Dr.. Hashem Al-Sayed: Enhances the investment and business development environment in the country
Mubarak Al Khayarin: Making company formation among the least expensive in the region
Ali Al Yafei: Supports the economic diversification strategy
His Excellency Sheikh Mohammed bin Hamad bin Qassim Al Thani, Minister of Commerce and Industry, issued yesterday Ministerial Resolution No. (60) of 2024, reducing fees for services provided by the Ministry to the sectors of trade, industry, business development and consumer protection, by more than 90% for some fees. The ministerial resolution aims to support economic growth in the country, encourage national and foreign projects and create an attractive commercial environment for investment. The ministerial resolution will be effective the day after its publication in the Official Gazette. Experts and business leaders praised the decision and the significant returns it will bring to the national economy, from stimulating internal trade and mobilizing local business leaders to innovate new ideas for projects and services, as well as attracting foreign capital, which is always looking for investment advantages and incentives provided by countries.
His Excellency the Minister of Commerce and Industry explained that issuing the decision to reduce fees comes within the framework of the Ministry’s strategy aimed at enhancing the investment environment, developing the trade and industry sectors, and developing business in Qatar, and implementing the objectives of the Third National Development Strategy (2024-2030), which aims to achieve sustainable economic growth and economic diversification, and developing the business environment, in an effort to achieve Qatar National Vision 2030.
His Excellency pointed out that the decision to reduce service fees came to support national projects and individual and corporate entrepreneurs, and will also contribute significantly to investors obtaining quality services at reduced fees, and will enhance the competitiveness of individuals and companies, support new projects and encourage investors to expand their businesses and innovate various projects.
His Excellency the Minister stated that this decision will attract more foreign investments to Qatar and enhance the role of the private sector in achieving economic diversification and its participation in sustainable economic development, stressing that the Ministry will continue its efforts to develop its services to provide an ideal and flexible experience for local and foreign consumers and investors, which will enhance the position of the State of Qatar as an attractive investment destination.
The Ministry of Commerce and Industry has evaluated and determined the reduced fees for services after a careful study of the requirements of the business environment and the needs of investors. These reductions included the Ministry’s sectors (Commerce, Industry and Business Development, and Consumer), which include commercial registry services, commercial licenses, commercial agents’ register, commercial company services, practicing investment business services, auditors, copyright and related rights, patents, protection of industrial designs and models, industrial development, and specific licenses.
The decision is expected to have a positive and significant impact on services related to establishing companies, issuing commercial records, and licensing commercial establishments, as the fees for issuing the new commercial record have been set at only 500 Qatari riyals, and the fees for issuing commercial licenses are also 500 Qatari riyals, which will encourage and support the start of new projects and businesses in the country.
Praise for the decision
For their part, experts and entrepreneurs praised the decision and agreed on its importance in attracting foreign capital, which is always looking for investment advantages and incentives offered by countries. They confirmed in statements to Al Arab that reducing the costs and annual fees imposed by the Ministry of Commerce and Industry in exchange for the licenses or services it provides will be a starting point for further reductions in the rest of the ministries and agencies in various sectors, which will ultimately benefit the national economy and inject more investment opportunities into the country.
Achieving sustainable growth
Economic expert Dr. Hashem Al-Sayed stressed that the decision to reduce the fees for services provided by the Ministry to the sectors of trade, industry, business development and consumer protection, by more than 90% for some fees, supports the Ministry’s strategy aimed at enhancing the investment environment and developing the trade, industry and business development sectors in Qatar, and implementing the objectives of the Third National Development Strategy (2024-2030), which aims to achieve sustainable economic growth and economic diversification, and develop the business environment, in an effort to achieve Qatar National Vision 2030.
Dr. predicted. Hashem Al-Sayed said that reducing commercial registration fees will have a positive impact on both the economy and trade, by stimulating commercial activity by increasing the number of new companies, as the initial cost of starting a business becomes lower, which encourages entrepreneurs to establish their companies. It also works to diversify business sectors, which enriches competition and stimulates innovation.
Dr. Al-Sayed pointed out that the decision will contribute to supporting small and medium-sized companies, which are a basic pillar of the economy and play an important role in creating job opportunities, as the decision reduces their financial burdens, gives them greater opportunities, and helps them grow and expand.
He explained that improving the investment environment and enhancing the role of the private sector will contribute to attracting investments, in continuation of the vision of our wise leadership in encouraging this sector and motivating it to give more in serving the national economy, which helps in economic diversification and its participation in sustainable economic development and increases the status of the national product, which will enhance In turn, the position of the State of Qatar as an attractive investment destination.
Encouraging company establishment
For his part, Mr. Mubarak Al-Khayareen, a writer and specialist in economic affairs, said that there is a clear government direction to stimulate the establishment and establishment of companies, which was implemented and formulated by the Ministry of Trade and Industry as the relevant authority, indicating that these reductions will facilitate the completion of official procedures for establishing companies at the lowest costs, To be the lowest among its counterparts in the Gulf region.
Al-Khayareen added that the impact of these reductions in the cost of services will mostly be limited to the establishment, so that companies can continue to compete for market position, which also requires consideration of other incentive factors such as reducing rents, reducing supply costs, and others.
Regarding the impact of the decision on the growth of the volume of business activities in the country, especially with the discount in fees amounting to about 90%, he stressed that it will of course have an impact, but the impact will be limited in scope, given that the largest beneficiary will be in the establishment processes and the number of established companies.
Regarding the percentage of increase in businesses expected to enter the investment market in Qatar after the recent decisions, Al Khayarin said: “We cannot make the factor of reducing fees the driver for attracting investments, but its effect lies in facilitating procedures and reducing part of the costs represented in government establishment costs and expenses, but attracting investments has other incentives such as tax exemptions and reducing logistical and operational costs, etc.”
Opportunity for young entrepreneurs
In turn, entrepreneur Ali Al-Yafei said that the decision to reduce service fees reflects the state’s trend towards expanding the business base and opens the way for young entrepreneurs to be creative by innovating service business activities that support the state’s vision of economic diversification and facilitating procedures for establishing companies, which will of course affect and advance the economic and social dimensions. .
Al Yafei stressed that the decision supports attracting foreign investment through the incentives provided by the state, including reducing service fees such as the commercial register, commercial licenses, and others, pointing out the importance of continuous organization and development of government decisions to keep pace with economic conditions at the regional and global levels, which in turn will enhance the confidence of investors and those practicing freelance business in the ability to expand and continue.
Al-Yafei pointed out that the Qatari economy has the highest credit ratings, and the country enjoys economic stability, in addition to the laws and legislation encouraging foreign investors to enter the Qatari market.
He explained that the State of Qatar has witnessed a boom in terms of infrastructure, starting with the metro and highways, not to mention the free zones that were built to provide an incentive and added value to international trade, in addition to Hamad Port and the huge investments in Hamad International Airport. All these strategic projects have begun to achieve positive results, making the State of Qatar an attractive area for many investors from all over the world.