At a time when regional competition to attract capital and international companies is accelerating, the State of Qatar is continuing to develop its institutional structure for investment through the “Companies House”, which represents a shift towards a more integrated model in establishing businesses, by unifying the procedures for registering and licensing companies in a number of the most prominent economic regions in the country, in a way that enhances the efficiency and attractiveness of the investment environment.
The “Companies House”, which was inaugurated by His Excellency Sheikh Faisal bin Thani bin Faisal Al Thani, Minister of Trade and Industry and Chairman of the Advisory Council of the Companies House a few days ago, aims to simplify procedures and reduce time and effort for investors and project owners, thus contributing to raising the efficiency of doing business and enhancing the competitiveness of the investment environment in the country, in line with the objectives of the Qatar National Vision 2030.
Companies House is responsible for registering companies, licensing their activities, and maintaining the public registry for the Qatar Financial Centre, the Qatar Free Zones Authority, the Qatar Science and Technology Park, and the Qatar Media City, in addition to providing tax and immigration services to registered companies, and verifying their application of labor standards and data protection requirements.
Collecting these tasks under one umbrella gives the investor a more integrated window to establish his business and manage the procedures associated with it, and reduces the multiplicity of paths between different parties, which contributes to improving the investor’s experience from the stage of establishing the company until the start of its activity.
The establishment of the “Companies House” comes in the context of the efforts made by the state to develop the business environment, improve the services provided to the financial and business sector, and support the ability of the Qatari market to attract capital and quality investments, in parallel with enhancing the private sector’s contribution to economic activity.
In exclusive statements to Qatar News Agency (QNA), officials and economic experts expected that the initiative would contribute to enhancing the competitiveness of the State of Qatar and creating a more efficient environment for attracting capital to the local market, as well as providing a wider scope for the private sector to grow and expand.
In this context, Mr. Ali Saeed Busherbak Al Mansouri, Acting Director General of the Qatar Chamber, praised the inauguration of the “Companies House” and considered it an important step in the process of developing the business environment in the State of Qatar, reflecting the state’s keenness to simplify procedures, facilitate the establishment and practice of business, and enhance the state’s attractiveness for local and foreign investments.
Al-Mansouri said that unifying the procedures for registering and licensing companies in the economic zones under one umbrella would contribute to reducing time and effort for investors, raising the efficiency of procedures, and improving the investor’s experience from the stage of establishing the company until the start of its activity, which supports the competitiveness of the Qatari business environment and enhances Qatar’s position as an attractive destination for investment.
He added that the private sector looks positively at initiatives that work to reduce and standardize procedures and speed up the completion of transactions, noting that the ease of establishing businesses, clarity of procedures, and speed of obtaining services are important factors in stimulating investment and encouraging entrepreneurs and companies to expand and launch new projects.
Al Mansouri pointed out that Companies House’s registration of companies, licensing of their activities, and keeping of records for a number of regions and economic entities, in addition to providing services related to taxes, immigration, work requirements, and data protection, reinforce the concept of a single window for the investor, and provides a more integrated and smooth environment for doing business.
He stressed that this initiative is in line with the efforts made by the state to enhance the private sector’s contribution to the national economy, stimulate investment and diversify economic activities, in line with the goals of the Qatar National Vision 2030.
He added that developing the legislative and procedural environment and facilitating doing business represent two essential elements in supporting the growth of the private sector and enhancing its competitiveness, expressing his hope that Companies House will contribute to accelerating the establishment of projects and attracting more qualitative investments to the Qatari market.
Al Mansouri concluded his statements by emphasizing that the Qatar Chamber welcomes all initiatives that contribute to improving the business environment and overcoming the challenges facing the private sector, stressing the Chamber’s readiness to cooperate with the Ministry of Commerce and Industry, the “Companies House” and the concerned authorities, and to convey the views and proposals of the business community in a way that contributes to developing the services provided to investors and companies.
In turn, Dr. Hamid Al-Tijani Ali, Professor of Economics and Public Policy at the Doha Institute for Graduate Studies, in a similar statement to QNA, saw in the inauguration of the “Companies House” an important transition from providing investment incentives only to developing the institutional environment in which the investor works, explaining that the investor does not look only at taxes or the cost of land, but rather at the speed of establishing the company, the clarity of laws, the stability of procedures, and the ease of dealing with government agencies.
Dr. Ali considered that unifying registration, licensing, and services related to taxes, immigration, and data protection in one window reduces the cost of transactions, time, and uncertainty, all of which are elements that directly affect the investment decision. He also believed that the most important of all is that the success of the initiative will be measured practically by its ability to reduce the time and cost of establishing and operating companies.
He pointed out that competition in the region is no longer based solely on tax exemptions and financial incentives, but rather has become a competition over the quality of institutions, ease of doing business, and speed of procedures, adding that in light of the Gulf countries’ competition to attract international companies, capital, and talents, the presence of a unified entity linking the Qatar Financial Center, the free zones, the Qatar Science and Technology Oasis, and the Media City enhances Qatar’s competitiveness, and also sends a signal to the international investor that Qatar seeks to provide a more integrated and clear investment system instead of a multiplicity of entities and procedures.
Dr. Ali promised that “Companies House” has a developmental importance that goes beyond increasing the number of registered companies, as its success in attracting long-term investments gives it a vital role in supporting the diversification of the economy away from dependence on the energy sector, as well as expanding the role of the private sector, transferring technology and knowledge, creating highly productive jobs, promoting exports, and linking to global value chains, and all of this, in the end, is in line with the goals of the Qatar National Vision 2030.
Dr. Hamid Al-Tijani Ali concluded by saying that the true criterion for success is not only the volume of foreign investment flows, but rather the quality of investment, its added value to the Qatari economy, and its ability to localize knowledge and technology and create sustainable opportunities.
In the same vein, Dr. Abdulaziz Al Hammadi, an economic expert, said that the launch of the “Companies House” gives those with money encouraging signals that Qatar is an environment that enjoys advanced terms and conditions with regard to investment.
Dr. Al-Hammadi explained that what distinguishes the idea of “Companies House” is the shortening of time and effort, by unifying the entity through which the stages of the investor’s project pass. He pointed out that shortening time and effort represents an essential factor in the investor’s decision, whose compass always points to the easiest and fastest place to complete his work.
He pointed out that obstacles, in general, are part of business, and they can happen at any time. Therefore, he suggested that employees and people charged with carrying out registration and licensing tasks, providing tax services, and verifying companies’ application of official work standards undergo intensive, high-level training, to achieve the goal for which the “Companies House” was launched in the best possible way.
Dr. Al Hammadi praised the work of the Ministry of Commerce and Industry, saying that its efforts are notable in constantly developing the investment climate and providing a favorable investment environment. He considered the “Companies House” initiative the latest of these efforts, which he saw as potentially opening the way for local projects and encouraging the emerging local investor to engage in the investment market in the country.