Open a company in Qatar in 2022
Qatar is one of the richest countries in the world. Its economic growth is driven by the oil and gas industries. In recent years, other sectors, including tourism, IT, medicine, agriculture and logistics have also begun to develop. It is attracting more and more foreign investors, but there is one thing. Although opening a company in Qatar in 2022 is profitable, it is not easy for a foreigner to register there. The solution is to find a local partner or open a business in the Qatar Free Zone.
What is Qatar Free Zone?
Here is a list of some advantages of the Qatar Free Zone: full ownership of the business, no corporate tax and customs duties, no foreign exchange restrictions, and advanced communications and logistics. There are no restrictions on the repatriation of capital. Intellectual property rights are well protected, and there is no personal income tax.
Qatar has two main and several additional Free Zones. The main ones are:
- The Port of Umm Al Houl. Entrepreneurs registering a business there can safely work in the maritime industry, manufacturing, logistics, and transport.
- Ras Bufontas. The free zone is situated near the airport, so entrepreneurs can actively develop international services, sell light industry goods, and work in the pharmaceutical industry.
There are also 2 additional zones:
- Qatar Science and Technology Park, where scientific and IT projects are actively developed.
- The Qatar Financial Center in Doha, which offers an advanced business and legal infrastructure for financial services.
Requirements for opening a company
To open a foreign company in Qatar with 100% ownership, one must meet the following requirements:
- Open an LLC with a minimum registered capital of $55,000.
- Develop a charter, that contains the owner's personal information, the company's activities, business address, internal regulations, etc.
- Obtain licenses and permits issued by the Qatar Ministry of Commerce and Industry, if necessary for your activity field.
- Obtain a tax number or TIN by registering with the General Tax Authority of Qatar.
How to start a company in the Qatar Free Zone
Company in the Free Zone can be registered from scratch, or transferred from another region of the country. In the second case, it is necessary to prepare documents for transferring the business to the Free Zone. Our experts are always ready to help, and we will need copies of documents of managers and accounting statements for the past 3 years, if available. Also, you will have to pay the state duty.
Registering a company in Qatar in 2022 in the Free Zone from scratch takes 2 steps:
- Filing. You have to provide a detailed business plan, financial statements of shareholders for the last 3 years, documents of the owners, and proof of payment of the state duty.
- Registration. The list of documents to submit depends on the business. To establish an LLC, it is necessary to present the charter, appoint a representative, and provide information about shareholders.
Before registration, you need to rent an office and get a visa. When a company in Qatar is established, it is necessary to get a tax number and open a bank account. To make all procedures go quickly and smoothly, contact IT-OFFSHORE experts.