MUSCAT, SEPT 25 - The Oman American Business Center (OABC), in partnership with Al Busaidy Mansoor Jamal & Co (AMJ), organised a seminar on the basics of corporate law and finance.

Titled ‘Survive to Five: Navigating Financial and Legal Aspects for Companies in Oman’, the seminar was delivered by AMJ Senior Associate Asad Qayyum to help new companies of all sizes establish the legal and financial frameworks required to achieve sustainable success.

Emmee Haun, co-founder of the OABC, said, “The OABC has a very wide variety of members, from large corporations to SME’s, and we try to hold events that will give practical help where it’s needed for each member.

This event was a great way to assist members who are living in the intensity of those early days of opening a business, a season that can last for several years. For young companies, the early days can be a challenging but foundational time, and as the OABC, we want to help them succeed in any way we can.”

The seminar was divided into six categories, with each focusing on a different organisational aspect integral to the development of new businesses. Starting with ‘Business Formation’, other steps included ‘Tax Information’, ‘Employment Issues to Consider’, ‘Intellectual Property’, ‘Key Customers/Supplier Relationships’, and ‘Networks and Support Organisations in Oman’.

Qayyum also commented, saying, “Setting up and running your own business can be very exciting and rewarding.

However, no matter how brilliant your business idea is, without a solid legal and financial foundation, you run the risk of becoming one of the ‘4 out of five’ startups that statistically fail in the first five years. This seminar will help them avoid a number of common pitfalls faced by entrepreneurs no matter what sector they are operating in.”

According to recently released statistics, the OABC has grown more than threefold over the last several years and has risen to become one of the Sultanate’s most active business groups with 15-20 events annually. With 81 per cent of its members executives in their respective organisations, the organisation regularly welcomes some of the region’s most prestigious entrepreneurs and business experts to share key insights and advice with its members.