Company Formation In Sohar Port And Free Zone
Located on the northern coast of Oman, Sohar is a city with quite a colorful past. It is quite an old and famous city, steeped in history. The city is the largest within the northern areas of the country. It has a population of over 220,000 which is the fifth highest in Oman. The town has a history of acting as a port for the country, and the reason for this is due to its optimal location. It serves as a modern day gateway between east and west. Today, it is home to a deep sea port, which allows for it accommodate the largest of ships possible, and this has pushed it forward as one of the fastest growing free zones in the world.
Beyond the top of the range port that is present within the free zone, there are a few further draws to this free zone, and some examples of these include:
100% foreign ownership; Exemption from corporate tax for at least ten years. This period can be extended to a maximum of 25 years or the duration of the lease should the company meet specific Omanisation targets; The 'one stop shop'. It is easily accessible for any party who wishes to obtain licenses, approvals, permits etc. to do so from a single entity, rather than having to interact with multiple different government bodies; The capital requirements are reasonably low and encourage business start-ups; Omanisation works as following concerning the corporate tax exemptions. There is an escalation system in place as follows: The minimum level of Omanisation is 15%; 25% Omanisation after ten years; 35% after 15 years; and finally; 50% after 20 years and this is up until the final potential tax-free year (year 25); The port was initially established in 2002, while the free zone arose after this in 2010. Subsequently, the free zone has rich experience for any who may be unsure of whether it is an optimal location in which to grow a business.
The Possibilities within Sohar Port and Free Zone
The free zone is located in Liwa and is of course on the coast. Its location is surprisingly close to some significant places. It is within around 3 hours of Muscat, but more interestingly, it is quite near and well connected to the UAE and cities such as Dubai. Being located as such is a significant advantage, as while the port and location are well known, the UAE is still more notable as a business location. Also, there are direct highway connections to Saudi Arabia, which is a considerable economy in the region; this will give confidence to those who are considering Sohar port...
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