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Tribune News Network

DOHA: The Ministry of Commerce and Industry (MoCI) has announced the implementation of Ministerial Decision No. 60, 2024, issued by Minister of Commerce and Industry HE Sheikh Mohammed bin Hamad bin Qassim Al Thani, to reduce service fees provided by the Ministry for the Trade, Industry & Business Development, as well as the Consumer Protection sectors, by more than 90 percentfor some services.

The new rates will take effect from Thursday, July 11, 2024.

This decision comes within the framework of the ministry's strategy, aimed at enhancing the investment environment by developing the Trade, Industry & Business Development sectors in Qatar, and implementing the objectives of the Third National Development Strategy (2024-2030), which aims to achieve sustainable economic growth and diversification in support of Qatar’s National Vision 2030.

The ministerial decision to reduce service fees aims to support economic growth in the country by attracting more national and foreign projects, due to an enticing business environment for investment. It will also significantly help investors access high-quality services at reduced fees, enhance the competitiveness of entrepreneurs and companies and encourage investors to expand their businesses and innovate more diverse projects. Similarly, it will boost the role of the private sector and encourage them to diversify their businesses and participate in sustainable economic development.

The Ministry of Commerce and Industry evaluated and determined the reduced service fees after a thorough study of the business environment requirements and investors' needs. These reductions apply to all the ministry’s service sectors (Trade, Industry & Business Development and Consumer), including the more popular of them - commercial register services, commercial licenses, commercial agents’ register, commercial companies' services, practising investment business services, auditors, copyright and related rights, patents, protection of industrial designs and models, industrial development, and special licenses.

The decision provides an ideal environment for local and foreign investors and enhances Qatar’s position as an attractive investment destination. It is a significant move for companies to take advantage of the positive impact on fees related to establishing companies, issuing commercial records, and licensing commercial premises. It will also encourage and support the establishment of new projects and businesses in the country.

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