QATAR
SETTING UP A BUSINESS IN QATAR W
ith the increasing interest in Qatar generated by the pillars of the Qatar National Vision, it’s no surprise that international, regional and domestic businesses are setting up in droves. As the tiny Gulf state emerges as one of the world’s most powerful
economies, it currently ranks as one of the globe’s largest producers of liquefied natural gas (LNG) and is using this petrochemical revenue to purchase leading assets from all over the world, along with developing a breathtaking infrastructure. Qatar has also the highest GDP per capita on a global scale and sits atop one of the largest natural gas reserves in the world. From heavy industry, hospitals and schools to hotels and leisure facilities, the opportunities across Qatar are fantastic from a real estate and infrastructure investment perspective. In the light of the upcoming FIFA World Cup 2022, Qatar has allocated an estimated budget of $180 billion to be spent on creating world-class facilities. Even though the event is ten years away, there is a large amount of infrastructure work needed immediately. As the Qatari government puts out tenders for the infrastructure work
to get underway, it’s a perfect time to move into Qatar as a business, with opportunities aplenty. But how to go about setting up a business in Qatar? Te process is relatively straightforward, and as part of the QNV 2030, the amount of red tape and transactions needed have been reduced. Foreign individuals or entities wishing to create a legal presence in Qatar should note that 51 per cent of the business needs to be owned by either a Qatari individual or by a 100 per cent Qatari owned company. While other GCC nations are beginning to change the agency laws (most notably, the UAE’s new Commercial and Company Law, currently being ratified), the agency law seems likely to remain in Qatar for the near future. Terefore, making the right decision on who to take as a partner when setting up a business in Qatar is key and can make the difference between success and failure for many companies. It is recommended to seek advice from professionals, such as a Qatari law firm or business consultancy. Tere are of course a number of ways a foreign company can do business in Qatar, and not all of them must involve a Qatari business. Tere are four main business types, described here.
46 I CITYSCAPE I MAY 2012
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