Has anyone had experience with Salalah FZ in Oman?

[Henn and Rich]

I had lunch the other day with a dear friend of mine. He has told me that for around $14k he opened a SP company in Salalah freezone which comes included with small office (a must for banking) and an incoming bank account with Sohar Bank. All this in couple days, and minimal KYC from the bank. It seems where in other jurisdictions they are kicking you out, Oman is welcoming you with open arms. And keep in mind he holds in what other jurisdictions would be undesirable citizenship

I am thinking of doing the same for myself just why not? To keep a SP there to bounce around some funds.

Does anyone here have any experience with Salalah FZ or Oman in general?

 

[Don]

I had lunch the other day with a dear friend of mine. He has told me that for around $14k he opened a SP company in Salalah freezone which comes included with small office (a must for banking) and an incoming bank account with Sohar Bank. All this in couple days, and minimal KYC from the bank. It seems where in other jurisdictions they are kicking you out, Oman is welcoming you with open arms. And keep in mind he holds in what other jurisdictions would be undesirable citizenship

I am thinking of doing the same for myself just why not? To keep a SP there to bounce around some funds.

Does anyone here have any experience with Salalah FZ or Oman in general?

It seems to be a great alternative to UAE.

The default corporate income tax is 15% and there is no personal income tax.

For Omani proprietorships (‘establishments’) and LLCs that meet the following requirements:

• registered capital does not exceed 50,000 Omani rial (1 OMR = ~2.6 USD) at the beginning of the tax year
• gross income does not exceed OMR 100,000 for any tax year
• average number of employees during the tax year does not exceed 15, and
• taxpayer activities do not include air/sea transport; extraction of natural resources; banking, insurance, or financial services; public utility concessions; or other activities to be decided by the Minister of Finance after approval by the Council of Ministers,

a 3% tax rate is effective and is coupled with a requirement for SME taxpayers to file income tax returns.