Instructions issued for opening bank accounts for freelancers in Oman

Muscat: The Central Bank of Oman (CBO) has issued instructions to all licenced banks to extend banking services to freelancers.

This is in continuation to the initiatives under the National Employment Programme to support and provide incentives to freelancers.

The important features of the instructions include, opening bank accounts for commercial purpose of the freelancers, in accordance with the commercial registration issued by Ministry of Commerce, Industry and Investment Promotion (MoCIIP), as per the list of activities specified by the Ministry.

Banks must notify such customers to stop using their personal bank accounts for commercial transactions and shall take necessary measures to fully comply with the directives, within a maximum period of three months from the date of issue of the instruction.

CBO also urged banks to provide necessary credit facilities to this category of customers and permitted the banks to include within the percentages specified by CBO to finance Small and Medium Enterprises (SMEs).

Banks were also encouraged to extend the freelancers the same benefits and services offered to SMEs and employees working in the private sector.