CONNECTING YOU TO OPPORTUNITY
Qatar has forged a reputation as one of the most prosperous countries in the Middle East over many years. However, where Qatar’s wealth was once largely focused on the oil industry, in recent years it has taken great strides to diversify its economy.
As a result, entrepreneurs across a variety of sectors are seeing success out here. And with many in the early growth stages or starting out in a new jurisdiction, they need support and guidance like never before.
So, if you’ve got what it takes to consult with and advise these businesses, keep reading to find out:
Now is an incredible time to start a business in Qatar. With the eyes of the world on the country in the build up to the FIFA World Cup, investment and economic stimulation are at fever pitch.
The World Cup alone is expected to boost the economy by up to USD 20bn, with over 1.5 million visitors flocking to the event. On top of this, the country’s rulers are investing USD 200m in various projects and businesses as part of its National Vision 2030.
As well as a fervent economic climate, entrepreneurs setting up in Qatar can benefit from 100% ownership of their consultancy business. There is also zero tax on wages and salaries, with corporate profits taxed at 10%.
Entrepreneurs that own a business in Qatar are also eligible for residency in the country.
Starting a business in Qatar is not without complexity, particularly if you are new to the country. But when you work with the team at Creative Zone, we make it easy.
After a short consultation, we will guide you through the following simple steps.
1. Company name reservation
The first key step is to choose your company name. This must be done in accordance with Qatar’s business naming conventions. In short, you should avoid any words that may be considered offensive or blasphemous, and you must only use words that can be translated into Arabic.
Once you have chosen your name, we will help you register it with the Ministry of Economy and Commerce (MEC).
2. Draft Memorandum or Articles of Association
Next, our legal advisors will help you draft your Memorandum of Association (MoA) or your Articles of Association (AoA). These are usually presented like a business plan outlining details about your company and its objectives.
3. Attest MoA/AoA
Your MoA or AoA will now need to be attested by the relevant authority under the Ministry of Justice.
4. Apply for trade licence and tax certificate
Once your MoA or AoA has been verified, it is time to apply for your tax certificate and trade licence. This application is submitted to the MEC.
5. Find office space
All Qatar mainland companies must have a registered commercial address. So, before you can trade, you will need to find and lease an office or workspace.
6. Apply for business documents
Once your trade licence application has been approved, we will help you apply for your establishment card from the Ministry of Interior.
7. Tax registration
You will also need to register your business with the Public Revenue and Tax Authority before you can start trading in Qatar. Once registered, you will receive your Tax Identification Number (TIN).
8. Company seal
When you have completed all of the steps above, you will receive your company seal and are ready to trade.
The cost of incorporating a consulting business in Qatar is around USD 10,000. However, this should be considered a starting point.
On top of this, you will need to account for the cost of your visa, office premises, share capital and any potential staff or equipment costs.
For a full breakdown of the costs involved, personalised to your requirements, get in touch with the team at Creative Zone.
There are several types of business that can be incorporated in Qatar. When starting your consulting firm, you can choose from the following. The team at Creative Zone can advise on the one that’s right for you.
Limited Partnership Company
Limited Partnership Companies require two or more partners who are Qatari citizens. Foreign shareholding is allowed but it is limited to a 49% stake.
Limited Liability Company (LLC)
LLCs are formed by at least two investors, up to a maximum of 50. Minimum share capital for this type of business is QAR 200,000.
Joint Companies are formed by two partners who either share responsibilities and liability equally or are trustee partners where liability is limited to share capital.
Equities Partnership Company
This type of company is owned by two separate groups – the partners who are jointly responsible for company debts, plus a separate team of shareholders.
Shareholding Companies can only be formed by a minimum of five Qatari shareholders. Any shareholding agreement must be approved by the Ministry of Commerce.
Particular Partnership Company
These companies can only be formed by two or more Qatari partners. Once again, approval is required before any investment can be made.
Any entrepreneurs wishing to work as a freelancer in Qatar require local sponsorship and a permit from the Ministry of Labour. Foreign workers should not travel to Qatar is search of freelance work.
One of the fastest and most effective ways to scale your consulting business is to expand your skillset. This could mean looking at how your current knowledge and expertise can be leveraged into new sectors or bringing more brains on board.
But don’t worry, you don’t need to commit to expensive hires just yet. Instead, consider partnering with other consultants that have complementary skills so you can up- and cross-sell for each other.
Another tactic is to turn your skills and advice into a product. The more you can productise your offering, the easier your services are to sell, as customers know exactly what they are getting for their outlay.
As one of the region’s largest and most trusted business setup advisory firms, Creative Zone has helped over 44,000 aspiring entrepreneurs and SMEs grow their businesses since 2010. And we can help you, too.
Our business services are rated the highest in the market and we are on hand to advise on the whole company formation process and beyond. All our fees are clearly laid out with no hidden costs. We take the time to explain every step and the costs involved to avoid any unwelcome surprises.
Almost all documents for your business setup can be submitted remotely or online with our assistance, making the process fast and efficient. And we will even pick up and drop documents to your home free of charge.
Ultimately, our business is your business – and our attention to detail, experience and customer focus set us apart. Get in touch to experience this service for yourself.
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