- July 11, 2021
- Posted by: Ajmal
- Categories: Accounting, Business plans, Innovation
Advantages of a Company set up in Qatar
Qatar has become the most lucrative destination for foreign investors who want to set up different businesses in Qatar. The booming economy followed by liberal economic policies by the Qatari government has made Qatar the investment hub of the world. Many companies are looking for Qatari partnerships to open up businesses in Qatar. This economic boom has also led to the rise in various employment opportunities for local as well as foreign nationals. Moreover, Qatar has relaxed its labour laws to invite more expats from foreign countries to work and stay in Qatar.
As per the latest study it is estimated that expats comprise most of the population of Qatar. Therefore, the expat population plays an important role in developing the nation’s economy. In this blog, we discuss the tips for business setup in Qatar and its various advantages.
The Scope of a Company set up in Qatar
Thinking of a business setup in Qatar is pretty massive, and the economy has been constantly growing in the past few years as well. A hyper increase in different business activities has been observed in various sectors such as education, tourism, information technology, manufacturing, etc. Qatar has developed into an open market that provides loads of opportunities to expats and migrants to set up their enterprises. This is a great time for any foreign business that wants to set up a business in Qatar.
To conduct a business registration in Qatar, you need to understand the different business types that would suit the features of your business in the right way A few of the best types of business registrations that you could do are as mentioned below:
- Shareholding company
- Joint Venture company
- Limited Liability Partnership company
- Public Partnership company
- Equities Partnership company
Process for a Company Setup
The procedure is very complex and cumbersome. It requires the assistance and advice of specialists such as business consultants to efficiently do all the legal and documentation work.
The different steps for a business set up in Qatar are mentioned below as follows:
- Select a Name and obtain approval of the establishment
Your journey to setting up a business in Qatar begins with choosing a distinctive name for your business. Select a name that is unique and resonates with the type of business. Once you have decided on a name, you need to get it registered at The Ministry of Commerce & Industry (MOCI).
- Articles of Association
Next, you need to get the approval of The Articles of Association to set up business in Qatar. This approval is provided by the Ministry of Trade and Business. To get an approval certificate, you need to submit the details and documents related to the business to The Ministry of Trade and Business.
- Commercial License
Documents and licenses play an important role in doing business registration in Qatar. In order to get a commercial license in Qatar, the foreign investor has to submit the following documents with the government agency:
- Duly filled application form for business registration
- Drafted Article of Association and Memorandum
- Business Plan copy
- Address of the commercial office
- Address and identity proof of the shareholder
- Municipality and Office Space License
You need to obtain the application form from the Ministry of Municipality and Urban Planning to get your municipality and office space license. You need to submit the duly filled form along with proper documents about the office space, sale deed or rent agreement for approval.
- Computer Card
After you have registered your business in Qatar, you will want to hire new employees. You need to first file an application for the computer card to receive authorization to hire new employees. The mandatory documents required to get the computer card include:
- The official company seal
- Commercial residence certificate copy
- Trade license copy
- Copy of identity card or passport of stakeholders
- Proof of payment of application fee
- Identity card copy of the partner
- Tax card
After doing the commercial registration of your company in Qatar, you need to apply for a Tax card. Documents required for a new tax card in Qatar include:
- Completely filled tax card application form
- Copy of Article of Association
- Copy of Commercial Registration
- Copy of CR or ID of the stakeholders
- A letter from the appointed auditor
- Corporate Bank Account Opening
After registering your business name, you need to open a corporate bank account to deposit the initial capital or funds required for your business. The corporate bank account gets activated after you deposit the start-up capital into the bank account. These funds should be specifically used to run your business in Qatar.
- Business registration in Qatar Chamber of Commerce
This step is an utmost necessity. Because it helps in establishing, growing and expanding your business with the help of a comprehensive business plan. The list of documents that you need to submit along with the business registration application include:
- Commercial Registration Form
- General Manager ID card
- ID card copies of shareholders and company owners etc
- The certificate of incorporation
There is immense scope in setting up a business in Qatar. You need to follow the rules and comply with all the legal work and documentation to ensure that you set up and operate a business successfully in Qatar.