New incentives unveiled to encourage investment in Sohar Freezone

Muscat: Sohar Freezone has introduced new incentives to help businesses start trading with the world immediately.

Until the end of 2022, new and renewing tenants can purchase a General Trade Licenses (GTLs) for one, two or three years at up to 50 per cent of the usual cost. Sohar is also offering a complete working solution for companies looking to relocate to the complex through its commercial office partner, Corporate Parks, which offers a reduction of between 30 per cent and 45 per cent in office rental rates for up to three years.

The new offers are designed to encourage investment in Sohar across all sectors and provide the spark for existing businesses to take the next step in their development. Companies can enjoy all of the benefits of working and trading in the freezone with added flexibility and greater cost-efficiency.

Sohar Port and Freezone is one of the fastest-growing complexes of its kind in the world. Located at the crossroads of East and West, the complex offers unrivalled access to key markets in Europe, Africa, Asia and the Americas, as well as across the Middle East through well-connected modern highways. The Sohar Freezone offers sector-specific zones and clusters, and integrated, bespoke logistics solutions across the value chain, with warehousing and cold storage facilities available. The Freezone is connected to Sohar Port through a bonded transport corridor and is reachable within 14 minutes, ensuring goods reach their destination in optimal condition.

Omar Al Mahrizi, CEO of Sohar Freezone & Deputy CEO of Sohar Port, said, “Sohar is committed to supporting the growth of new and existing business throughout the complex and by offering reduced rates on GTLs and office space, we are introducing another incentive for companies to join or expand their operations within the rapidly-expanding freezone. We also cater to the rising demand for hybrid working environments by offering cost-efficient office space within close proximity to a wide range of local and international clients for the times when face-to-face meetings are essential. Being based in Sohar offers a wealth of advantages to companies, including access to raw materials, a world-class port and exceptional transport links to key markets.”

With competitive rates starting from one to three years, companies can register for a Sohar GTL electronically from anywhere in the world and secure all required permits through the on-site one-stop-shop. Investors also enjoy 0 per cent personal income tax, 0 per cent import and re-export duties and a corporate tax holiday of up to 25 years.

The partnership with Corporate Parks allows businesses access to meeting room space when required, high-speed internet and utilities for a single annual fee. Options start from a one-year to three years, including a  reduction of 45 per cent on the normal rate offered.