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Doing Business in Qatar 2016

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Doing Business in Qatar 2016 Doing business in Qatar 2016 In association with: 1 Contents Introduction ................................................................................................................................................................................ 3 – Country profile ................................................................................................................................................................... 4 Legal overview ........................................................................................................................................................................... 5 Conducting business in Qatar .................................................................................................................................................. 10 Tax system ............................................................................................................................................................................... 12 Labour ...................................................................................................................................................................................... 15 Audit ......................................................................................................................................................................................... 18 Trade ......................................................................................................................................................................................... 19 Finance ..................................................................................................................................................................................... 21 Infrastructure ............................................................................................................................................................................ 22 This Guide has been prepared jointly by HSBC Bank Middle East Limited and Grant Thornton for the purposes of providing a high-level general overview of the business environment in Qatar for the information of businesses who may be interested in transacting or investing in Qatar. Any transaction or investment in Qatar, however, should only be undertaken based on professional advice specific to such transaction or investment. 2 Introduction This guide to doing business in Qatar will provide foreign investors with an insight into the key aspects of undertaking business and investing in the country. Qatar is a small independent emirate with a growing population and is located in the Persian Gulf surrounded by Saudi Arabia and the United Arab Emirates. Qatar is one of the fastest growing provides an excellent business hub • Low corporate income tax at a economies in the world. The for all types of financial services rate of 10 per cent country’s economy is primarily institutions and major multinationals. • Absence of foreign exchange based on the export of oil and Additionally, the successful bid controls and no restrictions on the natural gas. It is estimated that to host the 2022 World Cup has repatriation of funds Qatar’s oil reserves may run resulted in major infrastructure • 100 per cent foreign ownership out by 2023 and therefore the investments; up to 12 new stadiums is available for companies in government has placed greater are currently being built as well as the Qatar Financial Centre emphasis on the production of new roads and other transportation and in the Qatar Science and natural gas. Qatar possesses the facilities. third largest natural gas reserves Technology park after Russia and Iran. The production Qatar has one of the lowest of Liquefied Natural Gas (LNG) is While this guide makes reference to unemployment rates in the world largely responsible for the country’s some of the most common issues and one of the highest GDP per exceptional economic growth. investors might face, it must be capita. Investors wanting to do noted that certain industries, such business in Qatar would enjoy the However, Qatar has a diversification as the financial services sector, following advantages: plan to reduce its overreliance on are subject to special regulation natural resources. The government and therefore companies wishing • A fast growing population has invested in the diversification to invest in this area should seek and modernisation of the services and limited restrictions on the legal advice. sector, particularly financial services recruitment of foreign employees and tourism. The Qatar Financial • No personal income tax on the The information in this publication is Centre, established in 2005, salary of employees current at January 2016. 3 Country profile Capital City Doha Area 11,586 sq.km Population 2,423,175 (approx.) Language Arabic Currency Qatari Riyal (QAR) International dialling code 1+974 National Holidays 2016 9 February – National Sports Day 7 July – Eid Al Fitr (three days) 8 September – Eid Al Adha (five days) 18 December – Qatar Independence Day Business and Banking hours Business hours: 08:00 to 18:00 Banking hours: 08:30 to 13:00 and 17:00 to 19:00 Stock exchanges Qatar Exchange Index Political structure Constitutional Monarchy Doing Business rank 2016 68 Ease of Doing Business Topics 2016 rank 2015 rank Change in rank Starting a business 109 103 -6 Licenses and Permits 8 8 No change Getting Electricity 111 105 -6 Registering property 28 27 -1 Financing 133 128 -5 Protecting Investors 122 121 -1 Paying Taxes 1 1 No change Trading Across Borders 119 122 3 Enforcing Contracts 112 111 -1 Resolving Insolvency 51 48 -3 Source: World Bank Group (Doing Business) 4 Legal overview Political and legal system hierarchical civil-law model. The Qatar has had a constitutional system is formed of: preliminary monarchy rule since June 2013 courts, appeal courts, a court by the Emir His Highness Sheikh of Cassation and the Supreme Tamim Bin Hamad Al-Thani. Constitutional Court. Courts The emirate is hereditary. The normally determine civil and country’s constitution was ratified commercial matters applying Qatari by public referendum in 2003 law; however, when no legislation and became effective in 2005. is available for a particular matter, The current Emir is the Head of judges can apply Sharia law and State, the Minister of Defence and common commercial matters. Commander-in-Chief of the Armed Forces. The Constitution separates It must be noted that there is a Courts normally the powers of the state between parallel legal system for the Qatar the executive branch formed by the Financial Centre (QFC) which has its determine civil Emir and the Council of Ministers, own rules and regulations applicable the legislative branch formed by the to financial services companies and commercial Advisory Council and the judiciary. covering issues such as anti-money laundering, insolvency or contract The Emir of Qatar is the Head of law. Qatari civil law still applies in the matters Government and Head of State. QFC except when it is specifically Abdullah bin Nasser bin Khalifa Al excluded. Moreover, there are applying Qatari Thani is the current prime minister matters not governed by QFC law, and was appointed in 2013. Ahmad such as criminal issues. law; however, bin Abdullah Al Mahmoud is a Qatari diplomat and politician, who Data protection when no has been serving as deputy prime Qatar does not have a specific minister and minister of state for legislation on data protection. legislation is cabinet affairs since September However, the QFC issued data 2011. Both the Prime Minister and protection regulations applicable to available for the Deputy Prime Minister are QFC entities which are similar to the appointed by the Emir. The Council European data protection regime. a particular of Ministers is also appointed by the Emir. The main legal instruments for data matter, judges protection in QFC are: The Advisory Council is formed can apply by 45 members, 15 appointed by • The QFC Data Protection the Emir and 30 elected by direct Regulations (Law No 6 of 2005) Sharia law secret ballot. The Council has the power to draft and approve laws; • The Accompanying QFC Data and common nevertheless, it is for the Emir to Protection Rules ratify them. commercial The Data Protection Regulations The Judicial Authority Law, issued regulate the processing of personal matters. in 2003 establishes that judges data which is any information are independent and shall not be relating to an identified or subject to removal from office identifiable natural person. The except in cases specified by the regulations do not apply to natural law. The independence of the persons in the course of their purely judiciary is inviolable and protected personal activities. Moreover, the by law against interference from QFC Authority (QFCA) can exempt other authorities. The court system data controllers from complying with is based on a centralised and the law in certain circumstances. 5 As stated above, the Data are overridden by the legitimate • The processing is carried out by Protection Regulations are very interests of the data owner certain non-profit organisations similar to the approach adopted by • The processing is necessary the EU Data Protection Directive Before processing any personal for the purposes of legal with the same principles applying. data, the data controller must obtain proceedings, obtaining legal For instance, personal data must consent from the data owner which advice, establishing or defending be processed fairly,
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