Qatar has always been one of the top players in grabbing the attention of business investor, industrialist, and entrepreneurs. It has opened gates to various business industries by providing them a podium to set up a business in Qatar and grow at an international level. The nation has similarly targeted the domain of science and technology. In order to boost the dedicated sectors, it has come up with a Free Zone in Qatar, known as Qatar Science and Technology Park. This park stands as one of the free zones in Qatar and grabs the ultimate attention of foreign investors who have an interest in the particular domain. If you are planning to set up a business in QSTP, this is all you need to know.
Business Activities in QSTP Free Zone
In QTSP, the following business activities are permitted:
- Technology development
- Research and Development
- Technology-based services
- Business development activities
When a business investors opt for one of the mentioned business activities, he gets the privilege of availing the following advantages.
Advantages of Setting Up a Company in QSTP
- No Qatari Shareholder is required
- QTSP is exempted of all types of taxes
- No import-export duties on the goods transacted
- Business entities can trade directly without taking the help of a local agent
You can see that the aforementioned benefits serve to be beneficial features that every investor looks forward to dealing with. Next, let’s have a glance at the documents required to initiate the process.
Documents Required to Set Up A Business in QSTP
In order to establish a company in QTSP, one needs to submit the following essentials.
- A brief background regarding the organization by stating its mission, vision, core objectives
- The implementation strategy
- The type of business entity
- A brief regarding the ownership agreements
- The business activities to be carried out
- Space required for office setup
- Lease Term
Specific Information Regarding Each Activity:
- Overall description
- The description regarding the technology being used
- The collaborations with outside organizations
- Revenue generation model
- Information related to the target market
How to Set Up a Business in QSTP?
The process of setting up a business in QTSP turns out to be very simple. One needs to make sure that to start a company in QSTP, it is mandatory to have at least 2 shareholders and a minimum capital of US$ 55,000. Next, you need to make sure that the essential documents stated above are in-hand. Once done, all you need to do is follow the below-mentioned steps accordingly.
1.Describe the business
In the very first step, you need to describe your business to the QSTP Authorities, so that they get a clear idea regarding what the business is all about and how it can benefit the economy.
2.Incline towards R&D
Since QTSP focuses on the science and technology domain, so you need to make while presenting the business plan, you need to prove that the major investment is inclined towards research and development
3.Select the Business Structure
Once you have been approved by the Authorities, you can choose to open a Limited Liability Company or a Branch Office, depending on business needs
Next, you need to obtain the business license. For this, you need to show financial and technical stability proof
5.Obtain Lease Agreement
Once the business license is obtained, you need to obtain the lease agreement
Thus you can see that the free zone provides various benefits and is leveraging its limits to boost the science and technology domain. Now, every country has their own legal laws that you need to follow while initiating a business. At this point, it is strongly recommended to take the help of professional experts who are well-versed the legal laws and can help you in the business setup process. At Commitbiz, we are dedicated to providing the same to our clients. Our team of experts have in-depth knowledge regarding Qatari law and will help you to deal with the legal processes. Apart from that, your business core pillars like accounting, taxation, visa services will also be taken care of. To initiate the process today, do contact us today- we’d be glad to assist.