Pointers for International Business Expansion in Qatar Qatar, a prosperous business hub for many and welcomes investments from round the globe. The business scenario provides a high degree of commercial freedom. In addition to that, the availability of abundant skilled labor has proven to be a catalyst to set up or expand business in the country. Since the initial oil discoveries that took place in 1940’s to the recent natural gas growth, Qatar records a high per capita GDP in the world. The country’s hydrocarbon driven economy has attracted business people who all round the globe.
Why expand your business internationally to Qatar? The main reason for international business expansion in Qatar is its high GDP and that it attracts investors from all over the world. This makes the country one of the fastest growing economies. The economic growth in Qatar is a result of extensive planning and initiatives taken by the government in various industry sectors. Reasons that make Qatar a growing hub for energy sector companies are as follows:• • • • • • • • •
The country possesses 14% of the world’s proven gas reserves There are approximately US$220 billion of projects underway or planned The country has diversified from conventional oil and gas to LNG, GTL and petrochemicals Sectors of business expansion also includes financial services, sport, media, science, training & education There is a huge pool of well-capitalized joint venture partners The country offers access to essential sources of funding and investment from sovereign wealth funds to private investors There are heavy investments going on in the infrastructure projects There is an increasing demand for advanced technology and expertise The country has an English-speaking business community partnering with the western world
What are the prospective business opportunities? The business sphere in Qatar is not just limited to crude petroleum production and refinement. The chances of expanding your business internationally in Qatar are there in other sectors too. Some of the flourishing sectors would include steel reinforcing bars, ammonia, fertilizers, commercial ship repairing, cement industry and many others. The country also exports a minimal fraction of the agricultural production. The agriculture products comprise of dairy products, poultry, beef, and fish. Furthermore, the Qatari government is willing to reduce the economic dependence on petroleum products and emphasize on business diversification.
Do you need the help of an expert? Businesspersons willing to expand their business internationally to Qatar understand the importance of an expert consultant who would help them address multiple aspects of business expansion that just might be overlooked. For instance, a consultant might point out the need for an internal audit compliance as an crucial element to manage worldwide risks. Similarly, other essential aspects to look into are the eu vat rules and transfer pricing audit. Click here for more on global transfer pricing & expat tax advice