Business Prospects in Qatar
Finding the equilibrium between the right prospects and business regulations that are focused on small and medium-sized companies, is a feat not many countries can boast about. But Qatar, with its newfound liberalisation of policies, is one country that has managed to achieve a balance between economic freedom and development on a domestic level but with global participants.The prospect of starting your own business in Qatar, in the current regulatory framework, is one that is pro-business, backed by its favourable labour market laws and financial incentives. If you seek to set up your business venture in Qatar, now would be a good time to explore the bouquet of opportunities the state has to offer.
‘Ease of doing’ business is a concept that has taken root and extended its presence in every aspect of business in Qatar. The steady growth in the number of new registrations, an increase of 13.4 per cent in 2017 alone, is indicative of the changing and uplifting economic landscape of the state. Qatar encourages businesses and allows them a significant amount of liberty to make use of the infrastructure on offer and commit towards the growth and development of Qatar. The presence of companies with investments from foreign partners bear witness to the fact that the state promotes healthy competition as well as diverse participation.
The scope for foreign inclusion is further enhanced by the country’s willingness to absorb and accept the trends of the global markets and its own geographical position, making it a more feasible hub for doing business across borders. The ease in taxation and the transparent channels of business execution form an attractive association. There are convenient ways to lease land and equipment and other assets of value for startups if you don’t want to make huge initial investments. The availability and accessibility of consultation services in this regard have proven to be more than helpful in enabling more and more businesses to register their interest in Qatar.
Foreign businesses that seek financial aid are now finding themselves engaging in financial partnerships with wealthy Qatari citizens. The flow of credit availability has seen a surge and has in the process created room for new businesses to avail of these facilities. Despite the positive climb on the graph of increased business registrations and with the anticipation of further inclusion of foreign partners, Qatar is still an economy that is subject to the market risks. One must acquaint oneself well with these dynamics before committing to any project.
Like any other country, business laws in Qatar are multidimensional and require careful consideration prior to participation. The rules that govern Qatar-based businesses, from the point of engagement to the successful establishment of the business entity, require several levels of clearances. The permits needed for starting a business could include any or all of the following: for construction, registry of property, credit and finance-related clearances, taxation policies, cross-border trading permits, contract enforcement, solvency clauses, provisions for minority investors, etc.
Given the nature of cross-border investments and the gravity of the scheme of things when it comes to starting your own business, it is advised to take expert opinion when engaging in such entrepreneurial projects. To seek assistance with the legal and procedural aspects of setting your own company in Qatar, contact our experts at BBMS. We have helped several businesses steer their entrepreneurial journey in Qatar through legal, financial and administrative procedures. Email us at Info@bbms.qa or call us at +974 4012 0300.