QATAR
- Population:2.9 million
- Capital:Doha
- Official language:Arabic
- Currency:Qatari riyal (QAR)
- Government:Absolute monarchy
- Closed:Friday and Saturday
Qatar is a small but wealthy country on the Persian Gulf coast that stands out in the Middle East for its economic success, high standard of living, and unique culture. It is among the top 3 safest countries in the world, and its economy is considered one of the most stable in the world
Qatar has a rich history dating back to ancient times, when the main occupations of its inhabitants were fishing and pearl diving. The country’s modern history began with independence from Britain in 1971, which allowed the state to focus on developing the energy sector. Today, the country is proud of its heritage and maintains traditions, while remaining open to modernization and innovation. Islam is the official religion of Qatar, but there is also interfaith tolerance, allowing many foreigners to live here.
Qatar has a rich history dating back to ancient times, when the main occupations of its inhabitants were fishing and pearl diving. The country’s modern history began with independence from Britain in 1971, which allowed the state to focus on developing the energy sector. Today, the country is proud of its heritage and maintains traditions, while remaining open to modernization and innovation. Islam is the official religion of Qatar, but there is also interfaith tolerance, allowing many foreigners to live here.
Qatar is a peninsula washed by the waters of the Persian Gulf and connected to Saudi Arabia in the south. Its desert landscape is decorated with sand dunes and a coastline that attracts both tourists and residents of the country. The climate here is mild and comfortable in the winter months, but the summers are very hot and humid, typical for the region. Qatar is 90% desert. There are no rivers, lakes or forests.
Economy
The Qatari economy is based on the export of natural gas and oil, which allows the country to have one of the highest GDP per capita in the world. Economic diversification programs include major investments in infrastructure, tourism, education and healthcare. One of the significant events was Qatar’s decision to host the World Cup in 2022, which also contributes to the growth of tourism and the creation of many jobs.
Qatar spent over $ 200 billion on preparations for the World Cup, which exceeds the cost of all previous world championships (several times combined).
Qatar spent over $ 200 billion on preparations for the World Cup, which exceeds the cost of all previous world championships (several times combined).
Free Economic Zones
Qatar is actively developing free trade zones, providing unique opportunities for business
- Umm Al HoulThis zone is located next to Hamad Port, which is the largest "green" port in the world. Umm Al Houl focuses on heavy manufacturing, logistics, petrochemical processing and new technologies. It provides an ideal environment for companies operating in these sectors.1
- Ras BufontasThe zone is located directly next to Hamad International Airport, which provides excellent access to air transport routes and fast customs processing. It focuses on areas such as new technologies, aviation and light manufacturing. Companies can choose to build their own facilities or use existing ones.2
- QSTPThe QSTP Science and Technology Park aims to promote innovation and high technology in industry. It supports technology start-ups, research institutes and technology companies by providing funding, infrastructure and business development services.3
- QMCA free zone designed for media and entertainment companies, including TV and radio broadcasting, publishing and digital media. It offers benefits such as 100% foreign ownership, tax incentives and state-of-the-art infrastructure.4
Advantages of registering a business in the Qatar Free Zone:
- 100% foreign ownership
- Tax incentives. The FEZ offers a 20-year tax holiday with zero corporate tax, no personal income tax and no customs duties
- Modern infrastructure, including access to sea and air ports
- Competitive land prices, allowing companies to optimize their location costs
- Flexibility in employment, no requirement for a minimum number of local employees
- Protection of intellectual property
Tax System
Qatar's tax system is considered one of the most convenient in the world. Corporate income tax is only 10% and does not apply to Qatari companies and investors from Arab Gulf countries that are not related to the oil and gas sector. Dividends are not taxed, and VAT is introduced at 5% from 2023 on most goods and services, except for essential products and medical services.
Qatar has concluded 70 agreements with world jurisdictions to avoid double taxation (Double Tax Conventions / DTCs). The country officially has no currency controls.
The Central Bank of Qatar may periodically set daily limits on sending money transfers from abroad.
Qatar has concluded 70 agreements with world jurisdictions to avoid double taxation (Double Tax Conventions / DTCs). The country officially has no currency controls.
The Central Bank of Qatar may periodically set daily limits on sending money transfers from abroad.
Banks in Qatar
- Qatar National Bank (QNB)The largest bank with a wide range of services, including corporate and investment solutions. QNB is actively developing international operations and has representative offices in more than 30 countries.
- Doha BankFounded in 1979, it provides services to both retail and corporate clients. The bank is also actively involved in social initiatives and has representative offices abroad, including India and the UAE.
- Qatar Islamic Bank (QIB)The first and largest Islamic bank in Qatar, offering innovative Islamic financial products. It is known for its high level of service and effective solutions for businesses and private clients.
- Masraf Al RayanThe second largest Islamic bank, offering a wide range of Shariah financial products and services. The bank is actively expanding its international operations and does business with clients all over the world.
- AhlibankOne of the leading banks in the country, offering a variety of financial products and services to retail and corporate clients.
Qatar is a country with a rich cultural heritage and a dynamically developing economy focused on oil and gas. Strategic investments in infrastructure and the intention to diversify the economy through tourism open up new opportunities for business and investment. Sustainable growth and tax advantages make Qatar attractive to entrepreneurs and investors. Given the ambitious development plans by 2030, the country represents an interesting and promising market for future investment and cooperation.