Qatar has become a major hub for industries and most industries from across the globe are targeting this business field to open up their companies or subsidiaries. The OSTP (Qatar science and Technology park) is currently the only free zone in the country. As the name suggests, this is a zone that is setup for the businesses related to the science. If you want to start your own business in Qatar or branches in UAE then the free zones of this country is the best place for you. Those who open their branches in this particular area, need not pay any additional taxes and duty fees to the government.
What are the advantages of setting up a new business venture in Qatar?
There are wide rang e of famous companies that have started their setup in this area and are reaping huge advantages. Some advantages of setting up the industry here are:
• The companies that are licensed in the QSTP are not subjected to pay taxes in Qatar. On the other hand, the licensed companies do not have to pay any other custom duty on the import and export of any goods.
• The entities that are incorporated in the QSTP do not necessarily need to have a Qatari national as shareholder. As a result, the foreign companies can have a 100% share in the company.
• In order to start companies here it is important to hire a free zone office available in low rent but it is not mandatory that the companies hire staff. However, if the companies want to hire employees there are no restrictions or quota system.
• When it comes to the repatriation of capitals and profits to the other countries the companies will not face any restrictions in Qatar. Further, the companies will also be allowed to get access to the 88 double tax treaties and this information will help the companies in minimizing the withholding taxes of the company.
• The QTSP licensed companies will then be allowed to partner with the Qatar branch of reputed universities like the Georgetown, Cornell, Carnegie Mellon, and so on in order to get help in the Research and development activities. On the other hand, the QSTP companies also have the benefit of working outside the zone without the help of an outside agent.
What are the criteria to enter in this?
• In order to be eligible for the QSTP the majority of the company’s activity need to contribute to the advancement of technology and science. Particularly the projects that collaborate with the Qatar universities are encouraged in these zones.
• The company’s particular case is considered before granting the work permit. There are certain metrics on which the assessments are based. Some of the metrics are, staff employed for the QSTP work, the business activity scope, the individuals that are trained or educated under the project, the monetary investments that are needed in the project.
• There are certain activities that are permitted in this trade zone and there are some that are not permitted here. In order to get a complete idea about what is permitted here to register a company you can take help from the HLB Qatar experts.
HLB Qatar for support
We have immense experience in the setup and formation of industrial companies in Qatar. So along with setting up your companies in the free trade zones there are also various other options that are available for your company. Our experts are constantly in touch with the government authority with regards to our existing and new clients and as a result we always have fresh information on the available options and rules and regulations for setting up industrial companies.