Sole  Proprietorship

A corporate structure set up and maintained by a sole owner fully responsible for the liabilities and assets, the establishment is not known to possess different legal identity from the owner and is called as Sole Proprietorship. The individual gets trade license made in his own name and trades with his own account.

Features

• • • No restriction to initiate/close.
    • No special legislation
    • Complete control is with the owner
    • Owner bears all profits and losses & unlimited liability.
    • Formation and compliance requires very less cost

Required Documents

• • • Identity card of the individual
    • Authorized Signatories Form
    • PKI (Personalized Key Infrastructure) enabled Resident Card
    • PKI (Personalized Key Infrastructure) enabled ID Card

Registration Procedure

• • • The business must be entity registered with minimum capital amount of OMR 3,000.
    • Submit the essential documents the MOCI to initiate the registration procedure.
    • Register with Royal Oman Police and get good standing certificate Completion of the registration procedure. The trade license once issued by the Commerce & Industry Ministry enables the commencement to commence core business practices. After starting the business & obtaining profits the one-man company can be converted, into partnership firm.