Are you looking to start a business in Qatar? Well, in order to be successful you need to do three things. First, you need to know the nature of how business is done in the country. Second, you need to know exactly how you’re going to keep your business running and make it grow. Finally, you need to understand the benefits that the Qatar government provides to business-owners, not just the local ones but even the foreign owners.
In order to start a business in Qatar, you have to undergo the full process of setting up a business. But you can’t just start a business anywhere inside the country; you have to be in one of the Free Zones, or places in Qatar where there are unique rules allowing foreigners to invest in Qatar.
Why Qatar is an Awesome Place to do Business
There are many reasons why Qatar is a great place to start a business. Here are five of them.
1. Zero Income Taxes
Qatar is the richest country in the world with a GDP per capita amounting to $102,800. This is primary due to the fact that Qatar is rich in natural gas reserves, and that it has a solid infrastructure for exporting this commodity. Because of this wealth, you don’t get taxed on personal income, royalties, dividends, profits, property and capital gains. However, 5 percent of a Qatari national’s income goes to social security.
2. Highly-developed and Extensive Infrastructure
Qatar has managed to develop its infrastructure alongside the development of its oil and gas wealth. This has led to an extensive network of more than 1,230 kilometers of roads leading to the country’s oil and industrial regions. Qatar also has 4 airports, 7 ports and harbors. The country has an estimated power capacity of 11,000 megawatts, which continues to grow as the government continues to meet the demands of the energy needs of industries.
3. Modern Offices and Luxurious Places to Live in
Qatar has one of the most amazing urban communities to live into. You have the option of staying in a highly modern location, or live in a very peaceful or picturesque location in a waterfront. For example, you can stay at the West Bay where you have access to high-end malls, an incredible night life, apartments at the upper floors of skyscrapers and an idyllic view of the Arabian Gulf.
4. Wonderful to Work with Locals
You need to understand how to work with the Qatari locals if you want to start a business in Qatar. Most of them are experts are bargaining, but they are polite at doing so. They are also fully capable and definitely meet their obligations.
5. An Alternative to Starting a Business
There is a more straightforward way of getting into a business in Qatar, and that is to agree to a price and start the transfer of the ownership to an already existing business. If you have a chance to do this, they you won’t have to deal with the intricacies of starting a brand new business in Qatar, which includes lodging capital, registration or finding a sponsor.
The rewards are high if you start a business in Qatar, but remember that you are still a foreigner in the country. That means you need to have local knowledge, which will definitely get you ahead of the competition. For this, you can seek help from an experienced lawyer who knows a thing or two about protecting your business interests.