Proprietorship Firm Registration
How do I register my company as a proprietorship Firm in Qatar?
The most common type of company for individuals is a sole proprietorship, sometimes known as a one-person company. And at QCF, We are all here to help you if you are starting all alone and the setup and registration process is unclear for you.
A Sole Proprietorship Firm Company (SPC) or One Person Company: What is it and how can you register one In Qatar?
every economic activity whose capital is entirely held by one individual or corporate body is regarded as a sole proprietorship company. The majority of investors pick this structure to launch their businesses in this nation. With only one shareholder or investor, it has a limited liability company structure. This indicates that your responsibility is constrained to the amount of your investment and that you are the sole owner of the full share capital.
You are also accountable for the liabilities of the business. If a foreign firm is granted an exemption from the Foreign Investment Law, it may form a sole proprietorship company as an entirely-owned subsidiary. In Qatar, QAR 200,000 in share capital is needed to establish a sole proprietorship company. Any legal business name may be used to register a self-owned firm. There is no such thing as a proprietorship registration on paper, but depending on the company set-up and category, it can be identified as an Unorganized business structure under the multiple departments.
For aspiring entrepreneurs who wish to test their ideas or start with little funding and inexpensive formation costs, it’s the basic optimum business structure choice. It is the ideal option for you if you want to launch a new online or offline business.
Properties of a Sole Proprietorship Firm Company in Qatar
- The amount of investment determines the scope of the liabilities.
- Access to cash and loans from banks and other financial organisations is simple.
- Shareholders of an OPC must be limited to one.
- An OPC may nominate a minimum of 1 director and a maximum of 15.
- OPC must convert into a private limited company or a public limited company within six months if its average three-year turnover exceeds Rs. 2 crores or its paid-up capital exceeds Rs. 50 lakhs.
- At the conclusion of each fiscal year, it must also submit audited financial accounts to the Ministry of Corporate Affairs. The minimum paid-in share capital for the corporation is QR 200,000.
Documents Needed in Qatar to Form a Sole Proprietorship firm Company in Qatar
The company’s director needs to submit the following documents:
- Scanned copy of the passport (for foreign nationals and NRIs)
- Scanned copy of voter ID, passport, or driver’s license
- Scanned copy of the most recent bank statement, phone bill, mobile bill, electricity bill, or gas bill
- A sample signature (blank document with a signature)
- Notarized Articles of Association
Documents required to apply or a registered office:
- Notarised rental agreement in English
- Scanned copy of the most recent bank statement, phone, mobile, electricity, or gas bill
- Scanned copy of the property owner’s no-objection certificate (NOC)
- Notarised rental agreement in English
- Scan of a sale deed or property deed (in case of owned property) in English
If the owner of the firm does not separate their personal interests from those of the company, they will be held liable for corporate commitments out of their own assets. If all of the heirs’ shares are owned by one person or if the heirs decide to continue the business under a different legal structure, the company will be dissolved following the death of the share capital holder.
If you are interested in establishing a One Person Company in Qatar, QCF can help you build your dream. To ensure a smooth business registration in Qatar, our consultants here have a thorough understanding of the establishment procedure and keep up with any new regulations. To learn more, get in touch with us today. We are happy to help!
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