We have 195 countries in the World – says Worldometer. Out of these enormous options are you contemplating why to start a business in Qatar? Well, your quest might end here. Starting a business in your own country is the easiest because you are well aware of the policies. But at the same time, we might want to look for other countries which have more business-friendly policies and higher scalability rates.
If you are a Qatari or a foreigner interested in doing business in Qatar, you have us.
Doing business in 2023 seems easy as ever due to floating technologies but simultaneously succeeding in it is toughest than ever due to huge competition. Let us see-
Why Qatar is the country of your interest to start a business in 2023:
1. Location of Qatar
Qatar is one of the six Gulf countries located in middle east Asia. The location is apt for export and import. The country shares its land border with Saudi Arabia in the south. On the other side, Qatar shares its maritime border with Bahrain, Iran and the United Arab Emirates. It is surrounded by the Persian Gulf.
Qatar has exemplary air connectivity and sea connectivity. The location of the country gives you access to the rest part of the world with ease. According to Invest Qatar “Qatar’s future-ready infrastructure and connectivity resources – facilitated by its leading airport and seaport- make it global logistics hub and an ideal geographic position to access the global market”.
You can look up to Hamad International Airport -one of the best airports in the World- Hamad port -the region’s 5th largest port- and Qatar Airways Cargo- one of the world’s leading airways cargo-to get more surety for access to the rest of the world.
2. Economy of Qatar
Qatar has a market economy which means the production and prices are determined by private firms. Its economy is one of the fastest growing in the world. A major force behind the resilient economy of Qatar has been the extraction and export of petroleum and gases. But in the current years, the wave is changing and the country witnessed a sharp rise in the non-oil private sector. (source)
3. Easy process to start a business in Qatar in 2023
Qatar supports a business-friendly environment. It takes nearly 8.7 days to start a business in Qatar (source). This means to go through all the legal processes you need this much time. But, if you already have an account you can activate it within 1-2 days.
If you are versed in legal jargon you are good to go but if you need help we are always available at your service. This is the easiest way to reach us.
To start your business you need to figure out your business structure and know about the license. Select the licensing platform that suits you and register your company. If you are looking for a detailed guide to help you understand the process, you can refer to this article.
4. Business idea ranges
Qatar offers a vast array of opportunities varying from small business setups, and home-based business setups to large business setups. Apart from the range of business you can also go through numerous sectors available here and finalize according to your passion and profit.
Some of the growing sectors currently in Qatar is, tourism, education, consultancy, financial services, logistic and transport, healthcare, manufacturing, real estate business, sports as well as technology. If you are looking for more insights regarding business ideas, refer to this blog.
5. Compliance process
When you are selecting the country you must know the country’s rules and regulations that govern the setting up and running of a business in a particular country. For an entrepreneur, the rules must be business-friendly rather than strict policies.
Compliance ensures your company is legally secure and boosts the image of your product in customers’ eyes. Each country has their own compliance rules and regulations. It varies based on the country and business type.
6. Political stability
Setting up a new business or running a business needs approval from the Government. In today’s era, political instability can anytime rupture your finely-running business. Hence, it is important to select a country that has political stability.
Qatar has stable politics with a monarchy governance system. According to Economist Intelligence, “ We expect the emir, Sheikh Tamim bin Hamad al-Thani, to remain secure in power throughout the 2023-27 forecast period, supported by strong public confidence. The long-term plan is to generate a favourable business environment to support higher investment and employment. Global commodity prices and supply-chain disruptions will ease, bringing down inflation in the medium term.”
7. Purchasing Power parity
Qataris have one of the highest purchasing power parity as they are considered among one of the wealthiest in the world. Living cost says Qatar ranked 13th in the list of the most expensive countries in the world. The cost of living per person in Qatar is nearly $1960.
The GDP per capita of a country helps to know the economic wealth of a country on a per-person basis. Among the ranking of the richest countries in 2023, according to their per capita GDP, Qatar occupies the 4th position. The per capita GDP of Qatar is $89,417 (source).
How to overcome the challenges?
It is never all roses when you set foot to start a business irrespective of the countries you are selecting. If you have put up your mind to start a business in Qatar in 2023, we assure you to be your support system throughout the process to make your journey less daunting. Qatar welcomes you with its lucrative business-friendly policies and ample opportunities to select the right niche.
Puvanesvarar Consulting has been helping driven entrepreneurs to start a business in Qatar for over 15 years. He has a bunch of renowned names under his work portfolio. If you are looking to start a business in Qatar or Malaysia, reach out to us to get help in the legal process.