DOHA: The economic zones Qatar is developing will allow investors — nationals or foreigners, individuals or corporations — unrestricted repatriation of profits and capital abroad.
A law is on the anvil which will regulate the company which will develop, maintain and run the special economic zones and specify regulations about the businesses to be set up in these zones.
The draft law, which once effective, will give Manateq (the Economic Zones Company) 50 years’ concession to develop, maintain and manage the economic zones.
All types of businesses will be allowed to be set up in an economic zone.
They can be proprietorships or partnership firms or any other types of companies or business entities, says the draft law which was approved by the State Cabinet at its routine weekly meeting yesterday, reports Qatar News Agency (QNA).
Special rules will apply to businesses operating from the economic zones and no other national law or regulations whatsoever, whether related to companies, customs or licensing, will apply to such businesses. The licensing of a business to be set up in an economic zone will be single-window and solely done by Manateq.
The draft law has been framed by the board of directors of Manateq, which will be given the authority to develop, maintain and manage one or many economic zones and fix the boundaries of a zone.
It will also have the authority to develop its own, or link to existing ports, whether they are seaports, airports or land check posts, QNA added.
The Peninsula
