Partnership firms have become the latest choice by many companies across the globe to start their business in other countries like Qatar. Just like any other countries, even Qatar has some specific laws and regulations for the foreign companies setting up their businesses and partnership firms here. In this regards, we at HLB Qatar will provide you the help on financial matter, tax consulting and business consultancy services.
How can HBL help you to organize and open a partnership firm?
We also help our clients carry out the background study of the local service agents that they choose to partner with for their company formation. Mentioned below are some of the steps that foreign companies need o follow.
• Foreign companies that plan on starting partnership firms in Qatar will need to first local a sponsor or a local service agent. However, in some of the company settings there may be no need to have a local sponsor or a partner and laws governing this have become lenient in some of the settings.
• The companies planning to register their firms here need to have a representative agent that will work on behalf of them. At HLB Qatar we will help you to identify the right kind of agent to have a smooth process of registration.
• According to the laws governing in Qatar the foreigners cannot buy land in Qatar expect for the real estate projects such as the pearl of Gulf. So all foreign companies need to take the land on rental basis. But there is no insecurity regarding these land issues, because you will find many companies who have been running their business for more than fifty years on the rented land and premises in this region.
• Although there is no personal income tax in Qatar the foreign companies will have to pay some taxes on their business depending on the type of setup they have. For less than QR 100,000 the tax is 0% and more than QR 5 million it is 35%. However, there are certain tax exemptions allowed depending on the type of business that is conducted. In order to get a good idea about this or professionals at HLB Qatar will provide you detailed information.
Below mentioned is a list of things that need to be done
• Searching a suitable name for the partnership and making sure that it is not registered already in Qatar by other competitors.
• Temporary bank accounts need to be open for the partnership firms. These are not required in case of establishments.
• Depositing the capital in the bank accounts. This is not needed if it is an establishment.
• Further documentation needs to be produced for verification and approval
• Commercial registration of the partnership firms
• Registration need to be done with the Qatar chamber of commerce and Industry
• Company seal needs to be made
• Trade license need to be occupied
• Signage license need to be occupied
Apart from that, reliability is much important for any partnership firm, and fair communication and deals with all partners are always needed. In this regards, you need to choose reliable partners who are experienced and trustworthy. Along with that, you must complete all legalities for this partnership firm because without these legal documents, you cannot prove yourself as an authentic partner of the firm.
Guidance from out professionals
At HLB Qatar, our professionals have many years of experience in the formation of partnership firms and this helps us to provide the right solution at the right time. We analyze all your business needs and current scenario of the market and provide you the needed assistance in setting up your partnership firms in Qatar. We will help you from the inception of setting up your firm to the implementation and providing you support on a long-term basis.