Qatar Free Zones: What You Need to Know
In order to further promote the diversification of the flourishing Qatari economy, the Qatar Free Zones Authority (QFZA) was established in 2018 for a more lucrative investment outlook for the country.
With the regulation of world-class free zones in Qatar, the QFZA aims to provide attractive opportunities for foreign business owners and exclusive industry benefits for globally competitive markets. This move to stimulate Qatar’s economic development not only serves to foster better and stronger foreign partnerships, but it also encourages domestic investors to expand their services and operations internationally. This vision for success stems from the Free Zones Authority established by Law No. (34) of 2005, as amended by Legislative Decree No. (21) of 2017.
The Free Zones offer an impressive level of security when it comes to the free flow of goods. Companies in the Free Zones are exempted from customs rules, corporate income tax, personal income tax, and import and export duties tax, making for an easier entry into the vibrant business landscape of the country’s commercial hub. There is 100% foreign company ownership, as well as 100% repatriation of capital and profits. There are no foreign currency restrictions, either.
With all of this knowledge, what are the factors you need to consider?
Of course, you need to know the budget, location, and the company type that you wish to establish. You may establish a Limited Liability Company (LLC) or a branch of a local or foreign company. Prospective tenants will be assessed based on the specified Permitted Activities. This may include level of financial investment, level of resources in technology development, number of staff, and so on. It is also important to note that real estate in the free zone and properties are all on a lease basis, like fully furnished offices and custom built buildings.
Qatar free zones include the Qatar Science and Technology Park (QSTP) and the Qatar Financial Centre (QFC). The QSTP is a state-of-the-art business park where technology-based firms thrive (that is, the Innovation Centre, Tech Buildings, Single User Buildings, etc). The Qatar Financial Centre, on the other hand, boasts of a global financial hub that offers opportunities for international and domestic financial service providers.
Qatar is entering a newer and even bigger era of empowered prosperity, and with its rapidly growing economy and lucrative business environment, there is no better time than now to seize the opportunity for your business to grow. As the country takes pride in its low crime rates, world-class educational facilities, diversified energy sources, enhanced infrastructure, and rich cultural attractions, establishing your business in this global powerhouse is now more attractive than ever.
With establishing businesses in this attractive industry, there are a myriad of requirements and documentations that need to be submitted. When prepared properly, these papers can help make or break a newly established business in Qatar. Plenty of business consultation services offer assistance in various areas of incorporation, including attestations, police clearances, authentication of certificates, translation services, and the like. Hiring these professionals in the field makes for a good business partnership to ensure your entrepreneurial success.
Afreno is a Business Consultancy that draws on its long presence, over 10 years in fact, in the field of forming companies, while capitalizing on its impressive know-how at both local and international levels. This endeavor also extends to developing local partnerships and offering excellent opportunities in real estate.
Unlike any other Business Consultancy company in the State of Qatar, Afreno includes under its umbrella three closely-linked comprehensive services: business advice, legal negotiation and real estate possibilities. This means that any project, however complex, can be dealt with in all its aspects. Added to this is our wide range of reliable clients and trusted business contacts, plus our up to the minute awareness of what is going on in the markets, whether GCC or local. Your business venture will be backed by our in-depth knowledge, the valuable connections we have built over time, and our solid reputation, ensuring that you succeed quickly, whatever enterprise you are involved in. All this will be achieved with the minimum of stress; unsurprisingly Afreno has become the point of reference for anyone wishing to incorporate or grow their business in the local market.