Being practical is the need at the moment, as thinking out of the box can be troubling. People like to switch places for business, study, and even work. Business is the most difficult part of adjusting to a new home like a country. If you ask us, living in a Gulf country might not be helpful or preferable. And there remain certain reasons for it. But we must leave Qatar out of this mix since they develop greatly over time.
The upcoming FIFA World Cup 2022 in Qatar speaks of the country's growing position on the big stage. This leaves many entrepreneurs with the question can they have a future in Qatar? Saakin Qatar takes you into a set-up where we will show how you can be eligible to stay in Qatar and what types of business you can run. You can be resident in Qatar permanently with your own business.
Life in Qatar
We cannot predict the lifestyle until we move to the place and live longer. However, the country is developing from the information that one can receive. Qatar is where many football fans from around the globe will be traveling in a month.
This leads to an increase in the nation's popularity, for which Qatar is preparing hardly. With new stadiums, you will find unique accommodations, attractions, and uplift of the culture. For example, Qatar maintains the stance of no beers during games but only before and after.
Moreover, the issue of #LGBTQ is also resting with Qatar, with the nation not promoting these banners. With more things to ban, Qatar faces criticism, but with a vibrant economy, it is hard to leave it out.
So much so that everyone wants to enjoy the pleasure of income there. Businesses earn more in Qatar, with a good chunk in real estate. And since the start of World Cup preparations, it has been about accommodating people in villas, apartments, and hotels.
How the World Cup is Playing with the Economy
Many countries are developed but do not get global recognition in terms of sports. Football, for example, is a sport with the highest fan base. Attracting it will gather a crowd nearby your place. With winning the bid to host the 2022 FIFA World Cup, Qatar has emerged as the name of the country to travel to this year.
It is because the world force is with football, and fans want to enjoy the spectacle. With this, there was an increase in stadium building and, with it, the accommodations. Property owners and real estate builders earned a lot and continue to make.
This brings a good chunk to economic stability and creates working opportunities among citizens. Locals and foreigners alike are enjoying great job opportunities and earning modes. From this perspective, shifting to Qatar will be friendly for your lifestyle.
But starting a business is different from working around a sporting event. Businesses have to live longer and cannot be bothered by nearby events. But you cannot outsmart the impact of the World Cup on Qatar and its future image.
Read Also: How to Register a Real Estate Company in Qatar?
Foreigners and Business in Qatar
If you are a foreigner, there is no boundary regarding setting up your business in the country. Moreover, you will enjoy many services and options, and thus, it will be a productive deal.
Whether you are an entrepreneur or a business company, you have leverage and several options for conducting your business in Qatar.
Company Structures Available in Qatar
To begin with, the business set-up; is necessary to understand the different natures of businesses you can establish. For example, Qatar offers three business structures, LLC, a Limited Partnership Company, or a Joint Company.
Limited Liability Company
A limited liability company is the least starting point of your business establishment in Qatar. This type of business requires partners or associates. And per this business option, you can begin with 2 and have a maximum of 50 partners in the business.
To establish such a company in Qatar, you will need a balance of QAR 200,000. All people associated with such a company are accountable only for the company’s share value.
Limited Partnership Company
The term such a business structure refers to a company with a limit of government ownership. In Qatar, the government restricts foreign ownership to 49 percent. Hence, there is a requirement or necessity to have two or more Qatari citizens as partners in the business.
Also, these citizens will be liable for the company’s debt they represent. Compared to LLC, the LPC has the advantage that you do not need a minimum capital to start a business.
Joint Company
A joint company is somewhat tricky to understand, but it may be the most stable business option financially. In such a plan, you have trustee partners and joint partners. The financial responsibilities and requirements of the company lie within the powers of joint partners.
The trustee partners play a role in the company’s capital. However, their roles are limited, considering their share in the capital. Also, to establish a joint company, you must make a financial commitment worth QAR 200,000.
Taxes in Qatar
Businesses will enjoy a great deal in Qatar since it is a friendly place to invest and establish your venture. Also, people that look to start a new business in Qatar have several benefits, but the best one lies in the taxes. Many Gulf and other countries charge a hefty sum from the business owners. Ironically, the Qatar government makes all such taxes non-existent.
As an exception, only when there is a company with 100 percent foreign ownership is there a 10 percent company tax they are liable to pay. Also, the companies owned by Gulf and GCC nationals do not have to pay taxes or are taxed. They do have to file for tax and financial statements if their capital exceeds QAR 2,000,000.
The Qatari Lifestyle
We take a trip to Qatar through this read to decode what living in the oil-rich economy feels like. Though if you plan to operate a business in Qatar, you will eventually have to live here for a lifetime. And by our title, we must offer what to expect before coming to Qatar.
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Culture
Like any other Muslim country, basic Islamic principles and laws are applicable. But do not consider things to go to the extreme. You can expect a ban on pork, beers, and alcoholic drinks. Also, there is no room for LGBTQ norms. Thus, you will have to respect these things here. Locals remain friendly, but they expect foreigners to respect the Islamic norms and the Qatari culture.
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Clothing
There is little limitation to consider for foreigners except that they must respect the culture. Women are not advised to wear shorts or skirts that reveal the body. Men generally must dress likewise, but we cannot predict the limitations without living.
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Weather
This can be the critical part where your consultation and consideration are necessary. Qatar is not a friendly place in terms of the weather. It is generally humid and hot when the summer season peaks. There remains the only possibility as to live with air conditioners.
FAQs
Can foreigners live in Qatar permanently?
Yes, Qatar allows foreigners to live permanently under certain conditions. Expatriates can become permanent residents if they meet specific requirements, such as having exceptional skills or significant investments in the country. Additionally, Qatar has introduced a permanent residency program called the "Qatar Permanent Residency Permit," allowing selected individuals to reside indefinitely in the country.
Is it possible for expatriates to start a business in Qatar?
Yes, expatriates are allowed to start and operate businesses in Qatar. However, the process involves certain regulations and requirements. To establish a business, foreign entrepreneurs must typically partner with a Qatari national who will own at least 51% of the company shares. The foreign investor can own the remaining 49%. Alternatively, 100% foreign ownership may be permitted in certain designated sectors, subject to specific conditions.
What types of businesses can foreigners own in Qatar?
Foreigners can own businesses across various sectors in Qatar, including trading, services, manufacturing, and consulting. The Qatar government actively encourages foreign investment and offers various incentives to attract foreign entrepreneurs. However, some sectors may have restrictions or require special permissions for foreign ownership.
Can permanent residents in Qatar enjoy the same rights as Qatari citizens?
While permanent residents in Qatar enjoy many of the same rights as Qatari citizens, there are some differences. Permanent residents can reside in the country indefinitely and benefit from social services, education, and healthcare. However, they may not have certain political rights reserved for Qatari citizens, such as voting in elections.
What are the key steps to starting a business in Qatar as a foreigner?
Starting a business in Qatar as a foreigner involves several steps. The main ones include:
- Selecting a business activity: Decide on the type of business you wish to start, considering Qatar's regulations and market demand.
- Legal structure: Choose the appropriate legal structure for your business, such as a limited liability company or a branch office.
- Partnership agreement: If required, find a Qatari partner to fulfill the local ownership requirement and negotiate a partnership agreement.
- Business registration: Register your business with Qatar's Ministry of Commerce and Industry.
- Licensing and permits: Obtain the necessary licenses and permits to operate legally.
- Tax registration: Register your business with the relevant authorities for taxation purposes.
- Hiring employees: Comply with labor laws and regulations when hiring staff for your business.
Working with legal advisors and local experts is essential to navigate Qatar's complex business setup process successfully.
Read More: Tips for Real Estate Investors in Qatar
