Over the years, Qatar has developed a reputation as one of the Middle East's wealthiest nations. But whereas Qatar's riches used to be mostly based on the oil business, it has made considerable progress recently in diversifying its economy.
As a result, business owners in numerous industries are prospering here. And because many are just getting started or are in new jurisdictions, they require support and direction now more than ever.
It's a fantastic moment to launch a consulting company in Qatar right now. So read on to find out if you have what it takes to counsel and advise these businesses.
Why Start a Consulting Company in Qatar?
Investment and economic stimulus are at a fever pitch as the globe turns its attention to the nation as it prepares for the FIFA World Cup. With over 1.5 million visitors expected, the World Cup alone is predicted to increase the economy by up to USD 20 billion.
Additionally, as part of its National Vision 2030, the nation's government is spending USD 200 million on various initiatives and businesses. In addition to a thriving economic environment, entrepreneurs establishing businesses in Qatar can profit from 100% ownership of their consulting firms.
Additionally, there is no tax on wages or salaries; however, there is a 10% tax on corporate earnings. Entrepreneurs who own a company in Qatar are also qualified to live there.
Entrepreneurs that want to operate independently in Qatar must find local sponsorship and secure a Ministry of Labour permission. It is not advisable for international workers to visit Qatar in search of freelancing.
How to Scale Your Consulting Business?
Extending your skill set is one of the quickest and best methods to scale your consulting firm. This could entail looking at ways to apply your present knowledge and expertise to other industries or adding additional smart people to the team.
You don't need to make a costly hire just yet, so don't stress. Instead, think about collaborating with consultants with complementary abilities so you can cross-sell for one another.
Making your knowledge and suggestions into a product is another strategy. Sales of your services will be simpler as you can more clearly define what customers will receive in exchange for their money.
How to Get Included on the List of Consulting Companies in Qatar?
It might be challenging to launch a business in Qatar, especially if you are a foreigner. But when you collaborate with the Commitbiz team, we make it simple.
Following a brief consultation, we will walk you through the subsequent easy stages.
Get a Company Name Reservation
Choosing a name for your business is the first important step. The naming conventions used in Qatari business must be followed.
Simply said, you must only use language that can be translated into Arabic, and you must avoid any words that can be construed as insulting or blasphemous. We will assist you in registering your name with the Ministry of Economy and Commerce once you've decided on it.
2. Draft the Memorandum or Articles of Association
Then, our legal counsel will assist you in drafting your articles of association or your memorandum of association (MoA) (AoA). These are typically laid out in detail about your organization and its goals, much like a business strategy.
3. Attest the MoA/AoA
Your MoA or AoA must now be attested by the appropriate Ministry of Justice department.
4. Apply for a Trade Licence
It is time to apply for your tax certificate and trade license after your MoA or AoA has been verified. I am submitting this application to the MEC.
5. Find an Office Space
Every mainland Qatari company is required to have a registered business address. Therefore, you must locate and rent an office or workspace before you can engage in trading.
6. Apply for the Business Documents
Following the approval of your trade license application, we will assist you in requesting your establishment card from the Ministry of Interior.
7. Tax Registration is Mandatory
Before you may begin doing business in Qatar, you must also register your company with the Public Revenue and Tax Authority and know about taxation in Qatar. You will obtain your Tax Identification Number once you register (TIN).
8. Get a Company Seal
You will get your firm seal and be able to trade once you have finished the aforementioned stages.
Cost of Starting a Consulting Company in Qatar
In Qatar, incorporating a consultancy firm will run you about $10,000. But this should only be viewed as a beginning point.
You must also factor in the cost of your visa, office space, share capital, and any potential staffing or equipment expenses. Get in touch with the Commitbiz team for a detailed cost breakdown that is tailored to your needs.
Become One of the Top Consulting Firms in Qatar with Us
We offer the best-rated business services on the market and are available to provide guidance throughout the entire company formation process and beyond. There are no ambiguous or extra fees with any of our charges.
To prevent any unwanted surprises, we take the time to explain each procedure and the associated charges fully. With our aid, virtually all paperwork for your business setup can be submitted remotely or online, speeding up the procedure.
Additionally, we offer free document pickup and delivery to your home. In the end, our business is your business, and we stand out from the competition with our attention to detail, expertise, and client focus. To use this service for yourself, get in touch.
What is the cost of starting a consulting company in Qatar?
Around 10,000 USD.
Which authority issues the establishment card in Qatar?
The Ministry of Interior.
Which authority will issue the tax identification number in Qatar?
Public Revenue and Tax Authority.
Which authority registers the business name in Qatar?
The Ministry of Economy and Commerce.