THE NEW LAW IN TOWN

BUSI­NESS GEAR UP FOR COM­MER­CIAL COM­PA­NIES LAW, 2015

Qatar Today - - FRONT PAGE - BY V L SRINI­VASAN AND AYSWARYA MURTHY

Qatar has been steadily re­mov­ing ob­sta­cles that have been hin­der­ing new com­pa­nies in kick-start­ing their oper­a­tions. The first was to in­crease the for­eign own­er­ship limit (FOL) from 25% to 49%, and now the new Com­mer­cial Com­pa­nies Law will re­place the leg­is­la­tion en­acted in 2002. The new law, which will come into force 30 days af­ter its pub­li­ca­tion in the Of­fi­cial Gazette which is ex­pected to be around early July this year, is al­ready mak­ing news as busi­nesses across the GCC re­gion and else­where are keenly watch­ing the de­vel­op­ments. Com­pa­nies will have six months there­after to com­ply, where nec­es­sary, with the new pro­vi­sions. Be­sides of­fer­ing a host of con­ces­sions, the new law is said to be a game changer as far as the func­tion­ing of com­mer­cial en­ti­ties in the coun­try is con­cerned.

HE Sheikh Ahmed bin Jas­sim bin Mo­hammed Al Thani, Min­is­ter of Econ­omy and Trade, says that with the new law, “the prac­tice of com­mer­cial ac­tiv­i­ties in the coun­try will ex­pe­ri­ence a leap of great qual­ity in the near fu­ture; it is aimed at en­cour­ag­ing the pri­vate sec­tor to play a vi­tal role in achiev­ing sus­tain­able de­vel­op­ment.” The Min­is­ter fur­ther ex­plains that the new law takes into ac­count the in­ter­na­tional stan­dards that are be­ing built by rat­ing coun­tries in terms of ease of start­ing and do­ing busi­ness or ser­vice, which will con­trib­ute to rais­ing the clas­si­fi­ca­tion of Qatar, and meets the eco­nomic and so­cial vari­ables re­quire­ments to achieve Qatar Na­tional Vi­sion 2030.

Its im­ple­men­ta­tion is ex­pected to give a big thrust to the gov­ern­ment's eco­nomic diver­si­fi­ca­tion pro­gramme. “The main pur­pose of this new law is to en­hance Qatar's strate­gic in­ter­na­tional eco­nomic stand­ing and growth and de­velop the busi­ness en­vi­ron­ment in or­der to pro­mote for­eign in­vest­ment in the state in the pri­vate sec­tor,” com­ments Dani Kab­bani, Man­ag­ing Part­ner at Ever­sheds. “The new law has taken into con­sid­er­a­tion some of the ad­van­tages set out in other coun­tries' laws and amended the pro­vi­sions to be fur­ther in line with in­ter­na­tional stan­dards. It aims at cre­at­ing a more con­ducive en­vi­ron­ment for start-ups and busi­ness op­er­a­tion.” De­scrib­ing the new Com­mer­cial Com­pa­nies Law as an “im­por­tant step for­ward” for Qatar as it seeks to di­ver­sify its econ­omy and, in par­tic­u­lar, stim­u­late the pri­vate sec­tor, Mid­dle East Eco­nomic Di­gest (MEED) Ed­i­to­rial Di­rec­tor Richard Thompson says that the ad­vance­ment of the non-oil econ­omy is the next stage of the re­gion's de­vel­op­ment and right at the heart of this is the need to stim­u­late pri­vate en­ter­prise and sup­port risk-tak­ing en­trepreneurs.

While Kuwait en­acted its own ver­sion of the com­mer­cial com­pa­nies law in 2012, af­ter a quar­ter cen­tury of de­bates and dis­cus­sions, the UAE is­sued a sim­i­lar law in April, two months be­fore Saudi Ara­bia opened its mar­ket to for­eign­ers. Qatar is­sued the new law last month and with busi­ness-friendly leg­is­la­tion com­ing into force, the spillover of in­ter­na­tional in­vest­ments that Saudi Ara­bia at­tracts is likely to flow into Kuwait, Qatar and the UAE.

The en­act­ment of this leg­is­la­tion is cru­cial and comes at a time when Qatar is slip­ping in the World Bank rank­ings on ease of do­ing busi­ness. While it oc­cu­pied the 45th rank in 2014, it has gone down to 50th po­si­tion in 2015. This would send noth­ing but the wrong sig­nals to po­ten­tial in­ter­na­tional in­vestors at a time when for­eign di­rect in­vest­ment is im­per­a­tive for the coun­try's eco­nomic growth.

Peter Cook is Man­ag­ing Di­rec­tor of the Bri­tish Cham­ber of Com­merce, which seeks to en­cour­age Bri­tish SMEs to set up shop in Qatar and take ad­van­tage of the coun­try's boom­ing econ­omy. He knows

“IN THE­ORY, IT SHOULD NOW BE POS­SI­BLE, SUB­JECT TO ALL DOC­U­MEN­TA­TION BE­ING IN PLACE AND COR­RECT, TO IN­COR­PO­RATE AN LLC WITHIN THREE OR FOUR DAYS OF SUB­MIT­TING AN AP­PLI­CA­TION. IN ANY EVENT, THE MIN­ISTRY OF ECON­OMY AND COM­MERCE MUST NOW RE­SPOND TO AN AP­PLI­CA­TION TO REGISTER A COM­PANY WITHIN 15 DAYS OF THE AP­PLI­CA­TION BE­ING PRE­SENTED.”

An­drew Wing­field

Part­ner Sim­mons & Sim­mons Mid­dle East

that Bri­tish com­pa­nies will welcome many as­pects of the new law. “The fact that the law is chang­ing would im­ply that there are im­prove­ments worth mak­ing to the law to re­flect the new econ­omy and the new mar­ket con­di­tions that pre­vail in Qatar. Laws tend to be liv­ing crea­tures, and re­flect char­ac­ter­is­tics of the econ­omy of the time,” he says. “The old law was no doubt a good one back in 2002 but clearly it is no longer as good as it could be. I am pleased that one as­pect of prepa­ra­tion of the new law is that the Qatar author­i­ties have been con­sult­ing widely with busi­ness lead­ers to take their views into ac­count. That is a re­ally im­por­tant step and gives busi­ness con­fi­dence that any new law will try to ad­dress the con­cerns about the old law.”

True to that, the new leg­is­la­tion ap­pears to be in re­sponse to the de­mands from the busi­ness com­mu­nity to ex­pe­dite reg­is­tra­tion and re­newal pro­ce­dures. It is con­sid­ered far-reach­ing and sig­nif­i­cant as it is ex­pected to stream­line, en­cour­age and sup­port the growth of com­mer­cial en­ti­ties, par­tic­u­larly the SMEs, in the coun­try and make their oper­a­tions more ef­fec­tive and com­mer­cially vi­able. It is be­ing talked about as equally ben­e­fi­cial to SMEs and large cor­po­ra­tions, touch­ing com­pa­nies that are just start­ing up to large cor­po­ra­tions that are listed on the stock

“ES­TAB­LISH­ING A BUSI­NESS ONLINE WITH LIT­TLE PA­PER WORK AND WITH­OUT RE­QUIR­ING THE IN­VESTORS TO PHYS­I­CALLY AT­TEND TO THE PROCESS IS NOT YET AVAIL­ABLE IN QATAR; WHEREAS BY COM­PAR­I­SON TO THE US AND CER­TAIN OTHER COUN­TRIES, THE ELEC­TRONIC AP­PROACH AP­PEARS TO BE IN­CREAS­INGLY COM­MON AND IS PROV­ING TO BE MORE FAVOURABLE WITH IN­VESTORS.”

Char­bel Maakaron Cor­po­rate Part­ner, Squire Pat­ton Boggs Found­ing mem­ber, Amer­i­can Cham­ber of Com­merce in Qatar

ex­change. As Kab­bani puts it, “The main ad­van­tage for SMEs in light of the new law is the dele­tion of the min­i­mum share cap­i­tal re­quire­ment for lim­ited li­a­bil­ity com­pa­nies. This type of com­pany is the most com­mon for SMEs es­tab­lish­ing in Qatar, with fewer reg­u­la­tions and no cor­po­rate gov­er­nance re­quire­ments. As for large cor­po­ra­tions, the changes in­tro­duced to share­hold­ing com­pa­nies, whether re­lated to the in­cor­po­ra­tion, share­hold­ers, board mem­bers and cor­po­rate gov­er­nance, will strengthen their po­si­tion and will grant ad­van­tages.”

A friend of SMEs and LLCs

First and fore­most among the many re­liefs for those look­ing to start a busi­ness in Qatar is the waiver of the pre­vi­ous re­quire­ment for a Lim­ited Li­a­bil­ity Com­pany (LLC) to have a min­i­mum paid-up share cap­i­tal of QR200,000. It is now left to the dis­cre­tion of the share­hold­ers who will de­cide about the cap­i­tal of the com­pany. This is easily the most widely ap­pre­ci­ated change in the law. “This is great for en­trepreneurs as it sig­nif­i­cantly re­duces the en­try bar­rier to start busi­nesses. It also saves the cash they have to be spent on cus­tomer val­i­da­tion and de­vel­op­ing ini­tial prod­uct pro­to­types,” says Ahmed Ab­dul­wa­hab, Head of In­cu­ba­tion at Qatar Busi­ness In­cu­ba­tion Cen­ter. “Part of the learn­ing at the Lean Startup Pro­gram is it­er­a­tion, i.e. up­dat­ing and im­prov­ing on the Min­i­mum Vi­able Prod­uct, and cash is needed for this.” An­a­lysts also be­lieve that this will en­able lo­cal SMEs to com­pete with those in other coun­tries in the GCC and the wider Mid­dle East re­gion.

Part­ner at Sim­mons & Sim­mons Mid­dle East, An­drew Wing­field, says, “For first-time en­trepreneurs and other busi­ness­men, es­tab­lish­ing a com­pany should be that much eas­ier with­out hav­ing to have QR200,000 in cash from ‘day one.' In ad­di­tion and help­fully it will be pos­si­ble for an LLC to be in­cor­po­rated with just one share­holder,” he says. He refers to the pro­vi­sion that the sin­gle-per­son com­pany is no longer a sep­a­rate cor­po­rate ve­hi­cle as it has been merged with the lim­ited li­a­bil­ity com­pa­nies, which is now pos­si­ble with one share­holder. “The pro­vi­sion pro­hibit­ing the ob­ject of a lim­ited li­a­bil­ity com­pany to in­clude bank­ing, in­sur­ance, bank­ing ac­tiv­i­ties has been deleted although the

“HOLD­ING COM­PA­NIES MUST NOW EN­SURE THAT ALL SUB­SIDIARIES KEEP ALL NEC­ES­SARY FI­NAN­CIAL RECORDS AND THE HOLD­ING COM­PANY MUST PRE­PARE CON­SOL­I­DATED FI­NAN­CIAL STATE­MENTS, A PROFIT AND LOSS AC­COUNT AND CAP­I­TAL EX­PEN­DI­TURE STATE­MENT TO BE PRE­SENTED TO THE GEN­ERAL ASSEM­BLY WITH NEC­ES­SARY EX­PLA­NA­TIONS AND STATE­MENTS AS RE­QUIRED BY IN­TER­NA­TIONAL AC­COUNT­ING STAN­DARDS.”

Dani Kab­bani Man­ag­ing Part­ner Ever­sheds, Qatar

“LAWS TEND TO BE LIV­ING CREA­TURES, AND RE­FLECT CHAR­AC­TER­IS­TICS OF THE ECON­OMY OF THE TIME. THE OLD LAW WAS NO DOUBT A GOOD ONE BACK IN 2002 BUT CLEARLY IT IS NO LONGER AS GOOD AS IT COULD BE. I AM PLEASED THAT ONE AS­PECT OF PREPA­RA­TION OF THE NEW LAW IS THAT THE QATAR AUTHOR­I­TIES HAVE BEEN CON­SULT­ING WIDELY WITH BUSI­NESS LEAD­ERS TO TAKE THEIR VIEWS INTO AC­COUNT.”

Peter Cook Man­ag­ing Di­rec­tor Bri­tish Cham­ber of Com­merce, Qatar

pro­hi­bi­tion still ex­ists un­der the Qatar Cen­tral Bank Law,” Kab­bani clar­i­fies.

The hope is that the new law will ease up one of the as­pects of start­ing up a busi­ness and com­ple­ment some of the other ef­forts by the gov­ern­ment to sup­port SMEs. “The manda­tory re­quire­ment to have com­mer­cial space, the dif­fi­cul­ties in procur­ing fi­nanc­ing from lo­cal banks, the re­stric­tions on hir­ing or mov­ing staff, are sev­eral other is­sues that SMEs of­ten strug­gle to ad­dress. We are aware, how­ever, of cer­tain ini­tia­tives taken by the Qatari gov­ern­ment to ad­dress those is­sues, namely the SME fund­ing pro­gramme un­der­taken by Qatar De­vel­op­ment Bank,” says Char­bel Maakaron, Cor­po­rate Part­ner at Squire Pat­ton Boggs which is a found­ing mem­ber of the Amer­i­can Cham­ber of Com­merce in Qatar.

The new law also in­tro­duces friend­lier pub­li­ca­tion re­quire­ments for for­eign­ers, re­quir­ing pub­li­ca­tion to be made now in two lo­cal news­pa­pers, at least one of which should be in the Ara­bic lan­guage, which leaves the pos­si­bil­ity to pub­lish in English news­pa­pers. Publi­ca­tions should also be made on web­sites if avail­able, ac­cord­ing to Kab­bani.

Fur­ther up the lad­der

For hold­ing com­pa­nies and large share­hold­ing com­pa­nies too, there are pro­vi­sions that pro­vide some much-needed breath­ing space in some cases and tighter re­stric­tions in oth­ers. “Hold­ing com­pa­nies must now en­sure that all sub­sidiaries keep all nec­es­sary fi­nan­cial records and the hold­ing com­pany must pre­pare con­sol­i­dated fi­nan­cial state­ments, a profit and loss ac­count and cap­i­tal ex­pen­di­ture state­ment to be pre­sented to the gen­eral assem­bly with nec­es­sary ex­pla­na­tions and state­ments as re­quired by in­ter­na­tional ac­count­ing stan­dards,” says Kab­bani. He goes on to add, “Another im­por­tant change is in re­la­tion to the con­ver­sion of com­pa­nies to a public share­hold­ing com­pany (ex­cept for the con­ver­sion of pri­vate share­hold­ing com­pa­nies which is gov­erned by other pro­vi­sions). Whilst it was re­quired for the com­pany to have been reg­is­tered for at least three years and must have achieved net prof­its that are distributable of not less than 10% of its cap­i­tal within the two fis­cal years pre­ced­ing its re­quest for con­ver­sion,

the only re­quire­ment in the new law is for it to have been reg­is­tered in the com­mer­cial reg­istry for at least two years. The new law how­ever kept the Min­istry's dis­cre­tion to im­pose other re­quire­ments. The def­i­ni­tion of ac­qui­si­tion has been widened, steps have been es­tab­lished to pro­tect mi­nor­ity share­hold­ers in the event of ac­qui­si­tion, and new of­fences have been put in place.”

One-stop shop

Wing­field says the new law re­flects gov­ern­ment's com­mit­ment to speed up the in­cor­po­ra­tion process for LLCs and there are al­ready in fact a num­ber of gov­ern­ment lo­ca­tions in Qatar which ef­fec­tively of­fer a “one-stop shop”, mean­ing that it is now pos­si­ble to ap­ply for an LLC's Com­mer­cial Reg­is­tra­tion, mem­ber­ship of the Qatar Cham­ber of Com­merce and the LLC's Com­mer­cial and Sig­nage Li­cences at the same place ( but not the Immigration Card). In the­ory, this should mean it will be pos­si­ble, sub­ject to all doc­u­men­ta­tion be­ing in place and cor­rect, to in­cor­po­rate an LLC within three or four days of sub­mit­ting an ap­pli­ca­tion. “In any event, the Min­istry of Econ­omy and Com­merce must now re­spond to an ap­pli­ca­tion to register a com­pany within 15 days of the ap­pli­ca­tion be­ing pre­sented,” he says. In case the reg­is­tra­tion is not done, the ag­grieved party has the right to knock on the doors of jus­tice and now the Min­istry of Com­merce and Econ­omy will hear such cases and dis­pose of them within two weeks. Kab­bani con­sid­ers this sys­tem rev­o­lu­tion­ary for ex­pe­dit­ing the process of in­cor­po­ra­tion. For ex­am­ple, once the new law is in force, the Min­istry of Econ­omy and Com­merce would launch an online sys­tem whereby new com­pa­nies can get their con­tracts with their re­spec­tive clien­tele en­dorsed, along with ap­provals from the Min­istry of Jus­tice.

“Red tape and slow and painful li­cens­ing and reg­is­tra­tion pro­cesses are among the big­gest bar­ri­ers and pain points to small and medium-sized busi­nesses and star­tups. Any ini­tia­tive that re­moves these pain points is to be wel­comed, so long as it is real and en­forced,” Thompson says. He also ad­vises all bud­ding en­trepreneurs in Qatar to visit the Min­istry of Econ­omy and Com­merce web­site or con­sult a com­mer­cial law firm to know more de­tails.

This shift to elec­tronic doc­u­men­ta­tion and ap­provals has long been on the wish list of lo­cal busi­ness­men. This is the first step to­wards the “ideal”, which negates the need to even visit a gov­ern­ment of­fice dur­ing the reg­is­tra­tion process. “One must ac­knowl­edge the Qatar gov­ern­ment's ef­forts in ex­pand­ing its of­fer­ing to the public through elec­tronic means by mak­ing in­for­ma­tion and doc­u­ments avail­able to in­vestors through the in­ter­net. How­ever, es­tab­lish­ing a busi­ness online with lit­tle pa­per work and with­out re­quir­ing the in­vestors to phys­i­cally at­tend to the process is not yet avail­able in Qatar; whereas by com­par­i­son to the US and cer­tain other coun­tries, the elec­tronic ap­proach ap­pears to be in­creas­ingly com­mon and is prov­ing to be more favourable with in­vestors,” says Maakaron.

What’s un­changed

The new law isn't a com­plete over­haul, how­ever, and many pro­vi­sions have been re­tained. While the cap­i­tal re­quire­ments have been re­laxed, pro­vi­sions in the ex­ist­ing law are still re­flected in the new law, mean­ing that the man­age­ment and share­hold­ers of an LLC will have to take re­me­dial ac­tion if losses amount to more than half of the com­pany's cap­i­tal.

“It is im­por­tant to ap­pre­ci­ate that the new law does not bring about any changes to the gen­eral re­quire­ment for a com­pany (sub­ject to cer­tain ex­cep­tions) to be owned 51% by a Qatari share­holder. Re­stric­tions on for­eign own­er­ship of Qatari com­pa­nies

“THE MA­JOR­ITY OF QATARIS ARE KEEN TO IN­VEST IN THE COUN­TRY AS QATAR WILL BE HOST­ING A SE­RIES OF SPORT­ING EVENTS SUCH AS 2022 FIFA WORLD CUP, AND THE GOV­ERN­MENT IS CRE­AT­ING THE RIGHT AM­BI­ENCE FOR THEM TO LAUNCH NEW BUSI­NESSES.”

Has­san Yousef Al Ha­keem

Chair­man Al Ha­keem Group of Com­pa­nies

“THE WAIVER OF THE MIN­I­MUM PAID-UP CAP­I­TAL IS GREAT FOR EN­TREPRENEURS AS IT SIG­NIF­I­CANTLY RE­DUCES THE EN­TRY BAR­RIER TO START BUSI­NESSES. IT ALSO SAVES THE CASH THEY HAVE TO BE SPENT ON CUS­TOMER VAL­I­DA­TION AND DE­VEL­OP­ING INI­TIAL PROD­UCT PRO­TO­TYPES.”

Ahmed Ab­dul­wa­hab Head of In­cu­ba­tion Qatar Busi­ness In­cu­ba­tion Cen­ter

are con­tained in the For­eign In­vest­ment Law and that law re­mains un­changed,” Wing­field points out. This is a deeply con­tentious is­sue; while many feel that it en­forces ac­count­abil­ity among a largely float­ing pop­u­la­tion, oth­ers like Maakaron feel it greatly in­flu­ences the ease of set­ting up a busi­ness. “A for­eign in­vestor can es­tab­lish a com­pany in the US with­out re­quir­ing a lo­cal part­ner as is the case here in Qatar, which sim­pli­fies the process and re­moves a num­ber of re­quire­ments that would oth­er­wise be very time con­sum­ing, in­clud­ing, for ex­am­ple, draft­ing suit­able ar­ti­cles of as­so­ci­a­tion or other part­ner­ship doc­u­ments. By con­trast, how­ever, for a lo­cal in­vestor es­tab­lish­ing a busi­ness in Qatar, the process can be quicker and eas­ier given the ab­sence of cer­tain re­quire­ments that would oth­er­wise be re­quired of for­eign in­vestors,” he says.

While we are on the topic, we should also note that the new law does not make any changes to the in­cor­po­ra­tion of com­pa­nies in the Qatar Fi­nan­cial Cen­tre or the Qatar Science & Tech­nol­ogy Park, both of which have their own sep­a­rate in­cor­po­ra­tion regimes and rules.

Another gripe of start-ups, par­tic­u­larly in the tech­nol­ogy space, is that “the com­mer­cial law still re­quires com­pa­nies to have an of­fice space, so in­cu­ba­tion is still vi­tally im­por­tant”, ac­cord­ing to Ab­dul­wa­hab. Given the cost of of­fice space in Qatar, in­cu­ba­tors will re­main very im­por­tant for start-ups to grow, he opines.

In ad­di­tion, the new law makes no change to the ex­ist­ing rel­a­tively at­trac­tive tax regime. Es­sen­tially, LLCs which are 100% Qatari-owned do not pay tax, whereas LLCs which have for­eign own­er­ship will have their prof­its taxed at the rate of 10% on the share of the for­eign in­vestors' prof­its, Wing­field points out.

In the long term

There is cau­tious op­ti­mism with re­gards to the im­me­di­ate and long-term ef­fects of the new law. “The im­me­di­ate ef­fects will most likely be demon­strated through shorter and eas­ier es­tab­lish­ment pro­cesses for set­ting up com­pa­nies in Qatar. The longterm as­pects, how­ever, will be ex­em­pli­fied through im­proved cor­po­rate gov­er­nance mea­sures that the new law now re­quires not only for public joint stock com­pa­nies, but also for pri­vate share­hold­ing com­pa­nies,” says Maakaron.

Kab­bani feels it's good that the new law has in­tro­duced a few new con­cepts although most of the es­sen­tial fea­tures and frame­work of the law have been main­tained. “It is with­out doubt that com­pa­nies in­cor­po­rat­ing in Qatari lim­ited li­a­bil­ity com­pa­nies will ap­pre­ci­ate the evo­lu­tion of the law in terms of the share cap­i­tal re­quire­ment. In­vestors would also feel more con­fi­dent in deal­ing with listed com­pa­nies. It is im­por­tant to bear in mind that the new law an­tic­i­pates that var­i­ous reg­u­la­tions will be pub­lished to im­ple­ment its op­er­a­tive pro­vi­sions. We will have to wait and see how and if these fur­ther reg­u­la­tions might as­sist in the ap­pli­ca­tion of the new law.”

Cook too feels that the longer-term ben­e­fits are harder to en­vis­age at this stage as only time will tell. “Def­i­nitely the new law will be help­ful but to what de­gree is de­pen­dent on the mar­ket. The fact that mar­kets and the global econ­omy are evolv­ing so fast will un­doubt­edly have an im­pact on busi­ness reg­u­la­tion in many coun­tries, so we will need to see how the new law is af­fected by these.” For him, the im­por­tant as­pect is for the Qatar author­i­ties to con­tinue to con­sult with busi­ness lead­ers and busi­ness groups on the ef­fec­tive­ness and ef­fi­ciency of the reg­u­la­tory regime. It's a pre­car­i­ous bal­anc­ing act be­tween keep­ing up with the times and not frus­trat­ing busi­nesses with fre­quent changes in reg­u­la­tion.

Stamp of ap­proval

Over­all, the re­sponse to this pro­vi­sion on the law has been pos­i­tive. “Such laws pro­mote our coun­try's econ­omy as it makes things easy for new­com­ers,” says Has­san Yousef Al Ha­keem, Chair­man of Al Ha­keem Group of Com­pa­nies. Ac­cord­ing to him, the ma­jor­ity of Qataris are keen to in­vest in the coun­try and the new law will re­duce the cum­ber­some process of reg­is­ter­ing a new com­pany and, whether a Qatari or an out­sider, will help in es­tab­lish­ing new ven­tures. “Ev­ery­one wants to be part of one pro­ject or another,” Al Ha­keem says.

While Cook wouldn't be too quick to judge the ease of do­ing busi­ness here, which is in­flu­enced by so many other fac­tors like the size of coun­try, scale of econ­omy, trade, a com­plex set of laws, sys­tems, and reg­u­la­tions etc, he be­lieves that Qatar has un­doubt­edly im­proved as a place to set up busi­ness in re­cent years. It has be­come a more pro­gres­sive place for busi­ness and it's ap­par­ent in its at­ti­tude to en­cour­age new ven­tures, and the fact that the author­i­ties are look­ing at bring­ing in a new law is the best ev­i­dence that they want to be­come even more at­trac­tive to busi­ness

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