Financial statements must be prepared according to International Financial Reporting Standards (IFRS). Exceptions may be allowed if approved by the Tax Authority.

The first accounting period begins on the company’s registration date and can last up to 18 months. After that, a fixed 12-month period must be used. Any subsequent change requires prior approval from the Tax Authority.

All accounting records must be kept for a period of 10 years.

Annual returns are mandatory filings submitted to the Ministry of Commerce, Industry, and Investment Promotion (MOCIIP). They provide a snapshot of a company’s financial status, shareholder structure, directorship details, and business activities for the previous financial year.

Typical documents include:

• Audited financial statements
• Corporate tax return filings
• Updated shareholder and director information
• Business activity reports
• Changes to the company’s Memorandum of Association (MOA) or Articles of Association (AOA), if any

Yes, all financial statements must be reviewed and signed by a licensed auditor. The auditor verifies the accuracy of the financial reports and compliance with regulations.

Returns must be filed within six months after the end of the company’s financial year. Late submissions can lead to fines, restrictions on business operations, or even suspension of the trade license.

Companies can submit their returns via:

• MOCIIP online portal
• Physical submission at MOCIIP offices
• The process also involves paying any applicable government fees and obtaining an acknowledgment receipt.

Businesses should:

• Keep accurate and updated records of all filings
• Set reminders for deadlines each year
• Maintain proper audit documentation
• Ensure all changes in company structure or directorship are reported

Useful Links:

• Business Portal Oman
• Licensing – Business Portal Oman
• Investor Journey – Invest Oman
• Tejarah Platform
• Doing Business in Oman – Al Tamimi
• PwC – Doing Business in Oman
• How to File Annual Returns in Oman