All local companies are required to have i) two shareholders and one director (who can be the same persons) ii) a minimum paid up capital of OR150,000 (Approx.US$390,000) and iii) a local address. Of the two required shareholders, one must be a national of Oman, of a GCC State or of the USA and must own 30% of the company’s shares;
Since the signature of the 2009 Free Trade Agreement with the USA, American citizens are treated as local citizens and are therefore allowed to form local companies without a local partner, provided that all of the shareholders are American. For such cases, the minimum share capital is set at only OMR20,000 (Approx. US$52,000) and is not required to be paid up;
Features of Oman 70% LLC
|
Oman LLC |
Corporate Details |
|
General |
|
|
LLC |
|
Yes |
|
Yes |
|
6 weeks |
|
Yes (15%) |
|
Yes |
|
Share capital or equivalent |
|
|
US$ |
|
EUR, USD, GBP |
|
US$390,000 |
|
No |
|
No |
|
Directors |
|
|
One |
|
No |
|
Yes |
|
Anywhere |
|
Yes |
|
Shareholders |
|
|
Two |
|
Yes |
|
Yes |
|
Anywhere |
|
Company Secretary |
|
|
Yes |
|
Yes |
|
Accounts |
|
|
Yes |
|
No |
|
Yes |
|
Yes |
|
Other |
|
|
Yes |
|
Yes |
Oman 70% LLC Distinctive Advantage
- Each shareholder is liable only to the extent of his/her share capital
- Public subscription for enhancing investment is not permitted
- A foreign manager can be assigned for the day-to-day management of the business.
- Omani shareholders usually play no part in the undertakings of the business
- It is possible to share profits and losses in a ratio different to the share capital ratio.
The Valsen Advantage
- Speedy, Efficient and consistent Services.
- Relentless effort to obtain bank accounts.
- Expert advice on structuring options.
- Dedicated ongoing compliance support.