Apart from the business plans of expansion within the country; as a first step in the international arena, it has tied up with Sultanate of Oman and Port of Rotterdam to be equal partners in a Joint Venture Company. Set in the Sultanate of Oman just before Strait of Hormuz, almost equidistant from Dubai (UAE) and Muscat (Oman), the Free Zone Sohar offers distinct advantages in term of location. Positioned 8 km only from the Port of Sohar, Free Zone Sohar offers an ideal location for downstream industries, logistics and business growth. Friendly incentives and the global connectivity mean that business opportunities are easy.
An area of 4500 Hectares has been allotted to Sohar Free Zone LLC under the provisions of a Royal Decree 123/2010 by Sultanate of Oman.
As per the mandate the company / developer / co-developer / users shall be:
- Solely Responsible for specifying the prices of Product / Services and for its workers subject to Rules & Regulations of Free Zone.
- Exempted from Taxes for 10 years with permissible extension of 5 to 25 years with minimum of 15% Omanisation levels (Omanisation meaning employment of locals in the project).
- Having right to repatriate profits & investments.
- Having no personal income tax.
- Having no currency restrictions or duty on Imports / Exports.
- Having no minimum capital requirements (and last but not the least).
- Without a local sponsor and through its 100% owned company be able to operate overseas.
The first phase of 500 Acres after fencing, leveling roads, electricity and water supply already has been allotted on lease to international/ domestics player who have started developing the respective areas to cater to their / clientele’s needs. This logistically convenient zone is getting popular for the downstream activities related to main units operating within the Sohar Port.