Till date, 58 Double Taxation Agreements (DTAs) have been signed by Qatar.
A business entity is formed to carry out business activities. Once incorporated, a business undergoes numerous transactions every day, resulting in either inflow or outflow of cash. The secret of maintaining a healthy financial climate for any business is to keep a well-maintained book of records. These books help the investors, the shareholders and other stakeholders to understand the utilization of the invested amount. Moreover, a well-maintained, transparent book of accounts helps to avoid any kind of financial breakdown.
Bookkeeping can be defined as a daily recording of transactions, whereas accounting involves a series of analyzing and interpreting these records. Both these services are interdependent and go hand-in-hand. Regardless of nature, size, place, every business that exists requires these services for ease and smooth functioning of business activities and enhance goodwill.
Qatar Financial Center is a financial center that was established in the year 2005 and is located in Doha. The center provides financial platforms for the development of local and regional markets, to strengthen the ties between global financial markets. The center provides certain benefits:
This is one of the financial and business institutes that has been established by the Government of Qatar with an aim of attracting international financial services institution and MNCs to boost and enhance the financial sector of the economy. The business activities have been classified into two categories namely, Non-Regulated Activities and Regulated Activities.
Responsible for legislative and regulatory objectives.
Responsible for assessing and approving applications from firms and individuals seeking permission to conduct activities in QFC.
Monitors authorized firms, acts as a mediator between Regulatory Authority and Authorized Firms.
Responsible for functions of Regulatory Authority. This division has got investigating powers and also keeps an eye on the Regulator’s International Relations.
Regulatory Accounting System (RAS) is a framework that includes set, procedures, rules, that allows QTel to maintain a financial regime and a track of reports on revenues, costs, assets, and capital employed. The elements of RAS includes the following:
Value Added Tax is a consumption tax for goods and services. The GCC countries were exempted from the tax. According to GCC VAT Framework Agreement, the six member states have signed the vat implementation agreement. From 1st Jan 2019, VAT implementation will take place in Qatar at a rate of 5%.
Being business consultants, we understand the complete scenario of what it takes to establish a business and how important the bookkeeping services. Some of the accounting services that we offer our clients include:
Till now we have seen how important role does accounting and bookkeeping services play for an organization. Now, let’s have a glance at the benefits that can be derived by availing these services.
Business Setup Worldwide is a global business consultant that helps different businesses globally in their establishment process beyond national boundaries. Regardless of size, shape, and nature of the business we encourage entrepreneurial spirit and build the business base by providing a multi-range of business establishment services ranging from accounting, taxation, legal, etc. Our main business is to help businesses to be the future of the business world.
Business Setup Worldwide provides a broad spectrum of company establishment services. Our business experts help you in settling the core business proceedings in a foreign land. Apart from dealing with accounting services, they also look into any legal matters that a company should be heeding to while setting up their business in the foreign land.