HH The Amir issues a new law which paves the way for 100% foreign ownership
In a significant move, HH The Amir Sheikh Tamim bin Hamad Al Thani has issued Law No. 1 of 2019, regulating the investment of the non-Qatari capital in economic activity. The law will become active once it is published in the official gazette.
The biggest takeaway of the new law is that it paves the way for foreign investors to own 100% ownership in all sectors. The new law also provides excellent support for foreign investors to enter the Qatari market, reported The Peninsiula.
The new law makes the deal sweeter by offering many investment incentives to foreign investors, including allocation of land to establish investment through the use or rent by the applicable rules and regulations.
HH the Amir Sheikh Tamim bin Hamad Al-Thani issued on Monday Law No. 1 of 2019 regulating the investment of the non-Qatari capital in economic activity.#QNA
HH the Amir Sheikh Tamim bin Hamad Al-Thani issued on Monday Law No. 1 of 2019 regulating the investment of the non-Qatari capital in economic activity.#QNA— Qatar News Agency (@QNAEnglish) January 7, 2019
Non-Qatari investors can import what he/she needs for the investment, in addition to exempting the project from income tax by the procedures and regulation stipulated in the Income Tax Law.
The law stipulates that the non-Qatari investment projects shall be exempted from customs duties on their imports of machinery and necessary equipment they import for their establishments.
In the field of industry, raw materials and semi-manufactured items for production which are not available in the local markets will be exempted from customs duties on their imports.
HH The Amir also issued Law No. 2 of 2019 on supporting the competitiveness of national products and combating harmful practices to them in international trade.
The Law No 3 of 2019 amends some provisions of the Civil and Commercial Procedure Law, enacted by Law No 13 of 1990.
Law No. 4 of 2019 amends some provisions of the judicial authority promulgated by Law No. 10 of 2003.
Law No. 5 of 2019 amends certain provisions of Law No. 10 of 2002 on Public Prosecution.
Excellent, we proud of you HH Emir.
Excellent, we proud on HH Emir.
Being a foreign investor this is a good newsy realy appreciate
Wow. Super move for bright future.