Import and Export in Qatar
Updated on Wednesday 22nd January 2020
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According to the latest facts and statistics, Qatar is for the moment the 47th largest export economy in the world and a solid business partners for numerous countries worldwide. 48.8% of the total exports or Qatar is represented by petroleum gas which takes international roads for many years. Having an import and export company is subject to different rules and regulations which can be explained by our company formation agents in Qatar who are at your disposal with support for company registration.
Requirements for import and export company in Qatar
The Ministry of Commerce and Industry in Qatar issues the import and export licenses, whether you are a local or a foreign entrepreneur in Qatar wanting to establish this kind of business. Below you have important information about import and export requirements in Qatar:
- Qatar limited liability companies are proper business forms for opening an import and export company.
- Imported and exported meat products need to be accompanied by a health certificate issued by the entitled authorities in Qatar.
- The customs declaration, the certificate of origin, the import license and the bill of landing are needed documents for clearing the goods from customs zones in Qatar.
- The COO (Country of Origin) needs to have clear information if the products come from the European Union.
As of January 2019, the legislation on foreign investments in Qatar changed the business rules, meaning that there is no need to have a Qatari partner to open a business, except the oil and gas field. It is known easy to set up a company in Qatar and have activities in the import and export field.
What is a Letter of Credit?
The Letter of Credit or L/C is the import and export tool with which the goods are properly verified and then accepted by the Arab Chamber of Commerce. The L/C is normally initiated in Qatar and authorized only with transshipment provisions. In matters of insurance, all products are covered by the Letter of Credit, as stated by the legislation in Qatar.
Top imports and exports in Qatar
Crude and refined petroleum, petroleum gas, raw aluminum, and ethylene polymers are the top exports of Qatar. In terms of imports, Qatar is very much interested in gas turbines, helicopters, planes, boats, rice, rubber, vehicles, and jewelry. Imports of approximately USD 21.6 billion were registered in 2017 in Qatar. Exports summing up USD 52.3 billion ranked Qatar 47th among countries worldwide, in the same year.
The main trading partners of Qatar
In matters of exports, Japan, South Korea (USD 10.3 billion), China, India, and Singapore are the main destinations and trading partners of Qatar. UK (USD 3.1 billion), Germany, France, Oman, Italy, Japan, and China are top import destinations of Qatar. It is good to know that there are several products which cannot enter Qatar, such as, narcotic drugs, ammunition, and explosives, radioactive materials, products from economically embargoed countries. If you need to know more about the general rules for opening an import and export company in Qatar, feel free to talk to one of our specialists in company formation in Qatar. They can also give you information about the tax system in Qatar.
Other rules and facts about Qatar trading sector
Approximately 5% of the value of goods represents the customs duties, mentioning that such value is calculated concerning the Qatar Customs and Port Law. Qatar is a very appreciated business and trading partner from many points of view, and international entrepreneurs benefit from excellent infrastructure by air, sea, and land. The distribution system is not complicated as there are no harsh formalities, but the above-mentioned regulations which need to be respected. Qatar is a very important business partner and a solid investor abroad with economic ties with countries like the US, South Korea, Singapore, France, Germany and many more. Most of the foreign investments are directed to the oil and gas sector in Qatar, and besides that, there are numerous entrepreneurs already thriving in the trading sector and having connections with the country’s top exports. We mention that Qatar Investment Authority oversees the investments made in this country, whether came from abroad or made on a local level. We have gathered information, statistics and facts about the investment and the business direction in Qatar:
- a deficit of USD 2,186 million representing the FDI inward flow was registered in Qatar in 2018, but the chances for recovery are huge in 2019;
- Qatar ranks 83rd out of 190 worldwide economies, as mentioned by “2019 Doing Business Report”;
- the total FDI stock for 2018 in Qatar was USD 32.7 billion and represented 17% of the total GDP;
- foreign investors are now allowed to have complete ownership in their company established in Qatar.
If you need extra information about the import and export sector in Qatar, feel free to contact our company formation specialists in Qatar.