Qatar’s Economy

crinkle in Qatar Should one do business in Qatar? Qatar is a lowly country in the Middle East. Ive come to realize that Qatar, just analogous any other country has its poor and plentiful sides. Qatar is a weensy country with immense expectations for future business with other countries. Lets start by looking at Qatars political and sparing standpoint. While Qatar is more of a conservative society than others, it has set step up on a path towards economic modernization and political stability. amir Hamad bin Khalifa Al Thani has been the chief of state since 1995 and has led Qatar to becoming more open to global markets.He is a strong advocate to having relations with the join States as well. In cc3 and 2004 the economy of Qatar was maturement and expected to continue growing. match to Douglas Walter, author of Consider Qatar, stated that Qatars economy is driven by revenues from inborn gas and oil resources. Qatar has one of the largest oil reserves in the world, with as such(prenominal) oil to last as long as 200 years, that was said in 2005. I can only imagine how much oil it has now. Qatar is striving to wee itself more attractive for enthronizations and trade with other countries.With the importance of foreign trade on the economy of Qatar, export revenue is a primary source of funding public spending and victimisation in Qatar. In 1994, Qatar succumbed to the General Agreement on Tariffs and Trade, which is now cognise as the World Trade validation. They hold up built its trade and investment state so that they are following their obligations to the World Trade Organization by reducing tariffs, removing unnecessary restrictions and barriers to trade, and providing foreign investor more opportunities.The United States is nonoperational trying to get Qatar to become part of the Free Trade Agreement. It seems same(p) doing business in Qatar, is easier than some countries. Some companies that do business with Qatar return reported that g oing through customs is not a hassle. Katari companies and customers seem eager to work with Americans and like buying U. S. Made products and work. Qatar has a stable currency, and the country inflicts no foreign exchange controls.Qatar permits up to ampere-second% of foreign ownership in agriculture, manufacturing, health, education, tourism, power and projects involved in the suppuration of pictorial resources, pending approval from the government. Qatar is also a member of various(a) international financing bodies. It levies no taxes on the individuals income and no fees on exports, whereas he fees on imports are exceedingly low and are estimated at 4 percent. Qatar is also famous for its banking market. There are no restrictions on transferring capitals overseas, which make the whole of Qatar a free trade zone.The issuing of law no(prenominal) (1) in the year 1980 regulating industry in Qatar provided for incentives for local investors in the industry field and in additio n to the promotional incentives regulated by law No. (19) in the year 1995 which facilitates the process of obtaining industry licenses and unifies the executive director bodies that grant promotional incentives. U. S. exports to Qatar in 2004 totaled $423 million. Within the span of louvre years, U. S. exports to Qatar have increased by over 200%. All indicators the growing strength of the U. S. Qatar geopolitical relationship, growth in the world demand for intrinsic gas, and Qatars successful economic reform and diversification strategy among others potently suggest significant growth in future U. S. exports to this market. Qatar has its own particular proposition rules when it concerns other countries operating in this country. There are several services that are available for interested parties looking to do business at bottom Qatar, such as legal, financial, tax matters, business counseling, company background checks, and feasibility studies.Now there is not any person al income tax within Qatar, except foreign-owned companies must pay tax on corporate income. One hurry to this is that U. S. Companies wanting to do business in Qatar will have repeat taxation. Now with labor in the country of Qatar, all non-Qataris must have a valid work permit issued by the Department of assiduity to work in Qatar. Qatar has a new labor law which aims to brace the rights of employers and employees, also institutes hiring priority to Qatari nationals.It gives the employers obligations that the employment contract must be in writing, the recognition of the concept of end-of-service benefits, and limitations on how many hours can be worked per week. Now seeing a country prosper with its oil and natural gas revenues and to see how beautiful the country actually is, who wouldnt want to do business in Qatar. Ive been there and can see how a U. S. ships company could become a success over there. Ive been to several places in capital of Qatar and have seen familiar places, such as Apple-bees, Chilis, and Fuddruckers.With Qatars ample relationship with the United States, it couldnt hurt for a company to open up over in Qatar and bring more to the country that is striving. Works Cited Qatar Now. N. p. ,n. d. vane 21 Nov. 2012 http//www. diwan. gov. qa/english/qatar/Qatar_now. htm Rules of Business in Qatar-Export. gov N. p. ,n. d. Web. 21 Nov 2012. http//www. export. gov/middleeast/country_information/qatar/considerqatarguide. pdf Grasp, Rules of Business in Qatar N. p. ,n. d Web. 21 Nov 2012. http//graspcorp. co. uk/en/about/about-qatar/