The Process of Forming an Limited Liability Company in Qatarby Shames P. Global Business advisory
With the recognition of the fast-growing city, Qatar opens the door for more companies and entrepreneurs to come to Qatar. The capital, Doha, is constantly expanding its focus to become the focus of various investments and businesses. Qatar facilitates the business setup process for all types of corporate entities. One of the most prevalent commercial companies appears to be a limited liability company. To get a clear idea of forming an LLC in Qatar, so that the article gives you the details you need. Let's start by understanding the basics of an LLC key.
What is a Limited Liability Company in Qatar?
One of the prominent business structures that financial investors have adopted when setting up a company in Qatar is a Limited Liability Company (LLC). In this type of business structure, members are not directly responsible for the company's debt. It can be seen as a hybrid form that invokes the unique characteristics of ownership and partnership. Let’s take a look at the points below to get a clearer idea of Qatar LLC.
Highlights of a Qatar limited liability company
- An LLC is formed with at least 2 partners and a maximum of 50 persons
- The minimum share capital requirement is proven to be QAR 200,000
- The name of the business entity must end with "Limited Liability Company"
- SRL shares are not easily transferable
- The profit tax is set at 10% of the profit obtained
- It seems that an LSC has an office base before obtaining a business license
- Memorandums and articles of association must be signed by all partners
- Insurance, investment from funds (BFSI) may not be involved in the activities of the industry
To take the next step, you need to understand that a documentation process should be done to open a business in Qatar.
Documents are required to establish a limited liability company in Qatar
The essential requirements for forming an LLC include:
- Copy of ID of each authorized person
- Photo of the building mentioning the business name and address
- Financial statements
- Business license certificate
- Regulatory license
- Business plan
- Letter of approval for real estate rental (in case of sub-contract)
- Lease agreement
- Copy of agency registration
- Memorandum and Articles of Association
The documents described above need to be on hand before proceeding with the registration process.
How to set up an LLC in Qatar?
The formation process of Qatar LLC Company includes the following steps:
1. Registration of company name
The first step you need to take is to register a company name. It is important to remember that the name should be unique and it is not registered with the company registrar. An important point to note here is that the name should give a clear definition in Arabic. If it doesn't, QAR 1000 will be fined a fine. Once it is decided, register it
2. Includes structure and draft articles
The next step to focus is to draft articles. An AOA is an internal document of a business that has the rights, responsibilities, ownership, rights of partners.
3. Collection company registration certificate
Subsequently, all the documents mentioned above must be submitted in order to obtain the Company's Registration Certificate. When proceeding to receive the same, the registration fee must be paid. The amount of fee paid starts from QAR 1,500-7,000 / year. Once the business activities have been added and paid, you can obtain a company registration certificate.
4. Get a business license
The fourth step you need to focus on is obtaining a business license. It is essential to obtain the approval of the Ministry of Economy and Commerce for conducting business activities.
Once the documentation section is completed, an inspection of MEC representatives will come forward for the inspection process. Once confirmed, a business license will be obtained with the QAR10 with a QR510 fee
5. Get a computer card
One of the final steps to start a business activity is to get a computer card. Now, before proceeding to receive it, an official company stamp should be obtained which will be used for all business paperwork. A computer card is issued by the immigration department after submitting the following documents:
- An application form needs to be properly filled out with personal and professional details. It should also have your company seal
- Copy of Article Certificate
- Copy of trade license
- Copy of shareholder ID card
- Copy of the ID card of the person on the computer card
Once received, your business entity is ready to start trading.Forming an LLC in Qatar can be seen as an easy process for business and financial investors when they approach a business consultant. These steps can be useful because business consultants are well-versed in legal activities and can easily cope if there is a disruption. At S & F Consulting Firm, we are dedicated to giving our clients the same comfort. Our business experts are well versed in Qatari law. They will begin the process by understanding the requirements of your business and will complete the solutions accordingly. Have a word, contact us - we're happy to help.
Created on Jan 29th 2020 23:48. Viewed 210 times.