Qatar Celebrates MoCI Fee Reduction to Stimulate Business Growth

Qatar, 16 July, 2024 : The Ministry of Commerce and Industry's (MoCI) recent decision to slash fees for commerce, industry, business development, and consumer protection services by over 90% has been warmly welcomed by residents and business owners across Qatar.

Effective from July 11, the decision aims to significantly lower barriers to entry for new businesses and stimulate economic growth. Ministerial Decision No. 60 for 2024, issued by H E Sheikh Mohammed bin Hamad bin Qassim Al Thani, underscores Qatar's commitment to fostering a thriving business environment and attracting both national and foreign investment.

Under the new policy, fees for various services such as registration and licensing have been reduced from up to QR10,000 to QR500 annually. This move is expected to particularly benefit entrepreneurs, small and medium enterprises (SMEs), startups, and national projects, promoting innovation and competitiveness in Qatar's business landscape.

Steve Mackie, co-founder of Business Start Up Qatar and CEO of Solutions Four, praised the decision, noting its positive impact on fostering entrepreneurship and enhancing Qatar's appeal as a business hub. He highlighted the potential for increased business activity and development across the country.

Don Abonjo, founder of AfriNaija Foods, expressed appreciation for Qatar's supportive business climate, expecting the fee reductions to spur the realization of business ideas and contribute to economic growth.

Experts, such as Bashar Mohammed, have observed a surge in interest among individuals and companies to establish or revive businesses in Qatar following the fee reduction announcement. This initiative aligns with Qatar's strategy to attract more foreign investments and bolster the private sector's role in achieving economic diversification and sustainability.

Source : www.zawya.com