Open Corporate Banking Account in Oman
Open Corporate Banking Account in Oman – Oman is considered to be among the booming platforms preferred by international business freaks and investors who are eager to invest in an entity here. The Sultanate does offer a viable option to establish businesses to transpose as well as expand business ideas, right from one GCC country to the other. However, the idea to establish an entity in Oman simply does not stop with business incorporation procedure. It also tends to go beyond several layers, to include various tasks such as dealing with IP services, visa, taxation and much more. After incorporation process, the next aspect for entrepreneurs to aim for is opening up a bank account. The article offers you detailed knowledge on the process to availing Oman banking services.
Overview of Oman Banks
Oman’s banking platform has only expanded its wings, so as to support and serve businesses belonging to diverse industries and ranging from well established MNC’s to small start-ups. CBI (Corporate Internet Banking) also has been introduced by the Central Bank to offer opportunities for banks to provide web based solutions, thereby allowing smooth and speedy process. The banking system in short has been subdivided into three segments, namely
- Specialized Sector
- Foreign Bank Sector
- Local Commercial Sector
It is Oman Central Bank that controls and manages all localized commercial banks and is considered to be the country’s highest regulatory offering Oman notes and bonds. Few prominent banks of Oman are given below
Omani Banks to help establish Corporate Bank Account
- Oman Arab Bank
- Alizz Islamic Bank
- National Bank of Oman
- Bank Dhofar
- Bank Muscat
- Bank Sohar
- Ahli Bank
- Bank Nizwa
- HSBC Oman
- Beirut Oman Bank
Business investors can avail multiple options from the Oman banking industry to initiate the procedure to open up a bank account here. Different Omani banks, like mentioned above are known to have been designed to deal with diverse business structures. So, choosing the most appropriate one, based upon your specific business requirements will be crucial. Let’s move ahead with the core procedure.
How Bank Account is to be opened up in Oman?
For initiating the procedure to open up an Omani corporate bank account, there needs to be followed stringent rules and regulations and also are involved plenty of paperwork. Expats having established their firms in Oman tend to end up opting for a business consultant having the necessary expertise to sort corporate account opening procedure easily and quickly. Let’s look at the necessary documents to be submitted, while opening up a bank account in Oman
- 2 Passport sized photographs
- Identity card
- Work Permit /Residency copies
- Omani employer is to provide No Objection Certificate, stating clearly expected monthly salary to be deposited in respective accounts
- Tenancy agreement for proving residential address
- Reference Letter obtained from expat’s bank from country of origin
- Original trade license
- Valid passport, resident card and valid visa
Foreign investors need to abide by the above stated essentials and present them to the concerned authorities to initiate accounting opening procedure. We, at OCR, provide essential solutions to our clients and help with their company establishment with respective bank accounts. Clearing the essential processes, we do provide assistance to open up corporate bank account in the Sultanate of Oman. Out expert team has adequate knowledge of the prevailing Omani laws and hence, are in a better position to execute the process hassle-free, smoothly, efficiently and in a secure manner.