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Accounting & Bookkeeping Qatar explains the processes involved in keeping records of transactions of a business. Whereas, the transactions are recorded, outlined or summarized, analyzed and evaluated by subject-matter experts and specialists and used as a basis for decision making.
Accounting Standards are a number of principles and procedures that have been defined as the basis of accounting and associated duties. The accounting standards are put in place to promote and support uniformity and to ensure transparency in accounting practices. The Generally Acceptable Accounting Principles (GAAP) is one of the accounting standards used for financial accounting in the United States of America and beyond. The International Financial Reporting Standards (IFRS) form a set of accounting standards used by non-US GAAP businesses. The IFRS is set by the International Accounting Standard Board (IASB). The IASB clarifies all acceptable accounting policies and procedures for businesses.
Accounting is structured and follows a number of steps which are part of the accounting cycle. The process of accounting includes (1) Identifying the transactions, (2) Recording the transactions, (3) Posting journal entries to general ledgers, (4) Creating an unadjusted trial balance, (5) Preparing adjusting entries, (6) Creating an adjusted trial balance and (7) Preparing the financial statements.
We have a network of experts and specialists in the private and public sector, who can help you with accounting and keeping the books of your business or project in the State of Qatar (and in turn Accounting/Bookkeeping Qatar). Business Start Up Qatar has been in the country for more than ten years and have promoted and supported start-ups, scale-ups, small business, small and medium enterprises as well as multi-national corporations in their journey to success in the State of Qatar.
A financial plan (and in turn Budgeting & Financial Planning Qatar) is an overview of income and expenses over a period of time. It reflects the financial and non-financial objectives of a business. It will enable an investor to decide on the engagement or involvement and the initiator to compare the budget with the actual and to base the decisions on the variance.
According to the Commercial Law No. 5 of 2002, all listed companies are required to prepare and provide financial statements “in accordance with the accounting principles approved internationally”. Regulations of the Qatar Financial Markets Authority (QFMA) have defined this to mean the International Financial Reporting Standards (IFRS). The QFMA is a regulatory body that supervises the financial market in the country. Other institutions that have been mandated by law to ensure the adherence to the requirements of the law on financial statements and the accounting standards include the Ministry of Commerce & Industry, General Tax Authority, Qatar Financial Centre Authority, Qatar Free Zones Authority, Qatar Science & Technology Park, Qatar Financial Markets Authority and Qatar Stock Exchange among others.
A capital structure is a part of the financial structure (and in turn Financial Structuring Qatar). It comprises the long-term sources of financing (including long term borrowings, retained earnings, equity, preference capital and debentures like bonds). The financial structure (and in turn Financial Structuring Qatar), on the other hand, comprises the short-term and long-term sources of funding (including the capital structure, short-term borrowings and accounts payable).
Qatar is one of the fastest growing economies in the region. The access to financing or funding in form of equity and debt is critical. The State of Qatar offers a number of attractive opportunities and possibilities. Most recently, the Qatar Stock Exchange (QSE) launched a Venture Market, a platform for small and medium enterprises (SMEs) to list their shares in the stock market. It will provide an alternative way to raise financing or funding while increasing the equity base of the listed companies.
Financial Structuring (and in turn Financial Structuring Qatar) defines how organizations source their funds to facilitate the operations. The methodologies employed in accumulating, organizing and structuring the financial assets of a business is very crucial to the success of it.
The financial structure (and in turn Financial Structuring Qatar) of an organization requires a balance between equity and debt. The developments in the environment of an organization and the situation have an influence on the decision for equity or debt. Some of the most relevant factors for a decision on the financial structure (and in turn Financial Structuring Qatar) are the leverage, cost of capital, control, flexibility, solvency and credibility.
According to the new commercial laws there is no minimum capital required for legal entities with limited liability. It applies to legal entities with limited liability incorporated in the Ministry of Commerce & Industry and the Qatar Financial Centre Authority, Qatar Free Zones Authority and Qatar Science & Technology Park with or without a local partner. It has been a move to improve the ease of doing business.
Yes, a number of financial instruments are available for businesses or projects in the State of Qatar. However, the various banks have different terms and conditions. The most common routes are to commercial banks or Qatar Development Bank which has a mandate to promote and support small and medium business in the country. In addition, there are a number of incubators and accelerators which help start-ups and scale-ups in many ways. The key stakeholders in the State of Qatar have created a support structure for entrepreneurs and organizations.
A local partner is a natural person with the nationality of the State of Qatar, or a legal entity fully owned by a natural person with the nationality of the State of Qatar. As per the local laws, a local partner shall hold at least fifty-one percent of the shares of the proposed business (if it will be registered under and regulated by the Ministry of Commerce & Industry). A popular option for the compensation of the local partner is a retainer package consisting of a monthly fee and a percentage of the income. The compensation of the local partner depends on the seniority and his or her role and responsibility in the proposed business.
In a majority of the cases, it is required to establish a temporary or permanent presence in the country in order to participate in a project. There are many ways to setting up a business in Qatar. Some of them require a local partner. The pre-selection and selection of a local partner in the State of Qatar depend on the requirements of the initiator of the business or project. It may include without limitation or restriction the object and purpose or in other words the activities, products and services, organizational and operational structure, financing and funding, active or passive engagement and involvement and roles and responsibilities in the proposed business.
The most relevant advantages for the engagement or involvement of a local partner are the support in terms of business development and stakeholder management in the country. Depending on the profile of the local partner, he or she may be able to supply you with business intelligence and project information and to advise or consult you on policies, strategies and/or tactics in the private and public sector in advance.
The process is divided in the definition of the roles and responsibilities of the partners, selection of the partners, preparation for the negotiations and negotiations with the partners, development of a feasibility study or business plan and formation of the joint venture. Please note that the process depends on the form of collaboration and cooperation (such as agencies, co-operations, joint-ventures and partnerships).
Business Start Up Qatar can help you find a local partner. It depends on the roles and responsibilities as well as their background, credentials and experience. We have been in the country for more than ten years and have assisted start-ups, scale-ups, small business, small and medium enterprises as well as multinational corporations to start, grow and transform in the State of Qatar.
It is required by the local laws to engage or involve a local partner, a natural person with the nationality of the State of Qatar or a legal entity fully owned by a natural person with the nationality of the State of Qatar, who shall hold at least fifty-one percent of the shares of the proposed business (if it will be registered under and regulated by the Ministry of Commerce & Industry). It is permitted to hold up to one hundred percent of the shares of the proposed business (if it will be registered under the Qatar Financial Centre Authority, Qatar Free Zone Authority or Qatar Science & Technology Park).
Our network consists of subject matter experts and specialists as well as the most relevant stakeholders in the (business) ecosystem in the State of Qatar. We have a network of local partners including members of the royal family, current and former senior administration officials and key businessmen and -women. It will be our pleasure to discuss your interest and connect you with the most suitable partners and sponsors.
Tax(es) are the compulsory charges imposed on individuals and institutions or organizations by a government to generate financing or funding to meet the needs of a society. It is considered a social responsibility and deemed right and lawful for members of a society to contribute their quota to the society through the payment of taxes. As such, every member of a given society is expected to contribute and Qatar is no exception.
