New guide on 'Doing Business in Oman' launched at Oman-india Investor Forum

Drafted by Crowe Oman, a new comprehensive guide on ' Doing Business in Oman' was launched at the Oman-india Investor Forum at the JW Marriot hotel by H H Faras bin Fatik al Said in the presence of OCCI Chairman Sheikh bin Abdullah al Rawas.

The former union minister of India for commerce power and fritters, Suresh Prabhu and the Indian ambassador H E Amit Narang was also present on the occasion. The book was published as in initiative of the Foreign Investment Committee of OCCI.

In a press release, Davis Kallukaran, Managing Partner of Crowe Oman said, “The last two years have seen tremendous momentum in the diversification of the economy. Oman is committed to net zero carbon emission by 2050. To achieve this, Ro190bn has been budgeted to be spent over the next 25 years”.

He said, “Currently 67 % of Oman’s revenue comes from oil and gas, while 11% comes from custom duty, excise duty, income tax and value-added tax. The rest 22% is contributed by other sectors. Oman’s 2040 vision is very relevant in this context. It focuses on the sectors other than oil and gas. Agriculture and fisheries, transport and logistics, energy and mining, tourism and manufacturing have been identified as the core industries to spearhead the acceleration of the economy.”

At the end of 2023, the GDP of Oman is projected at Ro63bn on purchasing power parity terms. The GDP is budgeted to almost double by 2040, Kallukaran said.

“Oman 2040 Vision, the carbon neutralisation policy by 2050 and the budgeted outlay of Ro190bn towards this, all points to the tremendous investment opportunity for both national and foreign investors, as the country progresses to net zero neutrality in the next 25 years,” he added.

The book takes readers through the economic, business, regulatory, banking, labour and taxation environment of Oman and gives a summary of the free trade agreements and freezones. With the Invest Easy and Exit Freely Policy of the government, Oman is bound to attract many investors.

The encouraging factors of no minimum capital requirement, 100% foreign ownership, no personal income tax, no currency exchange controls , no restriction on repatriation of profits, no taxes on dividends are all vital factors that can attract investors to Oman.

The India-oman Investment Forum is jointly organised by Oman Chamber of Commerce and Industry (OCCI) and the Institute of Chartered Accountants of India (ICAI) Muscat Chapter.