- Qatar’s Ministry of Commerce and Industry reduced fees for services by over 90%, with some fees dropping from QR10,000 to QR500.
- The fee reduction supports economic growth, encouraging both national and foreign enterprises, and aims to create an attractive investment environment.
- The decision is part of the Third National Development Strategy (2024-2030) and aligns with Qatar National Vision 2030 to achieve sustainable economic growth and diversification.
- The initiative is expected to attract more foreign investments and bolster the private sector’s role in Qatar’s economic diversification.
In a strategic move to bolster economic growth and attract investment, Qatar’s Ministry of Commerce and Industry (MoCI) has announced a significant reduction in fees for various services.
Minister of Commerce and Industry, H.E. Sheikh Mohammed bin Hamad bin Qassim Al Thani, issued Ministerial Decision No. (60) for the year 2024, reducing fees for services related to commerce, industry, business development, and consumer protection by over 90% in some cases.
This decision aligns with the Third National Development Strategy (2024-2030) and supports the Qatar National Vision 2030 by aiming for sustainable economic growth and diversification.
Significant Fee Reductions
The annual fee for registering in the commercial register for one main activity has dropped from up to QR10,000 to just QR500. Similarly, the renewal of such registration now costs QR500 instead of QR10,000.
This reduction applies to other areas as well, such as licensing for commercial, industrial, or public premises and home-based business activities, where fees have been slashed from up to QR10,000 to QR500 annually.
Encouraging Investment and Business Growth
The ministry’s decision aims to support both national enterprises and foreign investors, creating a more attractive business environment.
By lowering fees, the ministry hopes to facilitate easier access to high-quality services, enhancing the competitiveness of businesses and encouraging the establishment and expansion of new enterprises.
This measure is particularly significant for small and medium-sized enterprises (SMEs) and entrepreneurs, who will benefit from reduced financial burdens.
Comprehensive Impact Across Sectors
The fee reductions encompass a wide range of services provided by the ministry, including commercial registration, commercial permits, commercial agents’ registry, corporate services, investment business services, auditors, copyright and neighbouring rights, patents, protection of designs and industrial models, industrial development, and quality licenses.
By addressing the diverse needs of the business community, the ministry aims to foster a more dynamic and resilient economy.
Positive Market Impact
This initiative is expected to have a profound positive impact on the market, particularly in areas related to company formation, issuance of commercial registrations, and licensing of commercial outlets.
For instance, a new commercial registration or license now costs only QR500, a move designed to stimulate the establishment of new businesses.
The reduced fees are anticipated to encourage more foreign investments, enhancing the role of the private sector in achieving economic diversification and sustainability.
A Vision for the Future
Minister Sheikh Mohammed bin Hamad bin Qassim Al Thani emphasized that this decision is part of the ministry’s broader strategy to enhance the investment environment and develop trade and industry sectors.
The goal is to implement the objectives of the Third National Development Strategy (2024-2030), which seeks to achieve sustainable economic growth, economic diversification, and the enhancement of the business environment.
This initiative supports the overarching goals of the Qatar National Vision 2030, positioning Qatar as a prime destination for investment.
Commitment to Continuous Improvement
The ministry remains committed to continuously developing its service offerings to provide an optimal and flexible experience for both local and foreign consumers and investors.
This dedication aims to enhance Qatar’s position as an attractive investment destination, fostering a vibrant economic landscape that supports both national and foreign enterprises.
Overall, the Ministry of Commerce and Industry’s decision to reduce service fees by over 90% for many services marks a significant step towards fostering a more competitive and attractive business environment in Qatar.
This initiative is set to support economic growth, encourage investment, and enhance the country’s global economic standing.
By reducing financial barriers for businesses, the ministry aims to stimulate entrepreneurial activity, attract foreign investments, and contribute to the sustainable economic development envisioned in Qatar’s National Vision 2030.
