Open a bank account in Oman

How can a foreigner obtain a resident visa?

First and foremost, it is strongly recommended to seek assistance from experts, as understanding Omani laws can be challenging for someone unfamiliar with them. There are many nuances and potential changes in the laws. Moreover, engagement with local and governmental authorities is an integral part of the procedure, so it's better to rely on specialists who have already streamlined the process of obtaining residency.

We will analyze your situation and find the most suitable method for securing a visa:

1. Purchase property: For a 10-year visa, investments must amount to at least 500,000 OMR. For a 5-year visa, the cost of purchased property should start from 250,000 OMR. If you buy property in Oman, you can generate rental income from acquired real estate.
2. Register a business in Oman's free trade zones: Depending on the visa duration, investment requirements for opening a company will be the same: 500,000 OMR for a 10-year visa and 250,000 OMR for a 5-year visa.

How to open a personal account?

Considering your goals and resources, our company will recommend a bank that is highly likely to open an account for you and help gather the required documents:

•  Account opening application
•  Passport and resident visa

Requirements for a personal account

A minimum average monthly balance of 200 Omani rials must be maintained in the account; otherwise, a maintenance fee will be applied.

Advantages of a personal account

•  International transfers to other countries
•  Transfers of funds from Russia
•  Mobile banking and internet banking
•  Debit card for purchases worldwide
•  Cash withdrawals at a wide network of ATMs across the country
•  Apple Pay, Google Pay

How to open a corporate account?

To open an account for business operations, the first step is to register a company. Consultants from Emirabiz will assist you in navigating the multi-stage registration process in Oman's free zone. Here's a step-by-step guide for a company registration:

1. Seek free consultation from our business experts. They will carefully assess your situation and find the best solution. While you can go through this process on your own, deep knowledge of Omani law and business environment is required. The laws in the Sultanate are strict, and there are many nuances, so it's advisable to delegate this matter to trusted specialists.
2. Set goals and decide on the legal form and structure of the future company.
3. Reserve a trade name with the Ministry of Commerce and Industry of Oman.
4. Register a legal address. Companies in Oman's free zones are required to have a physical office.
5. Obtain a license for conducting business activities in the chosen industry.
6. Submit documents for company registration to the Ministry of Commerce and Industry.
7. Obtain investor visas and work visas for employees if applicable.
8. Obtain a Tax Exemption Certificate.
9. With the complete set of documents (company registration, visas, passport), visit a bank to open a corporate account.
10. Within a maximum of 3 days, you will receive the new account details via email, and you can start using it.

What documents are required to open a corporate account?

•  Company registration documents
•  License
•  Resident visas and passports of company owners
•  A request letter on the letterhead to open a corporate account with signatures of all company shareholders

Advantages of a corporate account

•  The account opening process at the bank takes 3 days. Personal presence of the applicant is required.
•  Account currencies: US dollars, euros, Omani rials, Chinese yuan.
•  Internet banking and mobile banking.
•  Credit and debit cards. Cash is preferred in the country, with a well-developed ATM system.
•  Oman has a double taxation avoidance agreement with Russia.

How can we assist with opening an account at an Omani bank?

1. Contact our business consultant.
2. Provide all necessary information about yourself, your activities or business, and your commercial and financial goals in Oman.
3. Based on your background and goals, we will offer the most suitable solution for obtaining a resident visa.
4. If you want to buy property, our real estate agents will find a property that meets your criteria.
5. If you want to open a company, our business consultants will prepare your case and handle all necessary documents and permits.
6. We will organize the visa process in Oman.
7. We will recommend a bank that is most likely to open an account for you.
8. We will gather a package of documents for you, arrange a meeting with a personal manager, and assist you through the compliance process.
9. We will stay in touch after the account opening, help you interact with the bank, and provide business support services.

In which banks of Oman can a foreigner open an account?

Local banks:

National Bank of Oman - the first local commercial bank in the Sultanate, offering both traditional and Islamic banking services. It has a wide network of 60 branches and 182 ATMs. It has representations in Dubai and Abu Dhabi.

Bank Dhofar - ranks second in Oman in terms of market value, with total assets exceeding 4 billion OMR. It has over 100 branches and a network of 164 ATMs.

Bank Muscat - a major provider of financial services with total assets exceeding 30 billion US dollars and the widest branch network. It held the status of the best bank in Oman for seven years.

Oman Arab Bank - offers innovative solutions in banking services. Its shareholders are Oman International Development and Investment Company SAOG (51%) and Arab Bank PLC (49%). It manages 65 branches and 152 ATMs in convenient locations throughout the Sultanate.

Sohar International - founded in 2007, it opens both personal and corporate accounts.

International banks:

•  Barclays
•  HSBC
•  First Abu Dhabi Bank

Why Oman?

Oman is an attractive location for opening a company, situated at the crossroads of trade routes between East Africa and South Asia. The country offers residency programs for investors and businessmen for 5 and 10 years. Oman offers foreigners favorable conditions such as tax exemption, no import and re-export duties, full ownership, repatriation of profits and capital.

The company registration process takes up to 2 weeks and can be done remotely. You only need to come to open a bank account. Leave this task in the capable hands of Emirabiz specialists. Our experts will navigate you through each stage, ensuring a guaranteed positive outcome.