Oman– Best Place to Invest
The Sultanate of Oman is known to be among the most peaceful and beautiful countries around the globe with a rich history and diverse culture. Harvard International Review (2020) describes Oman as the “Switzerland of the Middle East”, where citizens enjoy generous social programs, and neighboring countries enjoyrelative political stability and a foreign policy of neutrality. It’s geographic location nurtures is investment opportunities. Oman is a prime hotspot for investment.According to Omanuna, the Omani governmental portal, “Oman attracts foreign investment through a number of incentives”.
Let’s learn more about why the Sultanate of Oman is the best place to invest.
Infrastructure & Investmentin Oman
As a developing country, the Sultanate has the infrastructure to facilitate national and foreign investments.We have multiple facilities including well-built transport infrastructure, business connectivity, property rights, and worldwide networking initiatives via the Ministry of Foreign Affairs. The commercial infrastructure is further supported by a strong developing economy and a considerable bilingual workforce to realize commercial enterprise ideas and contribute to the financial development of the Sultanate.
No Personal Tax
The first and foremost attractive financial benefit to setting up a business in Oman is the country is predominantly tax-free or limited. There is no income tax for individuals and investors get tax exemption for five years, which could be longer under certain conditions, after which a corporate tax is mandatory. Goods can move across the Gulf Cooperation Council (GCC) countries without custom duties. Freedom of transferring capitals and profits and freedom of exchanging foreign currency with fixed exchange rate are an added benefit.
Strategic Geography
Being situated on the southeast end of the Arabian Peninsula the Sultanatecontrols a vital international shipping passage affording investors access to many resources to start or acquire a business.Oman shares its border with five countries: Iran, Saudi Arabia, Pakistan, Yemen, and the United Arab Emirates. Strategic Omani ports, geographically overlooking international and regional maritime trade routesprovide resource access and free trading venues. The Sultanate is a center for joint markets in Europe, Asia, and North America. It has convenient access and connection with Africa and the Indian subcontinent.
Free Zones
Salalah Free Zone.
Salalah Port.
Sohar Industrial Port.
Sohar Free Zone.
Mazyona Free Zone.
Masandam Free Zone.
Economic & Development Growth
The Sultanate of Oman has a developing economydriven bydiversification, industrialization, and privatization to decrease reliance on oil-based revenues. According to Omanuna, “Oman Sultanate’s authorities have been making constant and formidable funding in the country’s infrastructure, the manufacturing sector, seaports, different monetary zones, rail and airports, instructional and fitness systems, facilities and telecommunications.”Many of these projects support the country’s tourism industry, which is another significant area for growth and development with the Sultanate’s beautiful cultural heritage and diverse geographic landscape Seeking to better utilize isnatural resources; especially natural gas, the government has also supported large-scale industrial projects forpolypropylene, urea and ammonia, methanol, and aluminum smelter, steel, iron and fertilizers in Sur.
Oman Vision 2040
“Oman Vision 2040 isrecognized by the Sultanate as a guide and key reference for planning activities in the next two decades.”Vision 2040 focuses on 12 priority areas, each of which is a potential for growth and development opportunities for investors. Oman has positioned itself to mobilize all the necessary resources, legislative andgovernance frameworks to ensure the 5-year development plan is achieved.
Muscat highway sample to show infrastructure
Duqm free zone port
Facilities to Set-Up a Business in Oman
The Government is developing systems and processes to ease business establishment. The following are some of the activities:
One Stop Shop Service helps investors to get all the inquiries and transactions they need as soon as possibleto process their legal entity and business requirements.
One Stop Shop Service helps investors to get all the inquiries and transactions they need as soon as possibleto process their legal entity and business requirements.
• Various forms of business entities: Investors can form more than one legal entity in order to operate their business. Such entities are: public joint stock companies, public closed cooperation, limited liabilities companies, and holding companies.
Salalah port
Muscat international airport
Lifestyle
Oman is a welcoming and safe, but conservative, country. Values and beliefs are very important in Oman and play a large part in the daily life of most citizens. Although the main religion in the country is Islam, Oman is known for its Tolerance of other faiths and cultures and values diversity. Oman is one of the most progressive Gulf countries when it comes to gender equality. Women in the workplace are expected tofeel respected and valued for their contributions. With a large expatriate population, the business culture of Oman is a blend of Arabic and expatriates (Western and Asian) culture. Both Arabic and English are widely spoken in Oman, and the work week is from Sunday to Thursday with Friday and Saturday as weekends. Housing costs are competitive as compared to other Gulf countries. It is considered to be safe to raise a family with one of the lowest crime rates in the region. With the beautiful geographic landscape and extensive cultural attractions, residents can enjoy venturing the countries tourist sites during weekends and vacations.
Oman beauty
Dubai Muscat Highway infrastructure
Oman-Saudi direct carriageway to power logistics and tourism
Conclusion
Oman, known as a safe haven, is the best platform to invest in both international and national projects. The country is a leading country in terms of its gas and oil industries, yet has positioned itself for growth and development in a variety of diversified markets. So if you are looking to set up your business or acquire a business, consider Oman as your first choice. With Oman’s Vision 2040, Oman will assume a greater market share in the world economy in several principle fields. This Arab country has geared up to promote and modernize its economy, and hence it is the right time to invest and reap the upcoming benefits. If you are interested to pursue investment in Oman, contact Alazizi Global Projects at info@alazizigroup.com and we will set up a meeting to discuss your options and how we can support your needs.