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Political and economic stability, high-quality infrastructure, and one of the world's lowest corporate tax rates (10%) are some good reasons why a firm should be founded in Qatar. The government also carries out a continuous development plan - Qatar's 2030 National Vision – that intends to turn the country into a modern society that can achieve sustainable development by 2030. To achieve this aim, Qatar invests over 200 billion dollars, and you can gain.
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Business Scenario in Qatar
Many people in Qatar have already built profitable enterprises and the authorities are supporting new operations. For example, the Qatar Financial Center is a state corporation that promotes Qatar as an attractive business location and works as an east to west bridge. Such support is vital when doing business with Westerners in a foreign country with such a diverse cultural background. Expats must be well prepared for success in a world of foreign business.
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Opportunities for Business in Qatar
You should investigate the region and your business sector well. It is advised. An assessment of the market conditions, competition, and prediction outcomes should be included in a dual business program. Recall that a credible proposal is more likely to gain more local support. While gas is Qatar's economic development priority still, the government has been striving to diversify the economy and providing incentives to attract international industry, talent and investment.
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Who can start a company in Qatar?
1. Legal conditions
The initial step in the setting up of a company in Qatar is to choose a service agent/sponsor as a foreigner. A strong sponsor or skilled local partner is a big weapon with government agencies. The international or local company must next get a trade registration from the Ministry of Trade and Industry (MoCI). All the essential documents and processes are defined by Commercial Company Law. All legal agreements have to employ the Arabic language and the English translation will precede these versions.
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2. Requirements in finance
For foreign corporations and investors to operate in Qatar, they often have to set up a private limited liability company (LLC). A minimum share capital of QAR 200,000 and two shareholders must have been authorized for this enterprise. Foreign investors can generally own up to 49% of the share capital, while the other 51% must be owned by one or more Qatari partners.
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The Minister of Economics and Trade can authorize a holding of foreign investors in certain industries to transcend 49% to 100% (provided the enterprise is compatible with the development plans of Qatar).
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How Can You simplify it?
Agriculture, education, tourism, medical care, natural resources management, energy and mining, IT, and technical services are the most supported industries in Qatar. For foreign corporations’ investment in these areas, the government may offer certain benefits, including 10 years' no income tax. The Government of Qatar also offers business incubators and platforms for free economic areas for foreign direct investment such as the financial center in Qatar (QFC). It is simple to set up a company in the QFC. Once you apply, the Relationship Manager guides you through the registration, licensing, and start-up procedure.
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Alternatively to a new business, the purchase of an established company and earning a profit, as it does not entail the lodging of cash, sponsorship, or registration, might facilitate the process. You only have to agree on a price and transfer ownership of the company.
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Qatari Financial Centre, which is selected from numerous sites, may also give economical office spaces. In 2019, QFC plans to move to the brand new Msheireb, Doha's financial district. They provide the latest in sustainable technology, ultra-modern buildings.
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