Qatar is a great place to start a business, especially if you know exactly what kind of business you want to do and how you’re going to achieve it. Even if you are a foreigner in Qatar, you’ll be amazed at how many benefits the government can give you if you’re ready to invest.
One reason why Qatar is ideal for a business venture is the simple fact that it’s economy continues to be strong and growing. This is true despite the fact that a lot of its neighboring Middle Eastern countries have started a blockade against it. With the leadership of His Highness Sheikh Tamim bin Hamad Al Thani, Qatar has approached this blockade as a kind of challenge to become self-sufficient, and so far the economic efforts have been fruitful.
Tips for Starting a Business Venture in Qatar
Before you start a business in Qatar, here are some tips to keep in mind:
1. Know Qatar by Heart
Before starting a business in Qatar, you need to understand its roots. Qatar has a rich history and culture, and before oil and gas were discovered which propelled the nation into economic supremacy, the locals’ primary source of income are fishing and harvesting. Back then, Qatar was also divided into tribal groups, until the 1930s which signaled the collapse of the pearl industry. Aside from the history, you need to know who the government leaders are, including the Emir and the prime minister. It also helps if you know how to speak Arabic; the official language of the country aside from English.
2. Understand the Business Culture
If you want to do business in Qatar, you need to understand that you’re obviously mostly dealing with Qatari locals. Thus, it is important that you know the business etiquette that the locals follow. This etiquette includes the following: slow-paced business meetings, business negotiations in English but documents written in Arabic, establishing a personal relationship with business contacts, and more.
3. Take Advantage of Qatar’s Strong Foreign Ties
Qatar has developed strong international relations with many countries. Despite the blockade from neighboring nations, Qatar is still a well-established trading partner with countries such as Japan, South Korea, India, China, Singapore, Taiwan, United Kingdom, United States and many more. In 2016, Japan was Qatar’s number one trading partner, accounting for 19.1 percent of all of Qatar’s exports. Qatar continues to stand firm with the help of its most treasured values of hard work, effective management and decision making.
4. All About the Private Limited Liability Company (LLC)
In general, foreign investors and business investors opt for a private LLC within Qatar. With this type of company, foreign investors are only allowed to own 49 percent of the company, while the rest of the 51 percent goes to Qatari partners. However, the Ministry of Economy and Commerce can make an exception if it deems the foreign company’s products or services actually helpful to Qatar’s development plans.
5. Having a Business in Qatar is Advantageous
There are many other reasons why it’s great to do business in Qatar. For one, your exports don’t get any taxes. For another, Qatar has lots of modern infrastructure which just makes your job as a business person easier. These include amazing transport systems and communication lines.
Doing business in Qatar is surely something you need to consider doing. If you are an entrepreneur, you know Qatar is a great place to do business.