Business setup in Oman

Can Oman follow in the footsteps of its world-renowned neighbour Dubai and create an attractive business centre for investment and economic diversification? One local entrepreneur is making it his business in Oman.

The words ‘Oman’ and ‘serial entrepreneur’ do not sit well together. The Sultanate basks in the glow of oil wealth and immigrants from India andAsia do much of the menial work, meaning there are fewer incentives to starting a business in Oman than in Europe or the US, however business in Oman will soon be renowned.

The economy is small, with GDP around $80 billion and a total population less than half that of London, while the crutch of oil production means diversification of the economy has been slow to get going. Why chase the money when the money flows downhill to you?

If ‘starting a business in Oman’ sounds a bit like ‘salmon fishing in the Yemen’ it is because it doesn’t happen very often. Major foreign brands have cornered many markets and consumers are comfortable buying what they know over products created closer to home.

It isn’t exactly flush with the spirit of enterprise, but things could be changing in Oman. Oil reserves are smaller than in some of its neighbours and, like Dubai, it is taking steps to generate growth in new ways to hedge against reliance on this one commodity – albeit on a much smaller scale. But by starting a business in Oman now entitles your business to grow as Oman itself develops.

The recent plunge in worldwide oil prices has underlined the need to create new industries and encourage more Omanis to test entrepreneurial waters. Even before the dip, the Sultan, Qaboos bin Said Al Said and his minsters have been investing in grand (but useful) infrastructure projects and a handful of measures to encourage start-ups.

In September 2013, for example, a royal decree extended social insurance coverage to all self-employed people, not just those running big a businnes in Oman. People were given a new reason to become sole traders and begin a big business in Oman with scope to grow.

It is in this tentatively entrepreneurial economy that Qais Al-Khonji, part of a wealthy family business dynasty, is trying to make his mark as a self-made (within reason) entrepreneur.

Source- www.forbes.com/

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