Third Pathway and its Incentives & Criteria

Encouraging the Transformation of Limited Liability Companies into Closed Joint-Stock Companies

The third incentive package is designed to encourage LLC companies to transition into SAOCs as part of an introductory phase. This initiative helps companies gradually implement governance requirements before transitioning to SAOGs.

• Criteria for Benefiting from Incentives in the Third Market:

1. The duration for benefiting from this package extends for two years from the date of the company's transformation to an SAOC.
2. The company must have at least three partners. The company may commit to adding the third partner after the approval of its application by the ministry.
3. The market value of the company must be no less than 500,000 Omani Riyals, which must be proven by submitting audited financial statements from an audit and review office accredited by the Financial Services Authority.
4. The number of Omani citizens employed by the company must be no less than 20.
5. The company must have permanent licensed premises for conducting its economic activities.
6. The company must be compliant with tax payments and have no outstanding obligations with the Tax Authority.
7. The company must meet the in-country value criteria.