Are you willing to establish a business in Qatar? In that case, having an idea of the complete business landscape is vital. Qatar is one of the top places in the world to start a business. The strong economy and continuous growth attract entrepreneurs around the globe. Besides that, the high-quality infrastructures and low corporate tax are other reasons that appeal to individuals to do business in Qatar. So, if you have decided to start a business in Qatar, here are the essential facts you must know. Let’s take a look!
- Business Opportunities
When you want to start a business in Qatar, the first thing to know is the available business opportunities. As a global economic hub, Qatar is home to several businesses. Some of the most profitable business opportunities include restaurants, delivery businesses, maintenance services, interior designing, and financial services. Depending on your investment capacity, skills, and interests, you can select the right business opportunity to explore.
- Business Culture
Understanding the business culture in Qatar is important before you start a business. You must have a basic idea of how to deal with the locals in the place. Usually, the Arabs are friendly and helpful. Asking for advice is often seen as a sign of respect. Slow-paced meetings and the establishment of personal relationships with business people are among the top business culture in Qatar.
A point to note here is that you are likely to face hard bargaining as the Arabs are experts at it. Make sure to deal with them patiently and politely for the optimum success of your business. Moreover, you need to be a good observer and observe all the signs carefully. It is because most people in Qatar will not say “no” to a proposition directly. So, you need to watch the signs and understand their decision.
- Company Structures
Before doing business in Qatar, having knowledge of the company structures is essential. The most prominent business structures in Qatar are general partnership, sole proprietorship, shareholding, and a branch office. Other available options include a representative office, limited liability, and an international engineering consultancy office.
- Tax System
Tax is an important aspect of every aspect. Irrespective of the business you want to establish in Qatar, knowing about the tax system matters. Companies with complete foreign ownership need to pay a 10 percent tax on their business profits. It is referred to as the withholding tax. The tax rate of Qatar is relatively lower than several other countries worldwide. However, if the ownership of the business lies with Gulf Corporation Nationals, the businesses will have to pay no tax. Moreover, also in the cases of private associations and non-profit organizations, no tax is imposed.
The excellent infrastructure of Qatar makes it a top destination in the world for doing business. Now that you have knowledge of the important aspects, it is time to start your business. However, make sure to get the essential licenses and permits to set up your business in Qatar. Understand the procedure of setting up your business, start your business and get ready to enjoy high returns.