Company Incorporation in Oman & Bank Account Opening Requirements

1. Oman Company Incorporation Requirements

  • Common company structures: LLC (Limited Liability Company), Branch Office, or Representative Office.
  • 100% foreign ownership is permitted for most activities under the Foreign Capital Investment Law.
  • Minimum 1 shareholder (individual or corporate).
  • Minimum 1 manager/director (can be foreign).
  • Registered office address in Oman.
  • Commercial name reservation with the Ministry of Commerce, Industry and Investment Promotion (MOCIIP).
  • Business activity approval according to the Oman Classification of Economic Activities.
  • Minimum capital: No fixed minimum for most LLCs (banks may impose practical requirements).
  • Articles of Association.
  • Registration with the Commercial Register and Oman Chamber of Commerce and Industry (OCCI).

Required Documents for Incorporation

  • Passport copies of shareholders and managers.
  • Proof of residential address.
  • Company name options (2–3).
  • Business activity description.
  • Shareholding structure details.
  • Articles of Association.
  • Board resolution (for corporate shareholders).
  • Power of Attorney (if using a local service provider).

2. Bank Account Opening Requirements in Oman

  • Physical presence of shareholders or authorized signatories is usually required.
  • Completed bank application forms.
  • Commercial Registration (CR) certificate.
  • Articles of Association.
  • Company lease agreement or office address proof.
  • Board resolution authorizing the opening of the bank account.
  • Business plan and activity explanation.
  • KYC/AML checks including source of funds and source of wealth.
  • Minimum balance requirement varies by bank.

Documents Typically Required by Banks

  • Commercial Registration (CR).
  • Company incorporation documents.
  • Articles of Association.
  • Directors’ and shareholders’ passports.
  • Proof of residential address.
  • Board resolution.
  • Business plan or financial projections.
  • Contracts or proof of counterparties.
  • Source of funds and source of wealth documentation.
  • Ultimate Beneficial Owner (UBO) declaration.