Oman's success can be attributed to its remarkable efforts in creating an inclusive and supportive environment for expatriates. The country's strong economy, stable political climate, and a commitment to cultural diversity have made it an attractive destination for foreign professionals and families.
Oman is an economically, politically and socially stable country in the MENA region. In addition, Oman is a country with a modern business law framework, respect for free markets, a prime location, a business-friendly environment, a contract sanctity, and respect for property rights. Oman is a place with relatively low taxes, an educated and largely bilingual workforce, a modern transport infrastructure, and where it is easy to start your business.
The Sultanate of Oman is one of the most economically vibrant countries in the Arab Gulf region, as it enjoys economic stability and political calm with a dynamic business environment and a diversified sustainable economy in line with Oman Vision 2040. The Sultanate of Oman also provides a fertile environment for business growth and investment. The Sultanate of Oman is considered one of the best investment destinations for what It enjoys a distinct strategic location connected to the vital trade routes between East and West.
Oman's business laws allow foreign investors to set up companies in a wide range of sectors, including manufacturing, trading, services, and more. Reserve a Company Name: Once you have chosen your business activity, you need to reserve a company name with the Ministry of Commerce and Industry (MOCI). Currently, Oman is a tax-free nation, as there is no taxation on personal income. Moreover, there are no taxes on income from property, wealth, capital gains or death.
Foreign nationals who wish to obtain an Omani residence permit will need a documented motive for stay, such as employment. While Oman allows the nationals of 103 countries to enter visa-free and remain up to 14 days, those who wish to move to Oman will need to acquire the right to become residents. An employment visa for Oman is valid for 2 years from the stamping date on the passport. Foreign nationals in Oman on a visitor visa who want to obtain an employment visa must now exit Oman, apply for and receive the relevant visa, and then re-enter.
There is currently no personal income tax (PIT) law enacted in Oman. A 17.5% social security contribution is applicable to employees who are Omani nationals. The employee pays a contribution of 7% of salary, and the employer pays the balance of 10.5%. However, this does not apply to expatriates.Currently, Oman is a tax-free nation, as there is no taxation on personal income. Moreover, there are no taxes on income from property, wealth, capital gains or death. the government of Oman does not impose a tax on the residents as the country is known for its oil and gas industry. Personal income including income from capital gains, wealth, death, or property, is not taxed in the Sultanate of Oman.
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