Qatar has always been one of the top destinations for business investors, industrialists, and entrepreneurs. It has provided a platform for numerous commercial industries to encourage company formation in Qatar and expand internationally.
It has established the Qatar Science and Technology Park (QSTP) free zone to develop specific industries. This park is one of Qatar's free zones, attracting the attention of international investors with interest in the specific subject.
Business Activities in Qatar Science Park
In Qatar Science Park, the following business activities are permitted:
- Technology development
- Research and Development
- Manufacturing
- Education
- Technology-based services
- Business development activities.
Benefits of Company Setup in Qatar Technology Park
Company formation in Qatar Freezones has its benefits; accordingly, Qatar technology park also has n number of benefits. Some of these are
- The business setup here doesn’t require a Qatari shareholder
- The Free zone is exempted from all taxes
- There are no import/export duties on the goods transacted
- No local agent is required for business trade
Thus, you can see that the free zone provides various benefits and is leveraging its limits to boost the science and technology domain.
Documents Required to set up a Business in Qatar Science and Technology Park
To set up your business in Qatar Science and Technology Park, you need to submit certain documents. They are,
General Information:
- Organizations background stating the mission, vision, and goal
- The implementation strategy
- The type of business entity and activities that are to be carried out
- A brief regarding the ownership agreements
- Space required for office setup
- Lease Term
Specific Information Regarding Each Activity:
- Overall description
- The description of the technology being used
- Collaborations with outside organizations
- Revenue generation model
- Information related to the target market
These are all the documents and briefs required. Make sure all information is accurate.
Process of Setting Up a Company in Qatar Science and Technology Park
Every country has legal laws you need to follow while initiating a business. The same goes to Qatar. The nation has two free zones Qatar Financial Centre and Qatar Science and Technology Park. The procedure of establishing a business in QTSP is surprisingly straightforward.
To establish a corporation in QSTP, at least two shareholders are required, as well as a minimum capital of US$ 55,000. Following that, you must ensure that you have all of the necessary documentation. After that, all you have to do is follow the procedures outlined below.
Describe the Company
In the first phase, you must describe your firm to the QSTP Authorities so that they understand what it is all about and how it may assist the economy.
Demonstrate The Activity
Because QTSP focuses on science and technology, you must demonstrate that the principal investment is geared toward research and development while presenting the business strategy.
Choose a Business Structure
Once the authorities accept, you can form a Limited Liability Company or a Branch Office, depending on your company’s needs.
Get Your License
Get a Business License Next, you must obtain a business license. You must provide confirmation of financial and technical soundness for this.
Securing a Lease Agreement
After obtaining the business license, you must secure the leasing agreement.
Commitbiz is committed to giving the same to our clients. Our team of specialists has an extensive understanding of Qatari law and will assist you in dealing with the legal processes.
Aside from that, your company's basic pillars, such as accounting, taxation, and visa services, will be taken care of. To begin the process immediately, please contact us; we'd be happy to help.
Is starting a business in Qatar Science and Technology Park easy?
Yes. with the right documents, the procedure can be easy. You can reach out to a skilled business setup consultant to make your job even easier.
What is the cost of establishing a business in Qatar Science Park?
It depends on several factors like the scale of your business, the activity you choose etc. Reach us for a detailed quotation.
How long will it take to start a business in Qatar Technology Park?
It depends on the business activity. However, it will not take more than 10 days.
What are the activities allowed in Qatar Science and Technology Park?
In QTSP, the following business activities are permitted:
- Technology development
- Research and Development
- Manufacturing
- Education
- Technology-based services
- Business development activities
Does QTPS have import/export duties?
There are no import/export duties on the goods