Doing Business in Oman - RSM International

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Chapter 6: Accounting 6.1 Accounting requirements As per the Oman Commercial Law, all commercial entities must maintain proper books of accounts. The books of account have to be maintained in Oman and the books can either be in Arabic or in English. The accounts have to be maintained in Rial Omani unless specific permission is taken for maintaining in any other currency. The books of accounts and supporting documents have to be retained for ten years. The accounts have to be maintained on accrual basis of accounting and in accordance with generally accepted accounting principles. International financial reporting standards (IFRS) Oman has adopted International Financial Reporting Standards (IFRS). Every joint stock company must prepare its financial statements in accordance with the requirements of IFRS. Other business entities in Oman are also generally following IFRS. 40 | DOING BUSINESS IN OMAN
Chapter 7: Intellectual Property Rights Oman is a member of the World Intellectual Property Organisation (WIPO) and has taken measures to promulgate legal provisions to protect intellectual property rights. The Copyright and Related Rights Law (Royal Decree 65/2008) - protecting the rights of authors of literary, artistic and scientific works; and the Industrial Property Rights Law (Royal Decree 67/2008) promulgated in 2008 consolidated the law relating to trademarks, industrial designs, geographical indications, integrated circuits and patents, to bring the law in line with the conventions, agreements and laws of WIPO. 7.1 Patents A law on patents issued in October 2000 establishes a facility for the registration and protection of patents. Patents may be registered for a term of 20 years with Intellectual Property Department of Ministry of Commerce and Industry. 7.2 Trademarks Royal Decree No. 38/2000 promulgated the law that protects trademarks, trade information, trade secrets and trade against illegal competition and infringement. Trademarks include words, letters, signatures, drawings and similar symbols used to distinguish commodities, products and services. Both local companies and foreign companies with no physical presence in Oman may apply to the Department of Trademarks for trademark protection. Trademarks are protected for renewable ten-year periods from the date of their registration with the Ministry of Commerce and Industry. 7.3 Copyrights Royal Decree No. 37/2000 promulgated the law on copyrights and related rights. Copyrights are protected for the lifetime of the author and 50 years thereafter. The copyright may be registered with Intellectual Property Department, Ministry of Commerce and Industry. DOING BUSINESS IN OMAN | 41
Page 1 and 2: George Mathew & Co Correspondent fi
Page 3 and 4: Forward The aim of this publication
Page 5 and 6: Page Chapter 7 Chapter 1: General 1
Page 7 and 8: Chapter 1: General 1.1 Oman - an in
Page 9 and 10: 1.10 Government Oman is an absolute
Page 11 and 12: Chapter 2: Types of Business Entiti
Page 13 and 14: Closely held joint stock company -
Page 15 and 16: 2.3 Foreign investment entities For
Page 17 and 18: 2.6 Comparison of main investment v
Page 19 and 20: 2.8 Capital contribution For a Limi
Page 21 and 22: Chapter 3: Foreign Exchange Control
Page 23 and 24: Chapter 4: Taxation DOING BUSINESS
Page 25 and 26: University education, college or hi
Page 27 and 28: Rates of tax Every taxable entity i
Page 29 and 30: iv. Carrying on any other activity
Page 31 and 32: Non-deductible expenses The followi
Page 33 and 34: 4.10 Due date of tax returns filing
Page 35 and 36: Chapter 5: Employment Labour relati
Page 37 and 38: 5.8 Welfare benefits Social securit
Page 39: Chapter 6: Accounting DOING BUSINES
Page 43 and 44: Chapter 9: Investing in Oman DOING
Page 45 and 46: Oman is ranked 3rd out of 17 countr
Page 47 and 48: i. Export insurance coverage to Oma
Page 49 and 50: Chapter 10: Listing Rules DOING BUS
Page 51 and 52: Regular market Shares of companies
Page 53 and 54: Chapter 11: Relevant Websites or Fu
Page 55 and 56: Chapter 12: Contacts DOING BUSINESS
Page 57 and 58: RSM Contacts RSM International Exec
Page 59 and 60: DOING BUSINESS IN OMAN | 1

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