In addition to being one of the richest countries in the world, political stability, high-quality infrastructure, and low corporate tax rate are some of the motives for setting up a business in Qatar.
Also, besides access to the free business zone, the government of Qatar continuously endeavors to boost the business environment in the country, making it a lucrative area for business owners and investors.
Types of Business Structures in Qatar
Like most countries, Qatar has various business structures for company formation. These structures are:
- general partnership company
- limited share partnership company
- joint partnership company
- holding company
- joint venture
- limited liability company
- branch office
- representative trade office
The most popular business structure chosen by most entrepreneurs in Qatar is the limited liability company.
Company Name Search in Qatar
The initial step in forming a company in Qatar is selecting the name for your company or business. The name must be different, and it shouldn’t be misleading or in violation of public principles. So it’s essential to conduct proper research and plan adequately before assigning a name.
Businesses can reserve their trade name online at the website of the Qatari government (www.moci.gov.qa).
Opening a checking account for your business in Qatar
The next step in forming your company in Qatar is opening a checking account. But before opening your business bank account, you must have your Commercial Register (CR). A CR is a document indicating that you have a legal company.
Firstly, you will open a temporary bank account, then, with the CR, you’ll procure a letter from the Ministry of Economy and Commerce, addressing the authorization for opening a business account in Qatar. The business will be activated immediately after you deposit an initial amount.
Documents required for opening a business bank account in Qatar:
- company trade license
- certificate of registration
- share certificates
- company memorandum and articles of association, comprising of the necessary information such as the name of the company, purpose of the corporate, names of the people that run the business, etc.
- board resolution empowering a company officer to open the account
- passport and residence visa copies for shareholder
Registering your Company with the “Qatar Chamber of Commerce”
Registering with the Qatar “Chamber of Commerce” isn’t a mandatory step but it’s recommended because it’s often beneficial for your business. To register your company with the Qatar chamber of commerce, you would have to file an application comprising of FORM of commercial registration, ID card copies of the General manager, corporate owner, shareholders, Certificate of economic registration, Certificate of Incorporation of foreign companies, and Company Seal/Stamp.
The General manager of the corporate must sign the application.
Company Seal or Stamp in Qatar
This is a crucial part while registering a company in Qatar as it ensures that the foreign entity has its organization stamp arranged.
The govt authority doesn’t provide the seal so private companies have to manufacture it themselves. Qatar Ministry Of Business & Trade will check if the company has its company stamp prepared or not.
Acquiring a Trade License in Qatar
A trade license is vital to possess office space and business activities in Qatar. A trade license depends on the type of business structure a company has assigned. The Ministry of Economy and Trade authorizes the trade license.
To obtain a trade license, the company has to submit the following:
- application form along with copies of the ID of each of the business authorities,
- Commercial Register,
- articles of incorporation,
- photos of the office building and office space,
- building completion certificate and
- the owner’s ID, and rental agreement.
Setting up a company in Qatar is beneficial, but it can be a long and tiresome process for individuals who aren’t familiar with the business rules and regulations. So to simplify your company formation in Qatar, let’s go ahead and contact your Damalion experts now.
