How To Start Business In Oman – Are you looking to learn or start import export business in or with Oman but don’t know how? Do you want to know the main export and import products of Oman and how to start exporting to Oman? Wondering how to find importers from Oman? This article will introduce how to do import and export business in or with Oman.
Oman has an important geostrategic position, close to the coast in the southeastern part of the Arabian Peninsula, overlooking the Arabian Sea, the Gulf of Oman and the Strait of Hormuz (about 30% of the world’s oil drained through this strait), along the busy international sea route, convenient for connecting trade with Gulf, Africa and Middle East.
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Currently, Omani companies are looking for business partners, construction cooperation and construction consulting, medical construction, road transport, trade, furniture, aquaculture and organic fertilizers, building materials, food, electromechanical products, flooring and marble trading, tourism , oil and gas services and electrical equipment. If you can supply them, there could be a great export opportunity for you.
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PS! Before continuing with the article, we recommend that you enroll in our free online import export course below:
Oman is a high-income country with an economy dominated by oil resources, tourism and gas-related industries are key economic sectors in the government’s economic development strategy. Oman mainly exports oil, re-exports fish, metals, textiles. This country has mainly a capitalist market.
It mainly imports machinery, industrial goods, food, livestock, lubricants. . The main suppliers to Oman come from Japan, Korea, China, Thailand, UAE, USA, UK, Germany.
Oman has an open business environment. This country respects the principle of “free market” and the supreme legality of contract, protects intellectual property rights, applies import tax, low corporate income tax.
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Capital goods and business profits are free to move abroad. In Oman, there is no personal income tax. Individuals are free to transfer money abroad. In this Term, Oman’s business environment has many similarities with Singapore and Hong Kong and with Dubai.
Companies are exempt from income tax for five years from the date of incorporation. For companies operating in some of the priority sectors, they will be tax exempt for the next five years. Investing in some priority industries and sectors has the opportunity to access government loans with very low or zero preferential interest rates.
When building the factory, investors can import tax-free machinery and equipment for production materials. If you are an export-oriented producer, you are exempt from import tax on raw materials and have access to export credit insurance.
Oman is the food import market because the mountainous and desert terrain is unable to develop agricultural production, so the policy focuses on the management of food imports, namely: Rice, seafood, vegetables, meat products.
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Oman is a member of the Gulf Cooperation Council (GCC). This country agrees to implement consistent trade, investment, tariffs, food import policy in the direction of tariff preferences (0-5% CIF).
Although food and foodstuffs enjoy the GCC’s priority import policy, they face two severe non-tariff barriers, food safety and hygiene standards (enforced according to American and European standards. Europe) and Halal standards (Islamic law).
PS! All imported goods in general and food in particular must present a C/O (Certificate of Origin).
Oman’s gas production increased by 12.5% to reach 43.75 billion cubic meters in 2018. Total gas reserves are around 25 trillion cubic feet (with 22 mines).
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Oman’s total LNG export volume also jumped 19% to 10.2 million tonnes in 2018 from 8.6 million tonnes a year earlier. Oman’s gas condensate export volume reached 0.239 million tons.
Oman is the eighth largest producer of dates with an average annual production of 260,000 tons per year. The date palm is the main fruit crop in the country and constitutes 82% of all fruit crops in Oman.
According to the World Food Organization (FAO), Oman’s annual seafood export volume exceeds US$100 million. Currently, Oman regulates six species banned from export, including tuna, mackerel, Al Sahwa, Al Anqad, Al Kofar and some species of shrimp. The ban and control was imposed due to a decrease in the annual seafood catches in Oman.
Oman imports 60% of its food needs. It is a potential market for agricultural products exported to Oman.
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– Use government-to-government channels to stockpile, cooperate with agricultural investments to take produce, or there are fluctuations in food security and/or political security.
– Use the Merchants and Companies channel in rice transactions for commercial, investment and distribution purposes, to meet the needs of the entire population under the management of standards, quantities, prices by the State through the Ministry of Commerce and Industry.
The process of exporting goods consists of many closely related steps. For an overview of the process of exporting goods, we summarize the following main steps:
The Oman market is made up of many complex factors, different from other markets, so you need to learn how to export. Export by sea, shipping costs and flight visualization, imported food, pharmaceutical and cosmetic products need Halal certification.
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A great Omani partner must have the ability to resell its products: Have market reputation, commercial operating time, financial capacity, technical facilities, distribution network and sufficient assets.
Signing a contract is very important. Whether to conduct the contract depends on the terms the two parties have committed to. Thus, you can export the goods and avoid risks in international business.
To find more customers and get more export orders – marketing is crucial. Export marketing includes many activities such as gathering target market information, securing channels on how to reach potential customers, securing local prices and requirements.
If the exported goods pass through many border gates, the agency will issue a tracking voucher to the foreign trade company. Upon receiving the merchandise at the control post, the customs will deduct it from the tracking receipt.
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It’s the step of packing your export packages once you get ready to schedule your export.
You need to understand the requirements for the appropriate type of packaging with high economic efficiency. In addition, you also need to check the quality of the goods before delivery.
Exports often present risks and losses. Therefore, purchasing insurance for exported goods is the best way to ensure the safety of exported goods during transit. You can obtain insurance for your exports from insurance companies.
Based on the goods owner’s consignment contract, the dispatcher prepares the delivery documents for the airline and export procedures. Documents usually include:
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Goods manifest (Manifest), made by the shipper when he consolidates multiple individual shipments with the same master bill of lading (MAWB)
Oman has Cincinnati, Sohar, Salalar, Mina Qaboos, port of Muscat. From this port there is direct sea transport to many Asian countries such as China, Singapore. From the seaports of Oman, goods from other countries can go to countries in the region.
FCL cargo means goods that are loaded with containers when they are in transit. The shipper is responsible for packing and unloading the goods from the container. Goods will be in one or more containers, depending on the quantity and requirements of each shipment.
Container Retailer (LCL) is a form of shipping in which a shipping company collects goods from many different shippers into one container to arrange transportation. They will transport common cargo from the CFS warehouse to the CFS warehouse (Container Freight Station).
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You must complete a set of payment documents such as commercial invoice, packing list, bill of lading, C/O certificate of origin and certificate of sterilization. If you are using L/C payment, you must submit documents to the advisory bank.
Upon receiving the credit note from the bank, the exporter can guarantee the export of the goods and guarantee payment for the goods.
+ Contact the bank directly to see if the money is floating in your foreign currency account or not
In order to choose the products needed to import from Oman, it is necessary to study the supply-demand relationship and the consumption capacity of the market. Then you can determine the volume of goods that can be sold on the market.
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For example, if you’re a trader who imports retail goods, you can head to Oman to pick up unique items, from kitchenware to jewelry. Oman is full of authentic handcrafted products such as:
Although pottery is produced all over Oman, the city of Bahla is famous for its ceramic products due to the high quality clay contained in its wadis.
Omani wood is famous for its high quality and ability to be shaped and engraved into various tools and objects. People use it to store clothes, jewelry or even food.
It looks like a small yellow or beige stone, giving off a unique aroma when burning it. Frankincense is in Oman and in other countries.
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Palm leaves, green or dry, which people used to make crafts such as baskets. It serves to store dates and grains, to cook meat or to process honey. Palm leaves are for some of the finest crafts.
Omani silver is of the highest quality and well known in the Arab world. Besides being used for making jewelry and khanjar, it produces unique crafts such as perfume bottles, small jewelry boxes and incense burners. (Traditional Omani coffee pot).
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