Sohar Freezone incentives provide ideal environment for long-term business growth

Business Wednesday 12/April/2023 15:33 PM
By: Times News Service
Sohar Freezone incentives provide ideal environment for long-term business growth

Muscat: Continuing to drive growth for new and expanding local and international businesses, Sohar Freezone has extended its competitive rates on General Trade License (GTL), allowing businesses from around to base themselves within the complex at a reduced rate for up to three years.

Companies can save up to 50 per cent on the regular rates and begin trading immediately by using Sohar’s electronic portal to secure all required permits through the on-site one-stop. Sohar Freezone is targeting further growth in 2023 and has extended its competitive rates for new and renewing tenants to encourage trading in an already rapidly expanding Sohar Port and Freezone.

Businesses seeking to relocate can also access a complete working solution through Corporate Parks, Sohar’s commercial office partner, which offers a reduction of between 15 per cent and 40 per cent in office rental rates for up to three years to help their operations thrive.

Investors can 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, with no minimum capital requirement. Meanwhile, the partnership with Corporate Parks offers businesses access to meeting room space with high-speed internet and utilities included for one competitive annual fee.

The success stories emerging from Sohar Freezone have highlighted its unique value as a rapidly growing business hub. Companies from diverse sectors such as automotive and metals, polymers and chemicals have all benefitted from our strategic position and access to raw materials. The logistical and financial incentives, such as exceptional transport links to key markets and low rates, provide an ideal trade gateway to neighbouring countries and beyond for companies looking to establish a presence in the region and enjoy a multitude of benefits within an environment that encourages long-term business growth.