BUSINESS START UP QATAR

MME successfully promotes the sale of local fruits and vegetables Qatar has seen a significant increase in the volume and value of locally produced fruit and vegetable sales in the recent past with over 23,565 tons of local produce sold in 2020 and over 3,752 tons in January 2021. This success story is partly due to the introduction of the “Premium Qatari Vegetable” marketing campaign. The initiative was launched by the  Ministry of Municipality and Environment  (MME) in cooperation with the  Ministry of Commerce and Industry  (MoCI) in January 2017.

Businesses shall be prepared for updates in the tax system in Qatar Qatar is getting ready to implement a Value Added Tax (VAT) and the private sector have been urged to prepare for it accordingly. It is advised to be VAT ready at least six to nine months before the implementation. Qatar signed the Gulf Cooperation Council (GCC) VAT framework in 2016 and has seen the establishment of the  General Tax Authority  (GTA) which has been working on the finalization of the regulations and the Information Technology (IT) systems.  

MOCI announces services for formation, renewal, and cancellation to be online only The Ministry of Commerce & Industry (MoCI) has announced that the services related to company formation, renewal, and cancellation will be available online only. From Sunday, 28th of February, 2021 the  Single Window platform  must be used for the submission of applications, and people will no longer be entertained at the ministry and its branches. The platform covers a wide range of services from the reservation of trade names and the application for commercial registrations, trade licenses, and computer cards to the renewal of all and any permits.

  Growth of the sports industry in Qatar and the GCC to be faster than elsewhere It is expected that the sports industry in Qatar and the GCC will grow faster than elsewhere. A recent survey conducted by PwC painted a picture of the industry in Qatar, United Arab Emirates, Saudi Arabia and Bahrain. The sports industry in the Middle East is expected to grow by 8.7% over the next three to five years while the global sports industry is expected to grow by 3% in the same time. The growth is related to the strong support by the governments in the region in a bid to diversify economies and can be attributed to the maturity of the countries.

  AI and other new technologies to accelerate the growth The Ministry of Transport & Communication   (MOTC) recently organized a webinar on 'Knowledge Mining & Artificial Intelligence'. It is anticipated that artificial intelligence (AI) will significantly contribute to the growth of businesses in different shapes and sizes from start-ups and scale-ups to multi-national corporations around the world. The panel discussed how the advancement and enhancement of AI, machine learning, knowledge mining, and integration will benefit the (business) ecosystems.

Qatar’s e-commerce market is developing and is expected to exceed QAR 11.7 billion (USD 3.2 billion) by 2022 compared to QAR 4.7 billion (USD 1.3 billion) in 2017. Over 350 e-commerce websites have been registered with the   Ministry of Transport & Communication   (MOTC) so far. The development of the sector has many reasons. Qatar has one of the world`s highest internet adoption rates and ranks among top countries in terms of acceptance of information and communication technologies (ICT). The e-commerce penetrate rate in the country increase from 15% in 2018 to 37% in 2019 due to a trend with more and more online payments.

  QDB concludes events related to the first Qatar Virtual Exhibition Qatar Development Bank (QDB) recently concluded the first Qatar Virtual Exhibition (QVE) which brought together small and medium-sized enterprises (SMEs) from the State of Qatar and international distributors, contractors, and buyers. The event explored import and export opportunities, strategic partnerships, and market accessibilities. Qatar Development Bank  (QDB) is a key stakeholder for the promotion and support of SMEs and is working tirelessly on the facilitation of non-oil and gas exports by advancing and enhancing the platforms such as the Export Development Agency (Tasdeer). SMEs are an important part of a national economy and their contribution to Qatar`s economic diversification is key to the implementation of the  National Development Strategy 2018 – 2022  (PDF) (NDS 2018 – 2022) and the Qatar National Vision 2030 (QNV 2030).

  Why to Start a Business in the Qatar Free Zones The Qatar Free Zones Authority (QFZA) in partnership with the  Qatari Businessmen Association  (QBA) jointly organised a webinar on the ways of establishing a presence in the Qatar Free Zones with a participation of more than 112 small and medium-sized enterprises and multi-national corporations. In collaboration and cooperation with other stakeholders, the QBA is actively promoting and supporting the QFZA in the country’s efforts to attract more foreign investment. The webinar featured several of QBA’s strategic partners such as the French Chamber of Commerce & Industry in Qatar and the Arab-German Chamber of Commerce & Industry (Ghorfa). http://bit.ly/QFZA-Qatar

  Qatar and Indonesia’s trade volume continues to grow The Republic of Indonesia as the largest economy in South East Asia is one of the most important trade partners for the State of Qatar. At the most recent webinar titled “Qatar Indonesia Business Dialogue and Matchmaking” and jointly organised by the business councils of the countries, it was revealed that the trade volume between the countries increased by 11% per year from 2015 to 2019 from QAR 3.00 billion (USD 828 million) in 2015 to QAR 4.01 billion (USD 1.10 billion) in 2019. The trade volume between the State of Qatar and the Republic of Indonesia reached QAR 3.65 billion (US 1.00 billion) in 2020. Over the last five years, bilateral trade between the countries has grown steadily across a wide range of sectors. The State of Qatar already holds investments in the Republic of Indonesia through organizations, institutions, and entities such as Qatar Investment Authority,  Ooredoo , Qatar National Bank,  Nebras Power , and Other

  Qatari-Russian collaboration to be explored before SPIEF 2021 Qatar is set to participate as a guest country at the  St. Petersburg International Economic Forum  (SPIEF) in June 2021. SPIEF is a very well established international forum organised by the Roscongress Foundation and was founded in 1997. The event is the largest investment and economic forum in the eastern hemisphere and will contribute to strengthening the collaboration and cooperation as well as the relations between the countries and the partnerships in the Qatari and Russian private sectors. Additionally, the event provides a platform to present the attractive business climate in Qatar to Russians as well as the investment opportunities and possibilities in Russia to Qataris.

  Qatar FinTech Hub (QFTH) has invited national, regional, and international fintech start-ups and scale-ups as well as entrepreneurs to apply for the second ‘hackathon’. The theme of the ‘hackathon’ is ‘Disrupting the Global Fintech Ecosystem using Emerging Technologies’ and has the objective to identify solutions in three challenges: enhancing customer experience, reducing cost and risk as well as helping financial institutions increase revenue and efficiency. The program is promoted and supported by  Qatar Development Bank  (QDB),  Qatar Financial Centre  (QFC), and  Qatar Central Bank  (QCB) with the objective to build on the successful first wave of the  QFTH  program which targeted the payments sector and saw over 750 applications from 72 countries.

  Recovery gains ground in the hospitality sector The hospitality sector is a key element of the Qatar National Vision 2030 (QNV 2030) and Qatar’s plans to position the country as an important tourist destination under the direction of the  Qatar National Tourism Council  (QNTC). The QNTC`s mandate is to create offerings that provide unrivalled experiences to visitors, residents, and citizens alike. The prospect of a resumption of air travel has contributed to a recovery in Qatar’s hospitality sector. Recent information published by the  Planning & Statistics Authority  (PSA) has found that the hotel occupancy rates have increased steadily.