With a relatively small population, the State of Qatar is reaching new heights in designing and establishing advanced infrastructure and state-of-the-art industrial developments. The status as the world’s biggest liquefied natural gas exporter was not achieved in a single day coupled with precise planning, visionary leadership under the Amir and smart management of resources made it possible for Qatar to make its name in the international market.
Despite facing heavy economic headwinds from drop in the global energy prices with the prudent management of financial resources Qatar is steadily diversifying its industries by allowing private and foreign player to take charge of diverse business sectors while contributing to the Qatar’s rapidly growing economy. The region of Qatar is expanding its role in the Middle East with its cutting-edge financial centre, intricate trade networks, sophisticated infrastructure, modern port and airline facilities.
Private Sector Growth in Qatar
The Government of Qatar is paving the way for private sector growth by enabling them to play a significant role in the future development of the nation. Currently, more than 25,000 private businesses are registered in the country out of which, ninety-six per cent are classified as small and medium scale enterprises (SME’s). The increased focus on the SME’s and private sector companies by the government highlights the significant role they are destined to play in the Qatar’s economy.
Qatar’s private sector is expected to partnership with public sector companies long-term to make a positive impact on the country’s economy by realising the goals of Qatar National Vision 2030. The realisation of the Qatar national goals includes large infrastructure projects which would require significant hand of the private sector companies in continuing the development at the same rate. Moreover, under the national plan to diversify the economy from hydrocarbon-based to a knowledge-based economy the support for SME’s have multiplied from various agencies as in the past few years the Qatari government provides many attractive incentives for both national and foreign entrepreneurs, investors starting company in Qatar whose operations serves the diversification plans.
Moving forward, Qatar government is keen on creating the ecosystems that nurture start-ups in the country. With a series of initiatives designed to promote innovation, encourage entrepreneurship and incubate start-ups the Qatar is offering supporting infrastructure and incentives for small, early-stage companies that are growing up in the market. Moreover, the steady economic growth in the region has created numerous opportunities for entrepreneur to create new innovative products and services offering solutions to key-problems. The Qatari government has partnered with industry’s leading players in the country to fund and support the SME’s by creating opportunities for partnerships and development.
Project Qatar 2020
Project Qatar 2020 is one of the premier exhibitions and conferences held in Qatar focusing on different sectors of the local and regional economy comprising service sector, industries, construction sector including major players such as energy, construction and infrastructural development organisations. The event offers extensive assistance to SME’s as well as well-established companies to showcase their products and services to the international market. With a massive expo venue the event is expected to be attended by numerous businesses and organisation from all around to world for leveraging the benefits of acquiring new customers, sharing innovative ideas, and forging meaningful partnerships with other industry players.
Opportunities for Foreign Businesses in Qatar
The State of Qatar has established a governmental agency named the Qatar Chamber for implementing governmental strategies, policies and frameworks for setting up a favourable environment for business growth and development in the country. Furthermore, the Qatar Chamber establishes zones for industrial development while attracting international investments and foreign entrepreneurs to start business in Qatar by offering several incentives.
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Unique Advantages that Qatar Offers
- Modern Infrastructure
- Extensive support from government for SME’s
- 100 per cent foreign ownership allowed
- State-of-the-art communications and internet infrastructure
- Stimulating business environment
- Promotion of Knowledge-based services
- Culturally warm location to work as an foreigner
- Ecosystem for start-ups
- Investment support to technology and innovative entrepreneurs
- Stable governance
- Low Taxes and crime rate
Business Ecosystem in Qatar
The business ecosystem in the country is very supportive for new entrepreneurs as the people of Qatar is extremely respectful and warm towards foreigners without any prejudice. The local Qatar market is vibrant and reassuring for foreign business owners as the under lying Qatari culture tends to facilitate and support individuals who have come to their country to start business operations that contributes to the growth of the nation.
With all the benefits that the country offers for international business owners, Qatar is an ideal location to start your company as the region offers lowest tax rates and other extensive incentives. As an entrepreneur in Qatar you might need to follow the legal procedures to register your company in Qatar, if you are not familiar with the regulations then contact us. Our professionals in Qatar can assist you in registering your company in Qatar and guide you in following all the regulations and compliances according to the Qatari laws.