Академический Документы
Профессиональный Документы
Культура Документы
Primer: Said Al Shahry Law Offices A Legal Guide To Doing Business In Oman
EXCHANGE RATE
RO1 = US$2.60 (Fixed Rate)
RO1
S$3.80
(Approximate)
RO1
RM9.17
(Approximate)
I. ESTABLISHING A COMPANY
1. General Partnership Company 2. Limited Partnership Company 3. Joint Stock Company (JSC) 4. Limited Liability Company (LLC) 5. Holding Company 6. Joint Venture (JV) 7. Branch of a Foreign Company 8. Commercial Agent 9. Commercial Representative Office (CRO)
5. Holding Company
Either a JSC or a LLC which financially and administratively controls one or more other companies; Subsidiaries of a holding company if the latter owns at least 51% of the shares; Capital of a holding company must not be less than RO2,000,000.
8. Commercial Agent
For foreign companies exporting goods and services to Oman without a permanent operation in Oman; Agent must be Omani national or business with minimum 51% Omani participation; Commercial agencies and commercial agency contracts must be registered with MOCI in order to be enforceable in Omani courts.
1. Taxes On Companies
Corporate income tax chargeable on income realized or arising in Oman; Non-resident parties in Omani contracts for supply & installation, know-how & management services, leasing agreements for plant & equipment carried on in Oman?; Offshore income, eg. Investment dividends may also be taxable; Capital gains mainly not chargeable as taxable income of company.
LLC and SAOC, taxes levied on corporate profits exceeding RO30,000: Wholly owned by Omani nationals, 12%; Wholly owned by 100% GCC entities, 12%; All shares owned by Omani nationals and GCC entities, 12%; Not more than 70% of shares owned by non-GCC entities, 12%; More than 70% of shares owned by non-GCC entities, in accordance with table (pg 10 primer).
2. Taxes On Individuals
No Income Tax. No Capital Gains Tax.
3. Withholding Tax
Payable by foreign companies with no permanent establishment in Oman but derive income from:
royalties (as one-off or series of payments); management fees; lease of machinery or equipment; payments for transfer of technical expertise; payments for research and development.
4. Other Taxes
Social Security - Omani employees aged 15 - 59; - 9.5% (employers) and 6.5% of basic salary. Dividends - no withholding taxes. Lease Agreements - 0.5% tax if more than 7 years. Various Municipality Taxes No Sales Tax or Value Added Tax - but GCC VAT maybe introduced soon.
6. Double Taxation
7. Company Accounts
8. Penalties
Categories
GCC Custom Union 1st Jan 2003. GCC products duty free. Non-GCC states have 5% duty unless exempted goods. High duty 100% on pork, alcohol, tobacco. 10% price preference given to Omani products on government purchases and to foreign industrial producers in JVs with Omani companies.
1. IMMIGRATION
Single Entry Visa
Combined tourist, business, short visit visa. 1 month.
Employment Visa
Omani sponsor required. 2 years and renewable.
2. EMPLOYMENT
Expatriate and Labour Clearance Basic Elements of Employment Contract Termination Public Authority for Social Insurance End of Service Benefits
3. OMANISATION
Support employment of Omani citizens Omanisation Percentages (4 years period min) Omnisation Plan
VI. PROPERTY
VII. ARBITRATION
Arbitration Law (UNCITRAL Model Arbitration law) and Foreign Awards Law. Preferred method for commercial disputes resolution in building, construction, oil & gas, project financing. Choice of substantive law. Conducted in Arabic unless parties agree otherwise. Omani Courts rarely interfere in an arbitration. UN Agreement on Recognition & Enforcement of Foreign Arbitration Awards New York Convention (accession 1996).