Qatar, officially known as the State of Qatar, is a sovereign country situated in Western Asia. Qatar aims to be one of the leading countries in terms of business. The country pursues a robust program known as “Qatarization”, under which all joint venture industries and government departments aim to move Qatari nationals to a position of greater authority targeting 50% of the workforce in the industry and energy sector.
Economy of Qatar
Qatar, being an investment-friendly country, has one of the richest economies in the world. It is a highly developed country with one of the highest GDPs in the world. Oil and gas are the two cornerstones of the Qatari economy as it has the world’s third-biggest gas reserves and oil holds, contributing more than 70% of the total government earnings, 60% of the GDP and about 85% of export earnings. On a per person basis, Qatar is now the wealthiest country in the world. The primary industries in Qatar include:
- Liquefied natural gas
- Crude oil
- Reinforcing steel
- Ship repair
- Construction material
Investment Sectors in Qatar
Qatar, being incredibly prosperous in terms of GDP and economic growth, offers several investment opportunities. Few of these are:
- Ministry of energy and industry
- Qatar tourism authority
- Qatar Rail
- Supreme committee for delivery and legacy
- Building materials
- Information technology
- Installation and maintenance service
Perks of Investing in Qatar
The Qatari government is very keen to attract investors globally and, for that, they offer an excellent range of incentives for the investors to facilitate their business as well as their investment in Qatar, making company formation in Qatar both lucrative and simple. These include:
- Subsidized rate for oil, gas, and electricity
- Zero import duty on machinery, spare parts, etc. for the benefit of industrial projects
- Tax exemptions for different accounts
- Relaxed immigration and investment rules for foreign investors
- Excellent telecommunication facilities
- Exemption from income tax on salaries
- High-quality infrastructure facilities
- One of the lowest cooperate tax rates in the world - 10%
- Efficient transport system
- A well-balanced demand and supply of utilities
- The Companies law that has come into effect in Qatar in 2015 has pulled out various business restrictions and corporate procedures in the country
- Presence of special economic zones to facilitate business
Major Ongoing Projects in the State of Qatar
1. Ras Bufontas Special Economic Zone
This aims to be a special economic zone that covers sectors like healthcare & medical devices, aircraft and automobile industries, advanced technology, logistics, and business services.
2. Al Karaana Economic Zone
This zone is committed to support specialized industries and logistic service sectors and also provides all the required infrastructure for successfully servicing the GCC countries and global markets.
3. Um Alhoul Economic Zone
Um Alhoul Economic Zone is dedicated to support light industries sector and is suitable for companies looking for world-class infrastructure and light industries.
4. Qatar’s Railway Network
Qatar is embarking on a momentous venture with the development of four rail initiatives – to be known as The Qatar Rail Development Plan (QRDP), which will be consisting of:
- Doha Metro
- Long Distance | Passenger Rail
- Long Distance | Freight Rail
- Light Rail Transit (LRT)
5. Al Wa’ab
Al Wa’ab city provides genuinely meaningful offerings for residents, guests and visitors alike. It is a low-rise, low-density development with a true sense of peace.
6. Msheireb Project
This pioneering project aims to revive the old commercial heart of the city and to bring back people to their roots and rediscover a sense of community and togetherness through a new architectural language based on community living.
7. Lusail Economic Stadium
With a capacity of 86,250 people, this stadium aims to host the opening and final matches of the FIFA world cup 2022. Once done with the FIFA world cup, the stadium will be used to host other sporting and cultural events.
8. Lusail City Development Project
A new coastal city under construction, this one is believed to contain 18 districts including a lagoon with two marinas, 25,000 residential units, high and low-rise buildings, commercial districts and mixed-use areas, retail areas, two golf courses, 22 schools and a hospital.
With such advantages and all these exceptionally excellent privileges, Qatar is one of the most favourable countries to start a business in. If you wish to set up a business in Qatar, look no further as our advisors at Business Setup Worldwide are here to guide and help you with the drill. We commit to take care of all the hurdles lying in your way while forming your business, and shall be more than happy to assist you and be a part of your success journey. For any queries on setting up a company in Qatar, do to contact us – we’d be happy to help.