Opening a corporate account in Oman: features and limitations

In the context of global economic uncertainty and increased interest in safe and stable jurisdictions, Oman is becoming one of the attractive countries for opening corporate accounts. A stable economy, a favorable tax system and a convenient geographical location make this country interesting for entrepreneurs from all over the world. In this article, Antwort Law will answer our clients' most frequently asked questions about opening a corporate account in this country.

1) Is it possible to open a corporate account in Oman for a foreign company?

Opening a corporate account in Omani banks is impossible in most cases without registering the company in the country. The main requirement for opening an account is the registration of a local company or, in extreme cases, a representative office or branch of a foreign company in Oman. And here the account is opened with the name of this structure. Thus, in order to open an account, it is often necessary to register a company in Oman.

2) Do Russian citizens open corporate accounts in Oman?

Despite the current geopolitical and economic difficulties, Oman remains one of the few jurisdictions willing to work with Russian entrepreneurs. However, the procedure for opening an account for citizens of Russia requires special preparation and legal support due to increased requirements from banks for customers from Russia and requires a thorough check of documents and compliance with all necessary norms and standards.

3) Is it possible to open an account in Oman for transactions with Russia?

The current situation forces banks in Oman to be cautious about transactions related to Russia, especially when it comes to business related to Russian companies or banks, and in practice such transactions may be difficult, even if Russian banks are not under sanctions.

4) What are the benefits of opening a corporate account in Oman?

• Strategic location Oman is in a strategically important region, making it a convenient hub for businesses targeting the Middle East, Asia and Africa markets.
• Favorable tax system: Oman has one of the lowest tax rates in the region — 15% on corporate profits and 5% VAT. The absence of tax on dividends and capital makes the country particularly attractive for international companies seeking to optimize their tax obligations.
• Economic stability: Oman, despite its small size, has a stable economy supported by revenues from oil and gas exports. Government policy aimed at diversifying the economy makes the country attractive for long-term investment and business.

5) Is it possible to open a corporate account in Oman remotely?

Most often, opening an account in an Omani bank will require the personal presence of the company's founders.

Oman offers significant business opportunities due to its stable economy, favorable tax conditions and strategic location. However, the process of opening a corporate account requires careful preparation and knowledge of local regulations. Antwort Law, an international law firm, is ready to provide comprehensive assistance in this matter, ensuring the correct documentation, supporting the account opening process and developing a strategy to minimize the risks and maximize the opportunities offered by the Omani banking system.

Lidia Ivanova

International lawyer
Antwort Law