Did you think of starting up a business in Qatar? Many of us want to initiate our businesses in this country since it has one of the most expensive monetary currency in the world. Prior to starting up a business here, most of us would have many questions. We hope that this article may help you in your business ventures.
Opening up a business is one way of enjoying a luxurious retirement from being employed with contracts, commitments or arrangements. It is a great attempt for expats who with to do business instead of working as an employee in Qatar. Meanwhile, there are good foreign businessmen who want to expand their businesses globally. Here are 5 questions that a business enthusiast like yourself should ask before starting up your company in Qatar.
Setting Up Business in Qatar
Who is your target market?
Your target market are your potential customers. Before you start your business in Qatar, ask yourself who is going to be your customers. Are they expats like you? Are your products and services good for Qataris too? Identifying your target market can help you build a stronger brand for your products and services.
Are you selling products or services?
If you’re selling products, the next thing you should analyze is the location of your physical store. If you need something to show to your buyers, it is best to find a perfect location where your target market will be. As for services, you may choose not to have a physical store as long as you have an effective way to let your customers know that you are offering your services.
Also Read: Tips to Consider Before Moving to Qatar
What type of business are you going to establish?
One of the most popular types of business in Qatar for expats is a Limited Liability Company wherein local partners should hold a minimum 50% share of the company to consider a legal one. It is common for foreigners to hold less than half of the company’s share as per standard business law. Although, it is how the usual business is done here, there is still a high possibility of earning bigger here when you find the best local partners.
What do you prefer? Sole proprietorship or Partnership?
If you’re just beginning to venture on the business sector, it is recommended that you start with local partners from Qatar. But if you are expanding your business originating from your home land, then it would be fine to go solo on your business venture in Qatar.
Are you a registered business?
Make sure to get all the necessary documents and permits before you start your business operation in Qatar. No one wants an illegal business dealing in an Islamic country.
Once you are certain that these questions are answered, you’re all set to start your business in Qatar. More expats are getting successful for choosing to do business than being employed.