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 such as 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 a 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.
We cannot predict the lifestyle until we move to the place and live for 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 the 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 is facing 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.
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 are continuing 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 they 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?
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 likewise, 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.
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, Limited Partnership Company, or a Joint 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 from 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.
The term such a business structure refers to a company that has a limit of ownership by the government. 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.
A joint company is somewhat tricky to understand, but financially, it may be the most stable form of the business option. 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.
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 that 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.
We take a trip to Qatar through this read to decode what it feels like to live in the oil-rich economy. 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 have to offer what one must expect before coming to Qatar.
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.
For foreigners, there is little limitation to consider 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 actual limitations without living.
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 is at its peak. There remains the only possibility as to live with air conditioners.
Read More: Tips for Real Estate Investors in Qatar