(MENAFN- The Peninsula)
The Peninsula
Doha, Qatar: As a measure to support economic growth, Commerce Ministry has annouced reduction in fees for services provided to the commerce, industry and business development, and consumer protection sectors that reach up to more than 90% for certain fees.
Minister of Commerce and Industry (MoCI) H E sheikh Mohammed bin Hamad bin Qassim Al Thani has issued Ministerial Decision No. (60) for the year 2024, reducing the fees for services provided by the ministry.
The ministerial decision aims to support economic growth in the country, encourage national and foreign enterprises, and create an attractive business environment for investment. The ministerial decision will take effect after it is published in the official gazette.
In a statement, the Minister emphasised that the issuance of the decision to reduce fees is part of the ministry's strategy aimed at enhancing the investment environment and developing the trade and industry sectors in Qatar. It also aims to implement the objectives of the Third National Development Strategy (2024-2030), which seeks to achieve sustainable economic growth, economic diversification, and the development and enhancement of the business environment in pursuit of achieving the Qatar National Vision 2030.
The annual fee for registration in the commercial register with one main activity has been changed from upto QR10,000 to QR500. The annual fee for renewal of registration in the commercial register with one main activity has been changed from upto QR10,000 to QR500.
The annual fee for licensing of similar commercial, industrial, or public premises or a branch thereof has been changed from upto QR10,000 to QR500. The annual fee for renewal licensing of similar commercial, industrial, or public premises or a branch thereof has been changed from upto QR10,000 to QR500.
The annual fee for licensing of home-based business activities have been changed from upto QR10,000 to QR500. The annual fee for renewal of licensing of home-based business activities has been changed from upto QR10,000 to QR500.
The decision to reduce service fees will support national enterprises and entrepreneurs, both individuals and companies.
It will significantly facilitate investors obtaining high-quality services at reduced fees and enhance the competitiveness of individuals and companies to support new enterprises and encourage investors to expand their businesses in various sectors, he added.
The reduced service fees include: Commercial Registration, Commercial Permit, Commercial Agents Registry, Commercial Company Services, Practicing Consultancy Services, Auditors, Quality Licenses, Patent Services, Protection of Designs and Industrial Models, and Industrial Development Services.
This announcement comes after the Ministry of Commerce and Industry evaluated, analysed and conducted detailed studies of the business environment requirements and investors' needs. These reductions encompass all the ministry sectors (Commerce, Industry and Business Development, Consumer Affairs), and include services like commercial registration, commercial licenses, commercial agents' registry, corporate services, investment business services, auditors, copyright and neighbouring rights, patents, protection of designs and industrial models, industrial development and quality licences.
It is expected that the decision will have a significantly positive impact on the market, specifically services related to company formation, issuance of commercial registrations, and licensing of commercial outlets. A new commercial registration and/or licence, for example, has now been set at only QR500, which is designed to encourage and support the start of new commercial ventures in the country.
A major part of the initiative announced by the minister aims at attracting more foreign investments to Qatar and enhancing the role of the private sector in achieving economic diversification and a sustainable economy. He added that the ministry will continue developing its service offering to provide an ideal and flexible experience for local and foreign consumers and investors with the goal of enhancing Qatar's position as an attractive investment destination.
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