Opening a Bank Account in Oman

What Banking Services Do You Need?

Personal Bank Account | Personal Checkbook | Bank Credit Card | Corporate Bank Account
Corporate Checkbook | Corporate Internet Banking | Corporate Visa Card | POS Machine?

Contact Us!

Oman is a beautiful country in the Arabian Peninsula with a dynamic economy and attractive investment opportunities. Its political stability, developed infrastructure, and free trade policies make Oman an ideal destination for investors and entrepreneurs.

Moreover, Oman is recognized as a hub for international trade due to its friendly policies and good relations with all countries in the world.

Bank Account in Oman

Opening an international corporate account is mandatory for starting any business in Oman. However, due to issues faced by both foreign and Omani investors after opening corporate accounts and obtaining checkbooks, banks have become stricter in this regard.
In fact, banks need to be convinced that you have truly established a business before approving a corporate account.

Visa Card Oman’s banks (personal and corporate) offer Visa cards that are valid and accepted worldwide in all online and physical stores.

Why Open a Bank Account in Oman?

Oman is chosen by international investors and business managers as one of the most thriving platforms due to its neutrality, political stability, and currency stability. The Sultanate provides a gateway for businesses to transfer and expand business ideas from one country to another. The idea of setting up a business in Oman does not end with the fair process of opening a corporate bank account but extends to several stages ahead, including tasks like dealing with taxes, visas, IP services, etc.

Benefits of a Bank Account in Oman

Omani banks follow all the standard modern banking procedures such as ATM cards, PINs, etc.

• Currency stability
• High security due to Oman’s friendly policies with all countries
• Online payments and shopping from all sites worldwide
• Fast money transfers to your home country or any other country
• Tax exemption
• Ability to create an international banking gateway
• Interbank transfers
• Use of global infrastructure and standards
• Use of bank cards in GCC member countries
• And more…

For personal bank accounts in Oman, some banks offer favorable conditions for group accounts, so you may be able to set up an account in your employer’s bank, allowing for the swift receipt of your salary upon the employer’s request for automatic monthly transfer to your account.

Major Banks in Oman for Opening Personal and Corporate Bank Accounts

• Bank Muscat (Our recommendation for Iranians)
• Bank Dhofar (Our recommendation for Iranians)
• Bank Sohar
• National Bank of Oman
• Alizz Islamic Bank
• Oman Arab Bank
• Bank Nizwa
• Ahli Bank
• Oman Beirut Bank
• HSBC Oman

As you can see, the Omani banking industry offers numerous options for business investors to begin the process of opening a bank account. As mentioned above, the various Omani banks are designed to cater to different business structures, so making the right choice based on your business needs is essential.

Opening an Account at Bank Muscat

Bank Muscat (Muscat Bank) is the largest state-owned bank in Oman, offering a wide range of banking services to both individuals and businesses. The bank is also active in investment, project financing, and international trade.

Required Documents for a Personal Account:

1. Commercial Registration
2. ⁠Residence Card
3. ⁠Original and Copy of Passport 
4. Introduction Letter from the Company

Required Documents for a Corporate Account:

1. Commercial Registration
2. Affiliation Certificate
3. ⁠Tax Registration Document
4. Minutes of the Account Signatories Meeting 
5. Sanctions Statement (Non-cooperation with the FATF blacklist) 
6. ⁠Residence Card
7. Copy of shareholders’/signatories’ passport
8. Board of Directors’ meeting minutes regarding the opening of a limited liability company account
9. Lease contract or rental agreement
10. Company stamp
11. Purchase + sales invoice + catalog

Opening a Bank Account in Dhofar Bank Oman

Dhofar Bank is one of the largest private banks in Oman, providing retail and corporate banking services to its clients. The bank also operates in the Islamic banking sector.

Required Documents:

1. Commercial registration
2. Proof of attribution
3. Tax registration document
4. Minutes of account signatories meeting
5. Sanctions statement (non-cooperation with FATF blacklist)
6. Residence card
7. Copy of shareholders’/signatories’ passport
8. Board of Directors’ meeting minutes regarding the opening of a limited liability company account
9. Company stamp

Sohar Bank

Sohar International Bank is one of the leading private banks in Oman, which has earned a special place in the country by offering innovative and high-quality services to its customers. The bank was established in 1998 and has been continuously growing and developing over the past two decades.

Required Documents:

1. Commercial registration
2. Proof of attribution
3. Tax registration document
4. Minutes of account signatories meeting
5. Sanctions statement (non-cooperation with FATF blacklist)
6. Residence card
7. Copy of shareholders’/signatories’ passport
8. Board of Directors’ meeting minutes regarding the opening of a limited liability company account
9. Company stamp

How to Open a Bank Account in Oman?

To start the process of opening a corporate bank account in Oman, strict regulations must be followed, which involve a lot of paperwork. Expats who have established their companies in Oman often hire a business consultant who can make the process of opening a company account much easier. Let’s take a look at the important documents that need to be submitted:

• Identification card
• Two passport-sized photos
• Original and copy of residence card/ID card
• Lease agreement to prove residential address
• No Objection Certificate from the Omani employer stating the expected monthly salary to be deposited into the relevant accounts
• Introduction letter to the bank on company letterhead

Can My Family Open an Account?

Yes, your spouse and adult children are eligible to open a bank account in Oman, but you, as the primary income earner, are their practical sponsor.

What Type of Account Can Be Opened?

Two types of bank accounts can be opened for an investor:

• Personal bank account / 1 to 3 days
• Corporate bank account / 1 week to 1 month
• Obtaining a checkbook / 1 week

For a corporate account, all members of the company (shareholders) must have residency and be present.

Despite modernization efforts, banking services remain slow and frustrating for everyone.

Strictness for All

Some people mistakenly think that the strictness in opening corporate bank accounts is only for Iranians, but for us dealing with investors from all over the world, we see that even from the UK, USA, Canada, and Dubai, they face the same issue; therefore, the challenges in opening corporate bank accounts are not specific to Iranians and apply to all investors, regardless of the amount of investment. Different banks have different conditions for this purpose.
For example, the National Bank of Oman (NBO) insists on having pictures of the entrance of your commercial premises and may even request video footage of your business location.

Open a Bank Account with Connsect

One thing you should know about opening a bank account is that personal and corporate bank account opening is free, but individuals or legal entities may charge you a fee for this service, which is reasonable and natural. We can open a personal and corporate bank account (in Dhofar Bank) for you without needing your presence at the bank and without requiring any of the above documents, which is much better for Iranians compared to Muscat, Sohar, and the National Bank of Oman.

The bank account comes with a Visa card that can be used worldwide and on all online websites globally.

How to Open a Bank Account in Oman?

To start the process of opening a corporate bank account in Oman, strict regulations must be followed, which involve a significant amount of paperwork. Expats who have established their companies in Oman often hire a business consultant who can facilitate the account opening process in a much easier way. Let’s take a look at the important items that need to be submitted:

• Identification card
• Two passport-sized photos
• Original and copy of residency card/ID card
• Lease agreement to prove residential address
• No objection certificate from the Omani employer stating that the expected monthly salary will be deposited into the respective accounts
• Introduction letter to the bank on company letterhead

Can my family open an account?

Yes, your spouse and adult children are eligible to open a bank account in Oman, but you, as the primary earner, are their practical sponsor.

What types of accounts are opened?

Two types of bank accounts are opened for investors:

• Personal bank account / 1 to 3 days
•  Corporate bank account / 1 week to 1 month
• Checkbook issuance / 1 week

For a corporate account, all members of the company (shareholders) must reside in Oman and be present.

Despite modernization and efforts, banking services remain extremely slow and frustrating for everyone.

Strictness for Everyone

Some people mistakenly believe that the strictness in opening corporate bank accounts only applies to Iranians, but from our experience with investors from all over the world, we see that even from the UK, the USA, Canada, and Dubai, they face the same issue. Therefore, the challenges in opening a corporate bank account are not specific to Iranians but apply to all investors regardless of the size of their investment. Different banks have different requirements for this purpose.
For example, the National Bank of Oman (NBO) insists on having pictures of the front of your business premises and may even request video footage of your business activities.

Open a Bank Account with Connsect

One thing to know about opening a bank account is that opening personal and corporate bank accounts is free, but individuals and entities may charge you a fee for this service, which is reasonable and natural. We open personal and corporate bank accounts (at Dhofar Bank) for you without requiring your presence at the bank and without needing any of the above documents, which is much better for Iranians than Muscat, Sohar, and National Bank of Oman.

The bank account comes with a Visa card that can be used everywhere in the world and on all online websites worldwide.