WHAT ARE THE ADVANTAGES OF SETTING UP BUSINESS IN QATAR?
Over the years, Qatar has emerged as a global destination for different commercial and trading activities. With an active support from the local administration, there has been an increase in the migration of expats in search of various job opportunities. This has facilitated the increase in setting up of various business organizations within Qatar. With expats forming close to 90% of the total population, they play an important part in building the economy of the nation and have played a crucial role to start a business in Qatar.
WHAT IS THE SCOPE OF DOING BUSINESS IN QATAR?
The scope of setting up business in Qatar has been quite massive over the past few years. There has been an increase in business activities in the field of tourism, education, manufacturing, Information Technology (IT) etc. It has grown into a market that has opened up new doors of opportunities for migrants and expats in setting up their own enterprise.
In order to open a business in Qatar, it is important to know about the type of business entity that suits the nature of the business in a better way. Some of the business entities are as follows
- Joint Company
- Equities partnership Company
- Limited Partnership Company
- Shareholding Company
- Public partnership Company
WHAT IS THE PROCEDURE FOR SETTING UP A BUSINESS IN QATAR?
The process of setting up a business in Qatar is quite a complex process and cumbersome process. Some of the steps undertaken for the same are as follows
Selecting a Unique Name
A unique name for the company has to be selected and registered with the Ministry of Commerce & Industry (MOCI).
Opening a Bank Account
A Bank account has to be opened after the necessary approval from MOCI. The account will be activated after the initial deposit of the capital amount for the operation of business.
Articles of Association
After the opening of bank account, one has to get approval from the Articles of association. This approval is received from the Ministry of Business and Trade, after which one has to submit entire details of the business.
Registration with Qatar Chamber of Commerce
The registration with Qatar Chamber of Commerce is absolutely necessary as it helps in growing the business with a definite business plan. Some of the documents that must be submitted for application are as follows
- Form of Commercial Registration
- Copy of ID card of company owners, shareholders etc
- ID Card of General Manager
- Authentic certificate of incorporation of foreign companies.
WHAT IS THE IMPORTANCE OF A BUSINESS PLAN?
In today’s times, Qatar is a rapidly expanding market where there is a demand for quality and efficient services. Devising a proper business plan helps the clients in understanding the market situation much better and helps to evaluate the needs and requirements of the people in that region. By planning a proper schedule for the business, one gets a thorough knowledge regarding the scope of different business in Qatar and helps them to gain a foothold in the local domain.
FUTURE OF BUSINESS SET UP IN QATAR
Qatar is a rapidly expanding market with each passing year and there has been an upward increase in various commercial activities. Company formation in Qatar has been a tedious process that has managed to create a positive impact on the business infrastructure of the nation. This has created a suitable platform for various clients across the globe to embark on their business journey and creating a model path for themselves.
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