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Mainland Company as the name defines, it’s a company established on Oman’s Mainland which has to follow all the country’s rules and tax rules. Previously the main drawback of Mainland companies was with ownership, it was mandatory to give 30% share to local citizens after the 2019 government announced that any foreigner can hold even 100% ownership in Mainland.
Certainly! Here are some key points to consider regarding Mainland companies in Oman:
100% foreign ownership: As you mentioned, the Omani government has relaxed the ownership requirements for Mainland companies, allowing foreigners to hold 100% ownership. This is a significant change from the previous requirement that foreign companies had to give 30% of their shares to local citizens.
Tax benefits: Mainland companies in Oman may enjoy certain tax benefits, such as lower corporate tax rates and exemptions for certain types of income. It's important to work with a qualified accountant or tax advisor to ensure compliance with all relevant tax laws.
Access to the local market: Establishing a Mainland company in Oman can provide access to the local market and help businesses establish a presence in the country. This can be especially beneficial for companies looking to expand into the Middle East or tap into Oman's growing economy.
Compliance with local laws and regulations: Mainland companies must comply with all local laws and regulations in Oman, including labor laws, commercial laws, and tax laws. It's important to work with a qualified legal advisor to ensure compliance and avoid any potential legal issues.
Flexibility in business activities: Mainland companies in Oman are allowed to engage in a wide range of business activities, including trading, manufacturing, and services. This can provide businesses with flexibility and the ability to pursue various opportunities in the country.
Overall, establishing a Mainland company in Oman can provide significant benefits for businesses looking to expand into the region. However, it's important to carefully consider all factors and work with qualified professionals to ensure compliance with local laws and regulations.
Setting up a mainland company can be an exciting and rewarding venture, but it also requires careful planning and execution. Whether you are a local entrepreneur or an international investor looking to establish a presence in a lucrative market, understanding the process and requirements is crucial. In this article, we will provide you with a comprehensive guide to successfully set up a mainland company, highlighting key considerations, legal obligations, and tips for smooth operations.
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