Freelancers must have separate work-related bank accounts: CBO
Published: 07:09 AM,Sep 04,2023 | EDITED : 11:09 AM,Sep 04,2023
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Muscat: The Central Bank of Oman (CBO) has issued 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.
CBO said freelancing and independent work are individual businesses that enable an individual to provide services or products without the need to establish a workplace or obtain a commercial license.
The Central Bank of Oman directed all banks to facilitate the opening of bank accounts for this category, considering assessing the risks of money laundering and terrorist financing and notifying customers who use their personal accounts for commercial purposes of the necessity of opening a separate account and providing credit facilities for this category and including them within the percentage specified by the Central Bank of Oman to finance small and medium enterprises.
The decision gives self-employed and independent professionals the same benefits granted to small and medium enterprises.
CBO said freelancing and independent work are individual businesses that enable an individual to provide services or products without the need to establish a workplace or obtain a commercial license.
The Central Bank of Oman directed all banks to facilitate the opening of bank accounts for this category, considering assessing the risks of money laundering and terrorist financing and notifying customers who use their personal accounts for commercial purposes of the necessity of opening a separate account and providing credit facilities for this category and including them within the percentage specified by the Central Bank of Oman to finance small and medium enterprises.
The decision gives self-employed and independent professionals the same benefits granted to small and medium enterprises.