Globalization has opened up a lot of markets previously thought of as inaccessible. One of the best examples is the Middle East, which just several years ago was commonly deemed too foreign or exotic by the unacquainted. Today, however, the world has seen how similarly geared towards capital and commerce its affluent cities are. In fact, most of the territories in the Middle East are recognized by the international community as important financial and business centers today. Topping the list is Qatar, tagged as one of the world’s fastest-growing economies.
Given the great possibilities of an expanded international market, it’s no wonder that most businesses have made the big leap and given the international arena a try. And those who haven’t done so are likely to be setting their sights a bit further, too. You may be thinking of setting up a business in Qatar to complement your current operations — it can be a brand or subsidiary, or a whole new enterprise, or maybe you’re looking for a way to have your products or services marketed there. Whatever your vision may be, it’s important that you attend to the most significant concerns armed with relevant information and an enlightened outlook.
First concern: the finances. Prior to any major business movement, it’s critical that you implement an objective and thorough assessment of the state of your business’ assets and liabilities first. While accounting is actually a routine part of any commercial operation, such as tracking sales, monitoring expenses, keeping tabs of profits and investments and other similar tasks, for this decision you will need not just a view of your books, but an interpretation of it. Get an official business valuation report from a trusted financial consultant to help you know where your business stands in the context of the current international economic and industry climate. This vital knowledge can move you forward towards wiser decisions.
Second concern: the legalities. When setting up a business in Qatar, you will need to be aware of and adhere to the country’s governing laws regarding such ventures. The business policies in Qatar are said to be liberal and most encouraging for investors, but having a legal consultant on board will help you complete the requirements faster and more reliably. An expert on Qatar business laws will also be able to help you find the most strategic ways for your business to handle tax and ownership issues for foreign business owners.
Third concern: the logistics. Will you be setting up an office in Qatar? Will you be based there, and who’s coming with you? Or will you just be sending representatives? You need to attend to all the issues regarding relocation and reorganization whatever setup you deem best for you, your company and your employees. A business setup consultant can help you with details such as orienting you about Qatar’s culture, setting up office and finding housing, moving equipment, networking with the local industry, and more.
With these three basic concerns covered, you can proceed to the next steps of your endeavor with hopefully more confidence and less anxiety about the more exciting days ahead.