Corporate Bank Account Opening in Oman - Up to 20% OFF on Professional Fees

Enterslice consultants will assist you in: 1) selecting a bank institution; 2) drafting a business plan; 3) formulating financial projections; 4) coordinating with the authorities for legalizing and notarizing the documents; 5) liaising with the banking officials on your behalf; 6) ensuring KYC, AML, and CFT compliance; and 7) connecting with a local service agent.

Common reasons for bank account opening rejections include: 1) incomplete documentation; 2) unclear compliance; 3) missing or wrong information in the UBO declaration; 4) no proper explanation on the source of funds; 5) lack of economic substance or company operations in Oman; 6) virtual company address listed as the official lease; and 7) improper business model and plan.

Yes, you can set up a business bank account for your offshore company, provided you set up a branch or a physical presence to satisfy the compliance requirements like KYC and AML. Furthermore, a branch manager must be appointed to handle the administrative tasks on your behalf.

Yes, you can start the business bank account opening process from anywhere. The initial process, including application filing, document submission, and review, is online. You may have to visit the bank in person, depending on your business activities. Although some banks do accept a video interview or visit through an authorized local service agent.

There’s no single mandate for a minimum bank account balance in Oman. Most banks have a range between USD 2,600 and 13,000, depending on the type of bank account and company.

Bank Dhofar is the best choice for non-resident LLC owners in Oman’s Duqm, Salalah, and mainland region, with a high approval rate. Next in line is the National Bank of Oman, which is good for global trading, holding, and investment entities.
If you’re an SME or a startup, then you should go for Sohar International because it has a remote onboarding process. Other banks include Ahli Bank and Bank Muscat with moderate to strict KYC.

While the initial setup can be done through an online interview, you may still have to visit at least once to verify your identity as a director of the company. You can also appoint a corporate service provider to appear before the bank officials on your behalf with a power of attorney.

The bank account opening process takes at least two to four weeks. The process depends on several factors, like complete documentation, director KYC, business model review, and local substance analysis.

Yes, you can open a company bank account in Oman’s FZs, including Sohar, Salalah, Knowledge Oasis Muscat, and Duqm special economic zone.

A business bank account will help you: 1) digitalize daily business operations and payroll management; 2) ensure compliance like tax payments, license renewals, and VAT registration; 3) assist you obtain approvals like bank guarantees, letters of credits (LC), and trade finance for international business; 4) get access to loan facilities; 5) establish a credibility amongst vendors and suppliers; and 6) operate and hold in multi-currency for foreign trade activities.

The various types of company bank account opening in Oman include: 1) current account; 2) fixed deposit account; 3) corporate salary account; 4) offshore foreign currency account; and 5) merchant account.