The ISO code of Oman is OM according to the ISO 3166 standard. The local name of the country is Saltanat Uman. Oman capital city is Muscat. People in Oman speak the Modern Standard Arabic language. In the year 1743, Oman emerged as a sovereign political entity. The largest city in Oman is Muscat.
Oman is located in the UTC +04:00 time zone, which is also called Gulf Standard Time or GST. The internet country code top-level domain (ccTLD) for Oman is .om. Other domains assigned to Oman are عمان.. The International dialing code for Oman is 968. People in Oman drive on the right side of the road. Total land area of Oman is 309,500 km² (approx. 119,498 mi²). Oman is not a landlocked country. It means that is is bordered by at least one major body of water.
Oman is located in Asia. Oman is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life.
Currently Oman faces various issues, including rising soil salinity, beach pollution from oil spills, limited natural fresh water resources.
Doing business in Oman
We offer various corporate services in Oman jurisdiction. These services can serve both, people coming from Oman and foreigners. If you plan on doing business in Oman you might be interested in contacting us.
To find out about starting your business in Oman click on company formation in Oman.
To find out how to open a bank account in Oman and moreover what type of account Confidus Solutions suggests to create, please click on bank account in Oman.
Choose preferred service below or continue reading to find out more about Oman.
Demographics of Oman
The total population of Oman is 4,829,946 people. In Oman, the population density is 13.5 people per square kilometer (35 per square mile). Because of this statistic, this country is considered to be sparsely populated. The ethnic diversity is diverse according to a fractionalization scale which for Oman is 0.4373. Oman has approximately 1844978 foreign immigrants. The median age is approximately 24.9 years. In Oman, 60 in every 100 people use internet. Oman has a Human Development Index (HDI) of 0.783.
The majority religion of Oman is Islam, Oman is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Click on a link to read more on demographics of Oman.
Culture of Oman
People in Oman speak the Modern Standard Arabic language. According to data on inbound tourists in Oman, 1,551,000 tourists arrive in the country each year. The first McDonalds in Oman was opened on 07/30/1994. One of the most popular national dishes of Oman is halwa. To read more click on culture of Oman.
Geography of Oman
Oman is considered to be a large nation because of its total area. Its total land area is 309,500 km² (approx. 119,498 mi²). Oman is located in Asia. Its capital city is Muscat. Oman has 3 neighbouring countries. Its neighbours include Saudi Arabia, United Arab Emirates, and Yemen. Total length of land borders of Oman is 1561 kilometers (~603 miles).
The highest point of Oman is Jabal Shams, with its official height being 2980 m (9,777 ft). Including land mass and EEZ, the total area of Oman is approximately 842,680 km² (~325,359 mi²). The most notable natural resources found in Oman are petroleum, copper, asbestos, some marble, limestone, chromium, gypsum, natural gas.To read more click on geography of Oman.
Economy of Oman
The currency of the country is Omani rial. The symbol used for this currency is ر.ع., and it is abbreviated as OMR. 16% of population in the country are unemployed. The total number of unemployed people in Oman is 772,791. Each year, Oman exports around $56.22 billion and imports roughly $30.75 billion. The Gini Index of the country is 32. Oman has a Human Development Index (HDI) of 0.783.The Global Peace Index (GPI) for Oman is 1.947. Oman has a government debt of 90% of the country's Gross Domestic Product (GDP), as assessed in 2012. Oman is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Major industries in the country are crude oil production and refining, natural and liquefied natural gas (LNG) production, construction, cement, copper, steel, chemicals, optic fiber.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Oman is $162,967 billion. Each year, consumers spend around $21,161 million. The ratio of consumer spending to GDP in Oman is 0%, and the ratio of consumer spending to the world consumer market is 0.061. The corporate tax in Oman is set at 12%. Personal income tax ranges from 0% to 0%, depending on your specific situation and income level. VAT in Oman is 0%. To read more click on economy of Oman.
Infrastructure of Oman
Infrastructure quality in Oman is rated to be at 2.88. It indicates a satisfactory quality - roads, railroad, ports and other facilities are able to handle significant traffic at all times and are also suited to various types of transport vehicles and vessels.
In Oman, 97.7% of the population has access to electricity. There are 14,531 internet hosts in Oman. Oman has 132 airports nationwide.
The logistics performance index of Oman is 3. It indicates a satisfactory performance - in general, traffic is handeled well, some flaws in certain areas are possible, but overall the logistics system performs reliably and is ready to handle predictable amounts of traffic.
Tracking possibilities for shipments are rated at 2.84. It indicates a satisfactory performance - the tracking systems provide all the basic information as well as additional data about shipments; most of the times it also has a weel established cooperation with foreign and international tracking systems, as well as usually provides information in multiple languages.
The number of road motor vehicles per 1000 inhabitants in Oman is 132. To read more click on infrastructure of Oman.
Politics of Oman
Oman, is a unitary parliamentary absolute monarchy. With regard to political and civil freedoms, Oman is 3. Citizens in Oman experience little to no civil liberties and political rights. Citizens are not free to express themselves and do not enjoy political freedom or a representative government. Countries with this political situation are dangerous for investment, as an authoritarian government may have outsize control over economic matters. The head of the government is Qaboos bin Said al Said.
According to the World Bank Group, the government effectiveness index of Oman is 0.29. This indicates that the government of Oman is mediocre. While some public and civil services are limited, in other cases they can be considered adequate or even effective. Potential investors should carefully evaluate the governmental situation in Oman before considering any business maneuvers.In Oman, the legislative power is vested in a Council of Oman. The Global Peace Index (GPI) for Oman is 1.947. The strength of legal rights index for Oman is 1. Overall, it is considered to be rather weak - bankruptcy and collateral laws are unable to protect the rights of borrowers and lenders in case of credit-related complications; credit information, if any at all, is scarce and hardly accessible. Oman is a member of the United Nations (UN). On 7 October 1971, it joined the UN as a full member state. Oman is a member of the World Bank. To read more click on politics of Oman.
Environment of Oman
Oman emits 20.2 metric tons per capita of CO2. 13050 km² of Oman's territory is covered in forests. and forest land comprises 4% of all the land in the country. The number of road motor vehicles per 1000 inhabitants in Oman is 132. To read more click on environment of Oman.
Company formation in Oman
The development of telecommunications and economic globalization has made it possible for interested investors to form companies around the world. With proper research, financial investments, and legal backing, business ventures can safely be established in Oman.
When establishing a company in Oman, an interested investor must do due diligence with regard to legal processes, international regulations, and sufficient investment for success. It is critical to understand cultural, social, and political factors of Oman that will affect the establishment and growth of one's business. Contact us or click on company formation in Oman to read additional information when setting up a business.
Bank account opening in Oman
With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Oman. This opportunity for international accounts and investments offers several advantages based on economic regulations and tax structures. Interest rates and fees vary depending on your interests.
When considering opening a bank account in Oman, one must enlist the help of international experts to guide them through the process. To find out more about our banking services click on bank account in Oman or contact us.