Qatar: Residents and business owners hail MoCI’s fee reduction

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Doha, Qatar: The laudable decision by the Ministry of Commerce and Industry (MoCI) to reduce the 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 has been applauded by business owners and residents in the country.

According to them, the decision, which went into effect yesterday (July 11), will not only spur the further growth of business in the country but will also encourage many others with great business ideas who are limited by finance to throw their hats into the ring and help expand the business climate with a substantial contribution to the economy of Qatar.

The Minister of Commerce and Industry (MoCI), H E Sheikh Mohammed bin Hamad bin Qassim Al Thani, issued Ministerial Decision No. 60 for the year 2024 last month, 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.

With the new development, the annual fee for registration in the commercial register with one main activity has been changed from up to QR10,000 to QR500. The annual fee for renewal of registration in the commercial register with one main activity has been changed from up to QR10,000 to QR500.

The annual fee for licensing similar commercial, industrial, or public premises or a branch thereof has been changed from up to 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 up to QR10,000 to QR500, while the annual fee for licensing of home-based business activities has been changed from up to QR10,000 to QR500. The annual fee for renewal of licensing of home-based business activities, on the other hand, has been changed from up to QR10,000 to QR500.

Speaking to The Peninsula, Steve Mackie, an entrepreneurial leader and co-founder of Business Start Up Qatar, said, “The announcement came to many as a pleasant surprise. This is really great news. The fee reductions will significantly benefit entrepreneurs, small and medium enterprises (SMEs), startups, and national projects. This support extends to both individuals and companies, fostering innovation and competitiveness while encouraging local, regional, and foreign investment. Qatar’s business climate is poised for greater acceleration.”

Mackie, who is also the CEO of Solutions Four, a company formation outfit, and a partner at Soutien Group, noted that the fee reduction will have widespread positive impacts on businesses in the country and will further encourage more entrepreneurs to come on board, which will further spur development.

For Don Abonjo, the founder of AfriNaija Foods, the fee reduction could not have come at a better time considering the evolving global business climate and the giant strides Qatar has been taking over the years to further strengthen its position as a destination of choice for investment and innovations in the region.

“I give kudos to the authorities for this noteworthy decision. It is something that will have a positive impact on everyone, not just business owners. Qatar has once again reinforced the well-known fact that it is a business-friendly country that is open to supporting the growth of entrepreneurs and helping businesses scale.

With the new development, I see more businesses springing up and many ideas that had hitherto existed on paper or in the heads of the owners coming to life. It is one of the best news stories of the year for me as a business owner,” the Nigerian entrepreneur added. Meanwhile, Bashar Mohammed, an expert in company formation in Qatar, confirmed to The Peninsula that there has been a rise in the number of people interested in establishing their businesses since the announcement was made.

“We have been witnessing an increase in the number of people who are interested in registering their businesses in the country since the announcement was made late last month. Aside from this, owners of defunct businesses have also been showing great interest in reviving their closed businesses or opening new ones. The effect of the announcement has been positively widespread, and I must confess that we’ve been having it good since the announcement was made,” he said.

A major part of the fee reduction initiative, as announced, aims at attracting more foreign investments to Qatar and enhancing the role of the private sector in achieving economic diversification and a sustainable economy.