Ready to set up a company in Qatar? Here are the steps!
Setting up a new company in Qatar, the most successful business arena in the world, is not as simple as one might think. Setting up a company requires a list of very important steps that cannot be avoided. For someone who is not familiar with the market there, it can be challenging to say the least.
Many choose to hire a company consultant to help establish a company in this coveted market. Regardless, below are the steps listed. Take a look and think about how a consultant can help.
First step: Company name
A completely unique company name should be chosen as the first step to creating a company. If the name is already registered with MBT or the Ministry of Business and Trade, it cannot be used. An in-person visit to the MBT Commercial Registration Area is required to conduct a search and then register the name.
Step Two: Open a temporary bank account
Once a letter from MBT is received, one can take this letter which is addressed to a bank in Qatar and open an account with the amount of capital approved by MBT. There are no fees associated with this step.
Step Three: Approval of the Articles of Association
The business owner must obtain approval for the articles of association. This also comes from the Ministry of Business and Trade. These meet the standards set by MBT and include the company name, home address and objectives.
In addition, they contain a fixed duration, amount of capital, any restrictions on the transfer of shares, names of shareholders, capital structure, profit and loss distribution plans and names of management. Setting up a company in Qatar depends on this step and the previous three, each of which takes at least one day.
Fourth step: Required capital for deposit
The business professional must then deposit the capital as specified in the agreement to the bank where he opened the account. The bank should give them a letter as proof that the deposit has been made. The bank will need the letter from MBT referred to in the second stop and copies of the shareholders’ identity documents. This step can take up to a week.
Step Five: Obtain other necessary documents
There may be several other documents required to register a commercial business. Tourism and engineering sectors require additional documents as well as others. The industrial project license from the Ministry of Energy and Industry is required for all industrial enterprises. These are just a few examples.
Step Six: Approval to Incorporate
These documents are obtained from the Ministry and are easily obtained from a law firm. Bylaws are an example, this step can be skipped by businesses as it is optional.
The articles are then certified by the Ministry of Justice, which takes no more than a day.
Step Eight: Commercial Registration
• There are various documents required for this step in the MBT Commercial Register. The step takes at least a day. Owners will need:
• The application signed by the GM and owner of the company.
• Copies of identity card for the main manager, owners, shareholders and partners, if any.
• The deposit bank letter from step four
• Receipt to prove payment for charter review by MBT
• Signed declaration form from a Qatari shareholder (if required)
• Confirmation of the name of the new company
Company formation is then subject to registration with the Qatar Chamber of Commerce and Industry. The fee for this is QR 560 to QR 5,510 in 2015 or depending on the amount of capital and the objectives of the company. The final steps include company stamp, trade license and plate license. So as anyone can see this process will take at least two weeks. Getting a consultant in Qatar who is experienced in setting up companies can save anyone a huge headache.
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