In 2023, a notable trend emerged as entrepreneurs increasingly chose to move their businesses to Oman. This shift was notably facilitated by a recently signed agreement on the avoidance of double taxation. Oman, positioned as a convenient entry point into the MENA (Middle East and North Africa) region, offered unique advantages, including reduced competition compared to the UAE and expeditious banking services.
Oman emerged as a confident rival to the UAE, which faced challenges associated with high competition in various business sectors. The UAE's business environment was characterized by intense competition from both local and international companies. In contrast, Oman presented itself as a profitable alternative. The Omani government's investments in infrastructure and logistics, including the establishment of three modern deep-sea ports and efficient container transportation, contributed to its appeal.
Entrepreneurs considering business relocation to Oman found several advantages:
- Oman Vision 2040: The state's ambitious program aimed at accelerating the development of green energy, tourism, logistics, and the food industry.
- Strategic Location: Proximity and close economic ties with Gulf countries, India, and East Africa.
- Qualified Labor Pool: A large selection of qualified labor.
- Free Trade Agreements: Oman entered into free trade agreements with the US, Singapore, and EFTA countries.
- Business Language: English is the language of business communication.
- Untouched Coastline: A thousand kilometers of coastline that remains undeveloped and unspoiled by mass tourism.
Oman offers five business zones, including three free trade zones (FTZ) and two special economic zones (SEZ). FTZ companies are more cost-effective, while SEZ zones provide additional benefits such as tax exemptions and duty-free import of goods. Unlike some countries, Oman doesn't mandate a local co-founder, but having an experienced agent can expedite market entry. Establishing a presence in Oman involves renting an office, completing migration service procedures, activating licenses, and visiting the tax office.
Entrepreneurs seeking strategic business expansion and diversification have found Oman to be an attractive destination, benefiting from its distinct advantages and the government's commitment to fostering economic growth.
