Qatar, located close to Saudi Arabia is one of the world’s richest countries. Practically all Qataris enjoy a high living standard. And the countries’ openness to free trade increases prospects to become a world-leading financial and business center. In addition, Qatar’s business climate is very favorable, friendly, and welcoming to foreigners.
The Government does not owe the businessman any kind of income tax. And Qatar is massively expanding its private sector, according to Forbes. Although an entrepreneur has several minor investment opportunities in Qatar, we’re making your search easier for a few of the industries in Qatar that do well and have better chances in the upcoming years.
|Benefits of Doing Business in Qatar||The Drawbacks of Doing Business in Qatar|
|The stability of the economy||High levels of bureaucracy|
|The modern, fast-growing, diversifying economy||Price is the foremost important factor in the buying decision than quality.|
|A High personal wealth||The market is not well regulated, especially on environmental matters|
|Strong government support for infrastructure and related projects||Delays in payment|
|Stable Economy||A highly competitive and saturated market in some sectors|
Advantages of Doing Business in Qatar
- Wealthiest Nation
Qatar tops the list of being the wealthiest nation in the country. Well, one of the main reasons for this upswing is the corporate greed of their abundant natural resources. Yeah, Qatar actually happens to be on the world’s third-largest oil and gas reservoir.
- Hardworking Work Force
In recent years, Qatar’s economy has seen consistent growth – just as its population has. Qatar had a populace of 744,000 according to the 2004 census.
However, by the end of 2016, an estimated 2.6 million people had been living in Qatar, with the large percentage calling home the capital, Doha.
- Increased Social Development
Qatar has worked hard to represent this population increase, encouraging progress in economic, human, and social development while at the same time continuing to make social reform.
Despite these developments, however, Qatar as an Arab and Islamic nation has maintained its traditional and cultural values, supporting the idea of family as the central element of the social structure.
- Major oil and natural gas Hitters
That’s no surprise oil and gas firms remain Qatar’s country’s economy made its way, accounting for 50 % of taxable income. Other significant industries in Qatar, however, include manufacturing, banking, insurance, and real estate.
Housing and development follow on from those big hitters; industry, restaurants, and hotels; transportation and communications; and energy and water.
- Enormous Infrastructure
There are plenty of reasons why companies plan to develop themselves in Qatar. Next, there’s the development there. In support of economic development, Qatar is seeing an average annual growth of 10 percent after 2009. With that growth, the need for infrastructure becomes greater.
In fact, by 2030 Qatar will grant $200 billion in construction projects, with $19 billion heading to infrastructure projects, and $40 billion going to road closures, airports, and rail initiatives. As it currently stands, Qatar now has an incredible infrastructure to support excellently-developed electricity, communications, and health-care services for businesses and people, all subsidized by the authority.
- Top of the line transportation system
It also is worth noting the potential areas for improvement to Qatar’s infrastructure in readiness for the 2022 World Cup, with substantial improvements to the transportation system planned.
- The Nation of Global Talents
So as regards population increase, Qatar is becoming a destination for skilled workers, offering the ideal environment of expanded prospects for revitalized business management.
As we all now Qatar is amongst the multi-crore country across the globe. With resources and the public from high oil prices, Qatar has built a competitive regional global market that has driven growth in sectors such as property investment, hospitality, retail, lifestyle, and education.
- Incentives to Pay
Tax incentives also attract business settlement in Qatar with corporation taxes on imports companies at a reduced level of 10% and customs duties at 5%. In Qatar’s plan, there is no capital gains or import tax although its trade agreements can offer a broad array of bonuses.
In addition, Qatar provides a high standard of regulatory proficiency which allows business establishment in the nation to make a headway somewhat fluently.
- Reduced Tariff Rates
Lastly, Qatar has sought to develop its investment climate as a member of the World Trade Organization ( WTO). It has done this by lowering tariffs, lifting onerous regulations and trade barriers, and increasing foreign investment opportunities.
Disadvantages of Doing Business in Qatar
Bribery is forbidden. It is a crime to nobble the British nationals or to the person who is generally an inhabitant in the UK, an individual represented in the UK, or a Scottish relationship anywhere else in the nation.
Moreover, a business company that conducts business in the United Kingdom could be accountable for the negligence of an individual who is not a UK resident in the United Kingdom or a body formed or established in the UK.
In such a scenario, it cannot be said that whether actions or omissions are a part of any crime that is seen in the UK or anywhere around the nation.
In December 2011, the Qatar Law and Anti-Corruption Centre’s rule of law were opened. The center was built as an autonomous team that operates to enhance the rule of law and fight corruption in partnership with the United Nations.
- Intellectual Property Rights are Territorial
IP rights are territorial, means security matters are only be taken care of in the given places or recorded places. If you are considering trading worldwide, then registry with IP rights are quite essential for your export markets. Intellectual Property regulation in Qatar is supervised by the Department of Economy and Trade.
In the year 2015, Qatar opened its registeration office in the supervision of the Patent Cooperation Treaty (PCT) and became the first nation GCC country. Applicants in 148 countries around the world can look for protection for a discovery. In Qatar, trademark and copyright owners and patent holders are dependent on Qatar’s own national protective laws and regulations.
- High-Risk Pressures Attributable to Local Sponsor
Most Qatari-based companies need a company’s capability or business associate split in favor of the Qatari partner by 51-49 percent. Disagreements do arise, and the threat risk in these agreements appears to lie with the international business. If you are willing to do business in Qatar, ask for guidance and ways to mitigate the risk.
- Issues About-Payments
Firms must always make sure they sign the contract until pursuing any task/proposal in Qatar. Work on a ‘handshake’ should not be accepted, as this may lead to non-payment problems.