The concept of free zones has turned the Middle East countries to be an emerging business hub. Not only it helps in roping in industrialists from different regions of the world, but it has leveraged the thought-process of business investors to a great extent. Speaking about Qatar, it has got a stronghold when it comes to a business establishment and has been ranked in the top 40 countries for business by Forbes. Alike, the other neighboring countries, Qatar also have got free zones that welcome business investors, industrialists, entrepreneurs to build their business foundations. Starting a business in Qatar turns out to be a more favorable option for them due to the presence of its free zones. Let’s have a look.
Qatar Free Zones
As stated above, the nation holds free zones in its arena. Free zones in Qatar are -
These zones have been specially designed to focus and built-in the focused industries and to uplift them at an international level. In Qatar, we have:
1. Qatar Science and Technology Park
Located in Qatar’s Foundation Education City, this technology park was established in 2009 with an aim to provide a home to technology-based firms. This zone comes with a lot of incentives that meets the expectations of the business entities. Some of the renowned companies that bask in its zone hold Microsoft, Shell, and GE etc. Some of the activities carried out at QSTP involve:
- Technology developments
- Education and training
- New business development
- Research and Development etc.
Thus you can see that this free zone completely concentrates on the technology domain to give an emerging platform to the business entities. Now, let’s move on to the next free zone.
When it comes to the finance domain, Qatar is nowhere back. The nation has established a complete free zone that concentrates on the financial aspects. Established in the year 2005, QFC is located in Doha and provides legal and business infrastructure for financial services. It provides an opportunity to deal with a legal framework that closely works on money managing in the emerging markets. The free zone has extended its limits and now also includes the non-regulated activities. A wide range of activities carried out in the QFC involves:
- Asset Management
- Insurance/ Re-insurance
- Islamic Finance
- Investment Advice etc.
In short, we can say that these two free zones open a gateway to many business industries dealing in the specific domains. It helps the business entities to grow and stand at international level. If your business lies in the above-stated domains and you want to give an international exposure to your business entity, you can count on Qatar. Once you have reached this point of your business decision, you should have better clarity regarding the different benefits that you can avail by incorporating a business in Qatar. Let’s proceed.
Benefits of Setting Up a Company in Qatar Free Zone
By establishing a company in any of the free zones in Qatar, you will be able to avail the following benefits:
- 100% Foreign Ownership
- Strategic Location
- 100% Repatriation of investments and profits
- 10% of corporate tax
- The absence of Currency Restrictions
- Easy availability of Residence Visa
- Modern communication facilities
- A wide range of licensable activities
- A transparent legal and regulatory framework
Now, since you have got an idea about the benefits provided by Qatar Free Zones, the next step that you should focus is to be clear about the documentation process, which serves to be very essential.
Documents Required to Set Up a Business in Qatar Free Zone
In order to start a company in Qatar free zone, you need to hold the following:
- Information regarding the firm
- Detailed description business plan
- Research plans to be submitted (in case of QSTP)
- Bank statement for financial stability
- Shareholders ID proofs
Thus, you have got an overall idea as to why business investors choose Qatar as their business platform. All you need to make sure is that the above-stated documents are in-hand before you move into the core process of establishing your company in QSTP or QFC.
Qatar Free Zone Company Formation Process
In order to establish a company in Qatar Free Zone, you need to go through the following process:
- Reservation of company name with the commercial registry by paying a fee of QAR 1000-1500
- Next, you need to open a bank account by depositing the paid-up capital
- Getting the Articles and Memorandum of Association drafted
- Obtain the necessary license from the government authorities
- Get TIN registered with the Public Revenue and Tax Authority
- Get the company seal
All the aforementioned steps are to be followed accordingly so as to bring the business entity into the active form. All you need now is a business consultant who can help you in carrying out the business process and guide you regarding the legal formalities. If you wish to start your company in Qatar Free Zones, do contact us today- we’d be glad to assist.