Qatar offers an excellent environment for doing business in the country. It has registered high GDP figures and excellent economic growth for the past few years. The Government of Qatar offers substantial incentives to businessmen, including the freedom to transfer all profits to the investor's country of origin. The law of the land even permits up to 100% foreign ownership in sectors of manufacturing, agriculture, health, tourism, and education.
Benefits of Having Business Set Up in Qatar
Doing business in Qatar can help companies in the following ways:
- No income tax payable on wages
- No taxation on exports
- Customs duties as low as 5%
- Complete transfer of profits to own country
- Low corporate tax of 10%
- Highly developed infrastructure
- Inexpensive workforce
- Simple recruitment procedures
- Supportive banking services
Categories of Business in Qatar
Qatar recognizes seven categories of business by the law. These include:
- Simple Partnership Company
- Joint Partnership Company
- Joint Venture Company
- Public Shareholding Company
- Limited Share Partnership Company
- Limited Liability Company
- Holding Companies
How to Start a Business in Qatar
The following key requirements are crucial to setting up a business in Qatar
Analyzing the Market
If you wish to grow your business in Qatar, your success will largely be determined by your understanding of the market. You need to have a thorough grasp of the local procedures, players you will be competing with, and ways to make inroads. This will ensure that every cent you spend on establishing your business in Qatar will be well invested and worthwhile.
Picking the Right Partner
As a norm, a company should be wholly owned by a Qatari or Qatari individual must own at least 51% of the share capital of a company incorporated in Qatar. So partnering is critical to the success of your business. Ideally, partners with similar ideas, values, and ambition make for a solid partnership. Finding such a partner in Qatar can make the going very easy for you.
Incorporating a Company
To incorporate a company in Qatar, there is a need to follow specific procedures based on detailed documentation and accurate submission. The process includes registering with the Ministry of Economy and Commerce in Qatar and acquiring a membership at the Qatar Chamber of Commerce and Industry. Besides these, a startup has to procure a trade license, signage license, immigration card, and other additional licenses before starting operations. Other requirements include: depositing a minimum share capital of QAR 200,000, primarily determined by the nature of the business, in a Qatari bank and obtaining residency permits; registering with the Public Revenues and Taxes Department, and registering employee contracts with the Ministry of Labor.
Other crucial requirements include authenticating notarized documents from foreign countries at Qatar embassy, obtaining office space before applying for trade license, and obtaining work visa and residency permit.
To meet these requirements, you need to know the procedures thoroughly. Teaming up with the right advisors will ensure every criterion for doing business in Qatar is strictly met
How we Help to Invest in Qatar
Commitbiz offers a complete range of Qatar company formation services starting from consultancy to complete incorporation. We have extensive knowledge of the country’s local business and the land’s rules and regulations and so can perfectly guide you to set up business seamlessly in the shortest possible time. We bank on her high level of personal involvement to get things done without any hassles whatsoever.
For more information call us today!