The Ministry of Commerce and Industry announced the start of implementing Ministerial Resolution No. 60 of 2024, issued by His Excellency Sheikh Mohammed bin Hamad bin Qassim Al Thani, Minister of Commerce and Industry, to reduce fees for services provided by the Ministry to the sectors of commerce, industry, business development and consumer protection, by a percentage of up to more than 90% for some fees, starting today, Thursday, July 11.
The issuance of this decision comes within the framework of the Ministry’s strategy aimed at enhancing the investment environment, developing the trade and industry sectors, and business development 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.
The ministerial decision to reduce fees for services provided by the ministry aims to support economic growth in the country, encourage national and foreign projects, and create an attractive business environment for investment. It will also contribute significantly to investors obtaining quality services at reduced fees, enhance the competitiveness of entrepreneurs and companies, support new projects, and encourage investors to expand their businesses and innovate diverse projects. It will also enhance the role of the private sector in achieving economic diversification and its participation in sustainable economic development.
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 qualitative licenses.
The decision is expected to contribute to providing an ideal environment for local and foreign investors, which will enhance the position of the State of Qatar as an attractive investment destination, and will have a positive and significant impact on services related to establishing companies, issuing commercial records and licensing commercial establishments, and will encourage and support the establishment of new projects and businesses in the country.
Experts and business leaders valued the decision and the significant returns it will bring to the national economy, such as stimulating domestic 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 offered by countries.
They stressed in statements to Al Arab that reducing the annual costs and fees imposed by the Ministry of Commerce and Industry in return for the licenses or services it provides will be a starting point for further reductions in the remaining ministries and agencies in various sectors, which will ultimately benefit the national economy and inject more investment opportunities into the country.