Banking in Oman: A Gateway for Investors Facing Compliance Issues

Opening a bank account often turns into a series of delays and uncertainty in most countries due to increased compliance by the local and international regulators. Not always due to lack of financial strength or business clarity, but sometimes because of how regulations are framed around many factors such as geographical locations with sanctions or without sanctions, i.e، high-risk countries, nature of the business activity ،i.e، general trading or consultancy, and nationality of the investor. These restrictions can make legitimate entrepreneurs face repeated refusals, no matter their compliance record. Oman, however, is shaping a more responsive environment for those looking to bank and build without the usual delays.

Oman’s policy and banking reforms aren’t simply patchwork changes. They reflect a conscious shift toward better alignment with business needs, particularly for foreign investors who often face complex hurdles elsewhere.

We at Jitendra Consulting Group guide SMEs, corporates, and entrepreneurs in setting up companies and Oman bank accounts without the common headaches. Let’s see why Oman stands apart from the crowd.

Reforms That Speed Up the Process

Royal Decree 2/2025 introduced a more structured legal foundation for banking operations in Oman. One key update is the reduction of the banking licence decision period from 120 days to 90. Though the number may seem small, the change signals something larger, a move toward faster, transparent processes that are better suited for today’s market conditions.

Another feature is the full recognition of digital banks by the Central Bank of Oman. These institutions now operate as regular banks, offering a proper route to account opening with full onboarding done remotely. For those who used to travel just to complete paperwork or verify documents, this is a big change. Remote applications are no longer theoretical; they are active and in use. The result is not just speed but greater fairness for those whose physical location used to count against them.

Oman’s rules now support more efficient interactions. While regulations remain in place, they are being applied with better judgment and a clearer understanding of risk beyond nationality. This offers a pathway for entrepreneurs to operate without waiting endlessly.

Practical Checks Over General Restrictions

In many countries, nationality often overshadows all other factors during compliance reviews. Oman has chosen a different route. Banks are expected to follow a risk-based approach. This means they assess financial activity, intent, and track record rather than broadly limiting applications based on origin.

Due diligence does still apply. Applicants must show clarity in business activities and transparency in funding sources. However, if the records are clean and the business intent is well documented, the banks are now more open to progressing the account process. The change doesn’t lower security; it balances control with fairness.

CBO guidelines give banks more room to act confidently. They no longer need to delay or reject based only on restrictive lists or rigid nationality checks. This makes banking more predictable for applicants who otherwise have few options and gives them room to operate legally and transparently.

Why Investors Are Paying Attention to Oman

Oman’s approach appears to align with what most foreign investors seek: fairness, clarity, and fewer assumptions. There is no fast-track or back-door, but the rules now allow genuine business actors to move forward. Here’s why many entrepreneurs are starting to take notice of Oman LLC foreign registration:

• Remote onboarding processes are now supported by regulated digital banks.
• Licensing periods are shorter, thanks to Royal Decree 2/2025.
• There are no nationality-based blanket rejections.
• Banks rely on behaviour, not assumptions, to evaluate applicants.
• Regulatory guidance from CBO adds consistency to how banks assess risks.
• Investors from restricted regions find fewer operational roadblocks.

All these changes do not eliminate compliance. But they remove much of the unpredictability that previously discouraged legitimate investors. The reforms do not push business but allow it to proceed if conditions are met.

Digital Steps That Ease Setups

On 15 June 2025, Oman’s Public Authority for Special Economic Zones and Free Zones (OPAZ)(oman e-investor license opaz), in coordination with the Ministry of Labour, began offering a fully electronic Investor Licence application and issuance service. This digital system now connects seamlessly with many of the banking reforms.

For a foreign applicant, this means fewer steps, less travel, and more clarity. Instead of needing to visit offices in person, entrepreneurs can handle the full setup online. The coordination between the investor licence and banking procedures has been improved, meaning account openings follow a more organised track. Applicants can now understand where they stand at each stage. When systems talk to each other, results follow. And in Oman, that conversation between licensing and banking is clearly improving.

How Jitendra Consulting Group Can Assist

At Jitendra Business Consultants, we work closely with business owners, consultants, and corporates who face these very hurdles. We assist with preparing required documentation, checking regulatory compliance, and engaging with banking partners who understand the realities of international profiles..

Oman’s system now allows space for informed action. And with the right support, setting up operations and accounts here no longer feels like guesswork.

 Contact us today, and let’s build your future business in Oman.

Frequently Asked Questions (FAQs)

Can non-resident foreigners open bank accounts in Oman?

Yes, with recent reforms, foreign investors can now open bank accounts in Oman. Banks are shifting to a risk-based approach to evaluate financial activity and business intent, rather than implementing blanket rejections based on nationality.

Is it now possible to open a bank account remotely in Oman?

Yes, the Central Bank of Oman has officially recognized digital banks that offer fully remote account opening services. This eliminates the need to travel to complete paperwork and makes the process more efficient and flexible for international investors.

What are the most important recent legal reforms affecting Oman’s banking sector?

The most notable reform is Royal Decree 2/2025, which reduced the bank licensing decision period to 90 days. Additionally, new CBO guidelines have enhanced transparency and efficiency in application assessments.

Are bank account applications in Oman rejected based on the investor’s nationality?

According to the article, Oman’s banking system is moving away from blanket rejections based on nationality. Banks now rely on due diligence and assess the business record and transparency of funding sources, allowing legitimate investors to move forward.

How have digital updates facilitated business setup and banking procedures?

As of June 15, 2025, the Public Authority for Special Economic Zones and Free Zones (OPAZ) launched a fully electronic Investor Licence service, which integrates seamlessly with banking reforms. This digital coordination reduces the need for in-person visits and provides greater clarity at every stage of the process.