PWC – Doing business in Oman, 2024

Oman, a historical trading nation with oil-based resources, is making efforts to diversify its economy and attract foreign investment. Significant changes in Commercial Companies Law and Foreign Capital Investment Law aim to improve the business environment. Implementation of VAT and expected amendments to Labour Laws indicate ongoing reforms. With a population of 4.8 million, Oman has ambitions to become a global logistics hub and has seen improvements in the World Bank's 'Ease of Doing Business' ranking. The legal framework in Oman is civil law based, with Royal Decrees forming the legislative basis. Companies can be established as Limited Liability Company (LLC), Single Person Company (SPC), or Joint Stock Company, with recent amendments promoting transparency and foreign investment. Joint stock companies can be privately held or publicly held, with regulations in place to protect minority shareholders. The Capital Markets Authority and Ministry of Commerce oversee corporate governance compliance. Overall, Oman presents opportunities for investors seeking to establish businesses in a diverse range of industries.