In a very positive move, which will bolster national companies and entrepreneurs, the Ministry of Commerce and Industry (MoCI) has announced a major reduction in their fees for services provided to the commerce, industry, and business development, and consumer protection sectors.
This is great news for aspiring entrepreneurs and small and medium businesses as the cost of doing business comes down drastically thus helping the bottom line of their enterprises.
Qatar has already introduced many processes and practices which make starting and sustaining businesses easier, like digitalising the applications, making finance easily accessible, creating world-class infrastructure and logistics facilities. There are many programmes, by different entities, in place to help startups, from incubation to funding and handholding.
The fee reduction by the Commerce Ministry will bring a new impetus to the country's economic growth by attracting domestic and international businesses and creating a favourable investment climate.
In a statement, the Minister of Commerce and Industry (MoCI) H E Sheikh Mohammed bin Hamad bin Qassim Al Thani emphasised that the issuance of the decision to reduce fees is part of the ministry’s strategy aimed at enhancing the investment environment and developing the trade and industry sectors in Qatar. It also aims to implement the objectives of the Third National Development Strategy (2024-2030), which seeks to achieve sustainable economic growth, economic diversification, and the development and enhancement of the business environment in pursuit of achieving the Qatar National Vision 2030.
The decision is anticipated to significantly boost the market, particularly in areas such as company formation, commercial registration issuance, and the licensing of commercial outlets. Such drastic reduction, in some cases up to 90 percent, will encourage and support establishing new businesses in the country.
A key component of the initiative is to attract more foreign investments to Qatar and strengthen the private sector's role in achieving economic diversification and sustainability. The minister also mentioned that the ministry will continue to enhance its services to provide an ideal and flexible experience for both local and international consumers and investors, aiming to solidify Qatar's reputation as a premier investment destination.
This initiative will greatly simplify the process for investors to receive high-quality services at lower costs, boosting the competitiveness of individuals and companies. It will support the establishment of new enterprises and motivate investors to expand their businesses across various sectors.
With the current scenario of top-notch infrastructure facilities, easy access to logistical hubs, ease of starting a business and affordable fee structure Qatar has become the most favourable destination for all budding entrepreneurs and well-established businesses alike.
