Umm Said, also known as the Musayid, is a port town in Qatar. Umm Said is located on Qatar Peninsula’s east coast. The city was established in 1949 to operate as a tanker terminal by Qatar Petroleum Company. There are an artificial deepwater port and tank farms which were also built in Umm Said. It is also home to the main engineering headquarters of the Petroleum Company. The city is also known to be the first main oil refinery built in the 1960s and it was later expanded to link to more refineries. In 1998, Umm Said in Qatar was officially declared as an industrial city. As one of the early deepwater ports, the city handed export of oil and import of basic industrial and construction equipment and customer goods.
The imports were financed by Qatar’s petroleum revenues, contributing towards the country’s economy from a subsistence level as well as the country’s commercial and industrial development.
Open A Limited Liability Company in Umm Said
A limited liability company in Umm Said Qatar is the most commonly opted business entity by foreign investors and entrepreneurs. The LLC in Qatar needs to have two shareholders and a minimum capital share of Qatari Riyals 200,000.
Here is an overview of forming a limited liability company in Umm Said Qatar.
- The company cannot exceed foreign ownership of 49%.
- An LLC in Umm Said has to have a Qatari partner for opening a limited company in Umm Said.
- The formation of LLC (Limited Liability Company) in Umm Said needs its Articles of Association and Memorandum of Association in the Arabic language.
- One of the requirements for company formation in Umm Said is the issuance of required permits and licenses for the formation of LLCs in Umm Said Qatar.
- Foreign ownerships who want to have 100% stakes in a company formed in Umm Said Qatar must get in touch with Excel Consultants & Partners LLC to find out more about the exceptions.
Excel Consultants & Partners LLC has a team of Qatari company formation specialists who can assist you in company formation in Umm Said. They are trained to take care of all the necessary documentation requirements to establish a business in Umm Said. They also take care of any other requirements like approval of permits and licenses for company registration in Umm Said Qatar.
Assistance with Opening of a Business Bank Account in Umm Said
There are different documents that need to be submitted for the creation of a business bank account in Umm Said. These documents include
- Documents to verify the personality identity of the owners.
- The Articles of Association
- There may be other documents or information required for any licenses or permits, depending on the nature of the business.
You can either go through the cumbersome process of opening a company in Umm Said Qatar. Or, you can hire the company formation specialists for Umm Said Qatar to help with the opening of a business bank account. Our consultants can help you focus on your business bottom-line while they take care of the documentation requirements and formalities. You can also opt to open your business bank account in Umm Said Qatar online. However, you would have to submit the required documents in person. Our team of company formation specialists in Qatar can help you go through the entire process with ease.
Buying a Shelf Company in Umm Said Qatar
Yes, Excel Consultants & Partners LLC can help you with the acquiring of a shelf company in Umm Said Qatar. It is ready to use a company that has been lying on a cupboard shelf for several years for someone to purchase it. Entrepreneurs and foreign investors who do not have the time to wait or the patience to go through the necessary documentation formalities can buy a shelf company.
After buying a shelf company in Qatar, it needs to be registered for taxation. Financial institutions trust companies that have an established business history and find it easy to lend money to such organizations. Businesses that purchase a shelf company in Umm Said Qatar can use it to commence business operations in most sectors.
Establishing a Branch or Subsidiary in Umm Said Qatar
Big organizations can open a branch or subsidiary in Umm Said Qatar in compliance with the local business regulations, applicable laws, and fulfillment of the documentation requirements. A branch represents its parent company abroad. A subsidiary on the other hand is a legal business entity in itself.
Excel Consultants & Partners LLC is given the power of attorney by the clients to act on their behalf and take care of the documentation. The documents and formalities that need to be fulfilled include the government contract in Umm Said for the government contract, the application form, and the Articles of Association.
Qatar is the richest country in the world with steady economic growth. The economy of Qatar remains strong and stable, getting increasing interest and foreign direct investments. It is currently ranked 77th on the index for ease of doing business globally.
For more assistance with establishing a holding company in Qatar, get in touch with Excel Consultants & Partners LLC by emailing us at info[at]excelconsultants.org or calling at +974.70268254.
Read more on this topic by following our blog category on company formation in Qatar.