One of the booming platforms chosen by international investors and business freaks to invest in a business turns out to be Oman. The Sultanate provides a gateway to set businesses to transpose and expand the business ideas from one GCC country to another. The idea of setting up a business in Oman doesn’t end in the just company incorporation process but goes several layers ahead which includes tasks like dealing with taxation, visa, IP services etc. One of the essential points that a business owner should aim after incorporating process is, opening a bank account. This article will take you through the process of proceeding towards the banking services in Oman. Let’s proceed…
An Overview of Banks in Oman
The banking platform in Oman has widened its wings to serve and support business industries ranging from a small start-up to a well-established MNC. Moreover, the Central bank has introduced Corporate Internet Banking (CBI) that provides the opportunity for the bank to provide internet-based solutions for a speedy and smooth process from one’s comfort zone. The overall banking system can be divided into 3 categories:
- Local Commercial Sector
- Foreign Bank Sector
- Specialized Sector
All the localized commercial banks are controlled by Central Bank of Oman, which is the highest regulatory, and also offers bonds and Omani notes. Some of the prominent banks in Oman are stated below.
A Few Prominent Banks in Oman for Setting Up a Corporate Bank Account
- Bank Muscat
- Bank Dhofar
- National Bank of Oman
- Alizz Islamic Bank
- Oman Arab Bank
- Bank Nizwa
- Ahli Bank
- Bank Sohar
- Beirut Oman Bank
- HSBC Oman
You can see that Oman banking industry provides multiple-options for business investors to initiate the process of opening a bank account. As already mentioned above, different Omani banks have been designed accordingly in order to deal with different business structures, so it becomes essential to choose the right one based on your business needs. Moving forward, let’s head on towards the core procedure.
How to Open a Bank Account in Oman?
To initiate the process of opening a corporate bank account in Oman, strict rules are to be followed and do involve a good amount of paperwork. Expats, who have established their companies in Oman, mostly end up hiring a business consultant who can sort the corporate account opening process in a much easier way. Let’s have a look at the essentials are to be submitted:
- Identity card
- Two passport-sized photographs
- Residency/Work-Permit copies
- Tenancy agreement to prove the residential address
- A No-Objection-Certificate from the Omani employer that states the expected monthly salary will be deposited into the respective accounts
- Valid Passport along with a valid visa and resident card
- Original trade license
- Letter of Reference from the expat’s bank in the country of origin
All the stated essentials are essential for foreign investors to present so as to initiate the account opening process. At Xcellence, we take care of our clients to establish their company along with respective bank accounts. We can help you in opening a corporate bank account in Oman by clearing all the necessary processes. Our team experts are well-versed with the Omani laws and will help you to carry out the process in a trouble-free and secure way. To step-in and initiate the process of opening a corporate bank account in Oman, contact us today. We’d be glad to assist.