Establishing a business in any country is a daunting process but with commitment and will, one can definitely pull out all stops to achieve their goals. Specifically, if we talk about Qatar, forming businesses here can become a seamless process when one is working with a reliable consultant. It can be a lengthy, expensive, confusing, and arduous process otherwise.
Being one of the world’s wealthiest economies in terms of its per capita, Qatar has become the go-to option for potential business owners for the establishment of businesses. Not only this, but it also comes along with free-market economic policies and an excellent infrastructure system, growing by around 10% each year.
As a potential business owner, you need to keep in mind that Qatar is a market where you need to have the most local knowledge. If you are a foreigner, yet wish to form a business in Qatar, then you would be needing assistance from credible consultants to help you understand the in-depth local market knowledge.
Just like other countries, Qatar also has multiple requirements and legalities that can make you perplexed and ambiguous, making things difficult for you. Before you take the plunge to establish your business in Qatar, you need to ensure a few steps and this checklist, which can be a helpful guide for you. Most of the business owners likely form LLCs i.e. Limited Liability Companies, which is why we will be focusing on the essential requirements in terms of LLCs.
The commercial residence document is one of the chief documents that you would be requiring for the formation of business in Qatar. This type of document simply states about your legal entity along with stating about the shareholders. Issued by the Ministry of Economy and Commerce, you can get this document very quickly, not troubling you much. To obtain this document seamlessly, you would have to go under a few procedures too. Check them out below.
Step No. 1: Come Up with a Trade Name
As mentioned above, the commercial residence document would be highlighting your corporation as well as the shareholders. This is why it is necessary to come up with a name for your potential company or enterprise. To come up with a name for your company, you must ensure that it has an Arabic meaning otherwise you will have to end up paying extra QAR 1,000.
Step No. 2: Articles of Incorporation
Once you have come up with the name of your enterprise, it is time to get your articles of incorporation in black and white. This document highlights the details of your company including the names of the shareholders, rights, ownership stakes, etc. After properly filling it, make sure you proof-read it and sign it too so that MEC can approve it.
Step No. 3: Issuance of CR
Now that you got your enterprise name and articles of incorporation, the next step is to submit for the entity so that you can issue the commercial residence. Before issuance, you will be asked about the business activities which have a fee. The range of the fee can vary. Be it, bookkeeping, finance, accounting, administration service, HR, clothing retail, trading contracting, or Information Technology business, you need to tell them what you are intending to do.
After telling about your business activities, pay the fee, and verify about the shareholders. You will finally get your commercial residence document in hands. With CR in hands, you will be able to enjoy opening up a bank account, buy your own assets, invoice, and accept payments from your customers.
Now that you have your CR in hands, it is time to get a Trade License too. This type of license is the second most important document which gives you the eligibility to get an office space approved by the MEC for operations of the business. To obtain this license, you will first have to apply and fill out the requisite application form available on the MEC website. But for this, you will have to require some necessary documents which are listed under.
- Copy of the ID of authorized people in your business
- Copy of your CR
- Copy of the Articles of Incorporation
- Photograph of the potential office building, clearly showing the blue plate of the office address
- Photograph of the office space highlighting the signage of your business on the office door.
- Office completion certificate
- Acknowledgment about the rent
- In the case of subcontracts, Authorization letter by the real estate rents
This is the last required document for your complete incorporation. With a Computer Card, you will be able to hire full-time employees. This card is issued by the Immigration and not MEC. Before applying for the card, you need to get an official seal for your company for its paperwork. After that, you can go to the Immigration and Passport Control office to apply for the Computer Card.
The required documents are the copy of CR, copies of all stakeholders in the company, copy of trade license, and the ID of individuals on the computer card. Once you fulfill the requirements, you will just have to pay the fee and get your computer card.
After obtaining these three documents, you will then be fully ready to function and conduct operations of the company seamlessly.
Help Us Develop You!
Are you looking forward to establishing a business in Qatar for the first time? Well, you need not worry about this. Working with a credible and veteran consultancy agency like QonsultFirm, you will definitely experience smooth incorporation in Qatar.
Providing customized and best consultancy solutions in HR and Administration services, IT, and Finance, we believe to pull out all stops to make things easier for you. Wait no more and let us serve you with the best. Call us today +974-44276956