Freelancers and Independent professionals in Oman should open bank accounts: CBO

Central Bank Of Oman issues instructions to banks to facilitate the opening of bank accounts for commercial purposes for those with freelancing and independent professions, and to provide the necessary credit facilities for this category

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.

more recommended stories

Terms of Use:

  • This website Arabian Daily is an individual’s property, not used for any commercial or sales purposes. What you see here are one’s random thoughts in action. I, by no means, endorse any product or party through this, unless stated explicitly.
  • All work you will find here is copyrighted unless stated otherwise. No part of this work can be reproduced in any way with the exception of a) if you share our work, it should link back to this website; b) if you quote any part of our work, it should be properly credited to us with a link to this website.
  • All images used on this website have been taken from open source image websites on the Internet. If any of them are copyrighted to you and you want us to take them down or add credits, please feel free to contact us here, or by using the contact form on this page.
  • The views expressed on Arabian Daily are solely ours. They do not represent any party or any particular school of thought. This website does not promote racism in any form.
  • Privacy Policy:
    This website will respect the readers’ and the writer’s privacy. We do not sell any of their personal or contact information to another company. We do not put your information on spam lists. Also, and more importantly, we are not responsible for the privacy practices of any of our advertisers or website commenters.
  • Reserve Rights: We reserve the right to change the focus on this website, to shut it down, sell it or to change the terms of use at our own discretion.