Establishing a new company in Qatar, the most successful business scene in the world, is not as simple as you might think. Company formation requires a list of very important steps that cannot be avoided. For someone unfamiliar with the market there, it can be challenging to say the least.
Many choose to hire a business consultant to help with business formation in this desirable market. Regardless, the steps are listed below. Take a look and consider how a consultant can help.
Step One: Company Name
A completely unique company name should be chosen as the first step in company formation. If the name is already registered with the MBT or the Ministry of Business and Commerce, it cannot be used. A face-to-face visit to the Mercantile Registry area of the MBT is required to carry out a search and then register the name.
Step Two – Open a Temporary Bank Account
Once you get a letter from the MBT, you can take this letter addressed to a bank in Qatar and open an account with the capital amount approved by the MBT. There are no fees associated with this step.
Step three: approval of the statutes
The owner of the company must obtain the approval of the articles of association. This also comes from the Ministry of Business and Commerce. These comply with the standards established by MBT and include the name of the company, address and objectives.
In addition, they contain the fixed term of duration, the amount of capital, any restrictions on the transfer of shares, the names of the shareholders, the capital structure, the profit and loss distribution plans and the names of the management. Company formation in Qatar depends on this step and the previous three, all of which take at least one day each.
Step Four: Capital Deposit Required
The business professional must then deposit the capital as established in the agreement in the bank in which the account has been opened. The bank must give them a letter as proof that the deposit was made. The bank will need the MBT letter listed at the second stop and copies of shareholder IDs. This step can take up to a week.
Step Five: Obtain Other Necessary Documents
There may be several other documents required for commercial business registration. The 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 businesses. These are just some examples.
Step Six: Approval for Incorporation
These documents are obtained from the Ministry and are easily obtained by a law office. Statutes are an example, establishments can skip this step as it is not required.
The items are then authenticated by the Ministry of Justice, which should take no more than a day.
Step Eight: Business Registration
• There are a variety of documents required for this step in the MBT Commercial Registry. The step takes at least a day. Homeowners will need:
• The application signed by the GM and owner of the company.
• Copies of identity cards of the general manager, owners, shareholders and partners, if any.
• The letter from the depository bank from step four
• Receipt of proof of payment for review of MBT statutes
• A declaration form signed by a Qatari shareholder (if required)
• Approval of the name of the new company
Company formation then depends on registration with the Qatar Chamber of Commerce and Industry. The fee for this is from 560 QR to 5510 QR in 2015, or depends on the amount of capital and the objectives of the company. The final steps include the company seal, business license, and signage license. So, as anyone can see, this process will take at least two weeks. Getting a consultant in Qatar who is an expert in company formation can save anyone a huge headache.