Lawyer
An expert in corporate and international corporate law. He has many years of experience in establishing and reorganizing companies, supporting M&A transactions, as well as providing legal support for opening and running a business in the EU, Asia, and North America.
Opening a bank account in Oman
Oman’s banking system is regulated by the Central Bank of Oman (CBO), which oversees financial institutions, licenses banks and complies with international standards.
Banking activity is regulated by the following basic regulatory acts:
- Banking Law of Oman, which defines the rules for all banks operating in the country.
- Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulations that meet international standards.
- Instructions for opening accounts for residents and non-residents, which include KYC (Know Your Customer) verification.
These legal frameworks create a safe environment for banks to operate and guarantee the protection of clients’ interests. At the same time, banks in Oman offer a wide range of accounts for individuals and legal entities.
The most common are:
- Current accounts (Current Accounts)– accounts are designed for day-to-day transactions and provide access to funds through checks, debit cards or online banking.
- Savings Accounts –accounts that allow you to save funds with interest accrual. Deposit accounts are ideal for customers who want to accumulate savings.
- Foreign Currency Accounts –accounts that allow you to keep funds in foreign currencies, such as US dollars, euros or pounds sterling, which is convenient for international trade.
- Corporate accounts (Corporate Accounts) –intended for legal entities doing business in Oman. These accounts allow you to carry out large financial transactions, pay salaries and manage capital.
- Investment accounts (Investment Accounts) –accounts that allow customers to invest in various financial instruments, such as funds or shares, with the support of the bank.
Regarding the requirements for opening a bank account:
For individuals:
- Valid passport (for foreigners) or ID card (for Omani citizens).
- Resident visa (for non-residents).
- Proof of residential address (e.g. utility bill).
- Source of income (salary certificate, contract or statement from another bank).
For legal entities:
- Company registration certificate.
- Company memorandum and articles of association (MOA/AOA).
- Decision of the board of directors on opening an account.
- Beneficiary documents (passports, residence visas, proof of address).
- Confirmation of funding sources (investment agreements, contracts).
Both local and international banks operate in Oman, including:
- Bank Muscat –the country’s largest bank, popular among corporate clients.
- Oman Arab Bank –offers a wide range of services for business.
- HSBC Oman –suitable for international entrepreneurs.
- Bank Dhofar –known for its convenience for individuals.
To open a bank account, the client must contact the selected bank and provide all the necessary documents. A standard application form is also filled out, which includes information about the customer, account type and purpose of use.
Next, the bank checks the client’s identity, sources of income and legality of financial transactions. This is a key step that can take several days or weeks.
After a successful verification, the bank opens an account and issues access data to the client (account number, online banking, cards).
Account opening and maintenance costs:
- Administrative costs. Some banks may charge a fee of $50 (20-50 OMR). Monthly account maintenance fee: $10 to $25 (OMR 5-20) depending on account type.
- Transaction fees.Transfers between accounts of the same bank: usually free. International transfers: $25 – $80 (OMR 10 – 30) depending on the amount and currency.
- Costs for keeping currency accounts. Exchange rate differences can affect the cost of maintaining a currency account.
Features of opening an account in Oman:
- KYC verification procedure – there is an increased control over customers may extend the account opening time.
- Residency requirements – many banks require a residency visa for individuals to open an account.
- High costs for international transfers – fees can be significant for customers who regularly make international transactions.
Therefore, we recommend that non-resident foreign entrepreneurs prepare all the necessary documents in advance, and plan their time for effective interaction with banks, as well as choose a suitable financial institution in advance, taking into account its tariffs and available services.
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Protection of honour, dignity, and business reputationContract Development for Business and Legal Entities
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REGISTRATION OF COMPANIES AND OPENING OF BANK ACCOUNTS
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