Our accountants in Qatar provide a wide range of financial services for foreign entrepreneurs starting a business in this country. Qatar is an ideal business destination for varied entrepreneurs who want to thrive and generate profits in this part of Asia. For any company you might want to open, it is recommended to pay attention to accounting matters, whether as a department established in your firm or as externalized services in Qatar.
|Who needs accounting services?||
Local and foreign companies with activities in Qatar
Bookkeeping services provided by our team (YES/NO)
Payroll services (YES/NO)
|Annual financial statements (YES/NO)||
|Tax registration and compliance (YES/NO)||Yes
|Accounting standards used in Qatar||
– International Financial Reporting Standards (IFRS),
– Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)
Qatar Financial Markets Authority
|Internal and external audits||Made by our certified accountants|
|Financial advisory for companies (YES/NO)||Yes|
|Budgeting and forecasting (YES/NO)||Yes|
|Financial evaluation of a firm||
Made with Governance, Risk, and Internal Control (GRIC)
|Tax minimization solutions (YES/NO)||Yes|
|Accounting for all companies in portfolio||Yes, we provide a dedicated plan|
|Accounting and data maintaining||For at least 10 years in the firm|
|Costs for accounting services in Qatar||
– the size of company,
– number of employees,
– number of bank accounts
Table of Contents
What types of accounting services can I receive in Qatar?
Tax filing is an important part of accounting services a company in Qatar must have. We mention that Qatar has an appealing tax structure where the corporate tax rate is 10%. Companies in Qatar must draw up their annual financial statements in compliance with the International Financial Accounting Standards (IFRS) and as imposed by the Ministry of Economy and Commerce which supervises the activities of businesses in Qatar. Our local team of accountants can tell you more about the tax filing requirements for your company in Qatar. As for bookkeeping and reporting services, the following accounting services must be considered when having a company in Qatar:
- Daily recordings of the financial transactions are part of bookkeeping services (receipts, invoices, bank payments, etc.);
- All payments, funds, assets purchased, and accounts payable must be recorded in the company.
- The balance sheet, general ledger listing, income statement, and selected expense schedules can be found and solicited in reports.
- A team of accountants can handle all the payment documentation.
Customers can receive monthly reports comprising complete financial information from a specialized accounting team in Qatar. Feel free to address your inquiries to our consultants and solicit a personalized offer if you are interested in accounting in Qatar. You can also watch the following video presentation:
Financial reporting and audit in Qatar
External and internal audits can be performed for a company in Qatar and our team of accountants can provide in-depth support and guidance, in order to highlight a clear picture of the financial status of the company and the business direction. Such audits can help foreign entrepreneurs with companies in Qatar have a complete image of how their business works. We remind you that audits can be done in compliance with local and international regulations and standards.
On the other hand, immigration to Qatar can be managed by our experts in the field. We have a well-prepared team of immigration lawyers in Qatar at your service. We can also help you open a company in Qatar and obtain all the necessary documents in just a few days.
If you want to obtain residency in Qatar, you can discuss all legal aspects with one of our lawyers who is specialized in immigration issues. Our team can provide you with the necessary support for the preparation of documents and collaboration with local authorities. You will need to present a valid passport, proof of new residence, as well as an employment contract. Also, there is the possibility to make investments of at least USD 200,000 to obtain this status.
Can I receive financial advisory, and services in Qatar?
Yes, our local team of accountants can provide a wide range of services to help entrepreneurs understand better the business they have. Corporate business plans, inventory and business valuation, budgeting and forecasting, feasibility studies, corporate business plans, market research, mergers and acquisitions, company due diligence, or business restructuring might represent proper solutions for a company’s strategy and direction. Let our team of accountants in Qatar provide you with comprehensive guidance and assistance if you are interested in such services. You can rely on the support of our company formation specialists in Qatar if you want to start a business in Qatar. Also, you can ask for information about taxation in Qatar.
Here is an infographic related to accounting services in Qatar:
What is Governance, Risk, and Internal Control (GRIC)?
The purposes and objectives of a company in Qatar are extremely important and businesses have the possibility of predicting a potential problem. This is where governance, risk, and an internal control can intervene, also known as GRIC. This is a procedure that evaluates the status of a company by exposing the potential risks from a financial point of view. Internal audit services, data analytics services, and cybersecurity services might be part of risks and internal control verifications in a company in Qatar.
Payroll is an important part of accounting regulations for enterprises in Qatar, and it involves a series of tasks and features. Payroll tax calculations, the distribution of electronic payroll records, employees’ salary delivery, and many other tasks are part of payroll. The recommendation of having a team of accountants and externalized services for companies in Qatar should be attentively measured by entrepreneurs. They can benefit from complete accounting services for their companies, instead of hiring an entire department. The costs for such services can be quite advantageous, but for a personalized offer, you should get in touch with one of our specialists. They can also help you register a company in Qatar and handle all the incorporation formalities.
Bookkeeping is another important part of accounting rules and regulations that involves the control of payable and receivable accounts registered in a company in Qatar, the management of banking operations, cash management, effecting payroll, invoice issuance, and primary document processing, just to name a few. All the financial records of a company in Qatar must be updated on a daily basis, in order to sustain all sorts of financial records. In the same field, we mention that our team of accountants in Qatar can verify the daybooks, petty cask books, income statements, journals, and ledgers, as part of important accounting regulations in Qatar. Feel free to address our team as soon as you register a company in Qatar and make sure you receive all the needed support in terms of accounting in Qatar.
Is tax minimization a solution for my company in Qatar?
Yes, investors might consider specific tax minimization tools for their companies in Qatar if they want to cut the number of taxes to pay. Qatar offers an advantageous tax system, but some entrepreneurs might want to adopt tax minimization methods for certain reasons. Charities are not subject to taxation, so this can be a great option. Also, if you want to cut the taxes in the company, you can think of paying the credits in advance or consider having a retirement plan. You cat talk to us and find out more details about tax minimization methods available in Qatar.
What is meant by a journal and ledger?
Each transaction made in a firm is kept in an accounting system where journals and ledgers play a major role. The information comprised by a journal, chronologically registered, is transferred or posted in a ledger frequently. The financial statements and trial balances are created based on the information offered by journals and ledgers.
The financial information contained by journals and ledgers can be reviewed and examined to see if any irregularities need to be investigated and modified. In conclusion, journals and ledgers are very important parts of accounting documents. More on this topic can be discussed with our accounting specialists in Qatar.
The meaning of book closing
Monthly closing of accounts and other financial records is normal in a company with financial operations in Qatar. First of all, if there are any errors detected, these will be corrected before closing the books in the accounting system. An accountant in Qatar knows all the details and procedures of closing the accounts payable, payroll, accounts receivable, inventory, and more. Plus, the financial statements will be analyzed before closing the monthly books. You can find extra details about the procedure of closing the books from our accountant in Qatar.
The interpretation of financial statements
Accounting in Qatar is quite complex, and a specialist in this field will know how to prepare all the documents for submission and verification. We remind you that financial statements refer to the cash flow, financial condition, and performance of a business, therefore, these are extremely important documents. An accountant in Qatar knows how to interpret operating expenses, sales, inventory, cash and investments, taxes, cash flows, and many more. It is important to identify the business conditions and vulnerable areas in a company that might change the direction of the operations at a certain point. If there are any measures to implement, an accountant in Qatar will know what to propose for better financial operations and activities in a firm.
Short facts about corporate finance
Managing a business from a financial point of view is important for any kind of entrepreneur. The essential financial aspects are normally discussed with an accountant in Qatar if you decide to externalize this important service. Another aspect related to corporate finance is risk management which must be adopted for each type of company. This is an important part of accounting for a company in Qatar or anywhere in the world. Foreign exchange risk management, corporate finance measurements, investment alternatives, debt financing, and the cost of capital are essential aspects of corporate finance. These topics help a specialized accountant in Qatar to identify the proper methods to create financial plans for companies, revise the components of capital structure, and identify varied financial errors that might occur in a firm. Here are other reasons why corporate finance is important:
- Varied discounted cash flow notions can be easily accepted.
- Investment strategies are important in a firm with financial operations. These can be adopted if they prove doable.
- The negative aspects of early-stage financing can be detected through corporate finance.
- A series of corporate finance measures can be adopted by a business in Qatar at a certain point.
FAQ about accounting in Qatar
1. Can I ask for externalized accounting services for my company in Qatar?
Yes, we recommend you get in touch with us and find out information about the accounting services we can provide for your firm in Qatar. All the costs involved can be explained to you.
2. Does an accountant make company payments?
Yes, if you hire our services, one of our accountants will handle the receivable and payable accounts, in compliance with the company’s rules and directives.
3. Do I get support for tax calculation/registration in Qatar?
Yes, this is part of the accounting services we can offer for companies in Qatar. One of our specialists can be in charge of tax registration and calculation, on request.
4. Can I get payroll and bookkeeping services for my Qatar branch?
Yes, branches and also subsidiaries can receive the support of our accounting firm in Qatar. You can talk to our team and solicit complete accounting services for your business.
5. Can annual financial statements be handled by an accountant?
Yes, the submission of the annual financial statements is extremely important in a company and must respect international accounting rules. Feel free to solicit our support.
6. Can I receive tax minimization methods for my business in Qatar?
Yes, you can talk to our specialists and see what kind of tax minimization methods are available for your company in Qatar. We can provide tailored services to your needs and activities.
7. Can I receive accounting services for more than just one company in Qatar?
Yes, you can solicit complete accounting services from our firm if you have more than just one company in Qatar. We provide tailored services to the business needs you have in Qatar.
8. How do I choose an experienced accountant to work with in Qatar?
Our specialists are certified accountants in Qatar and can be verified with the entitled authorities in the country. You can solicit any kind of information you need before we collaborate.
9. Are accounting services expensive in Qatar?
The costs for accounting services in Qatar will depend on the size of the firm, activities, and other aspects. We can tell you more about our personalized offers, so feel free to talk to us and see how we can help you.
10. Why choose externalized accounting services in Qatar?
Instead of creating a whole department of accountants, you should check the costs of hiring the services of an accounting firm in Qatar. Complete services can be provided by our experienced team, so do not hesitate to solicit extra information.
Choosing an experienced accountant in Qatar
An experienced accountant needs to be a Certified Public Accountant and must have experience in the chosen field. He or she should properly handle all sorts of accounting matters, like bookkeeping, payroll, preparation of annual financial statements, management reporting, audits, and many more. Clarity, experience, and transparency are a few of the qualities that should describe a professional accountant who can be chosen for your company in Qatar. Do not hesitate to get in touch with us and choose our accounting services in Qatar. We are at your disposal with complete support and assistance, no matter the type of company you want to open in Qatar. If you believe that an accounting department is not an optimal solution for your needs, you should solicit our externalized accounting services in Qatar.
Making investments in Qatar
Qatar is a representative business destination in Asia that provides a series of benefits for both international and local entrepreneurs. Being rich in oil and crude petroleum, Qatar serves many countries worldwide in terms of business, attracting attention on immigration to Qatar. We have gathered information, facts and statistics about the economy and business in Qatar:
- even if a deficit of around USD 2,186 million in FDI inward flow was registered, Qatar is still appealing to foreign entrepreneurs;
- approximately USD 32,800 million was the total FDI stock for 2018 in Qatar;
- the total FDI stock for 2018 represented around 17% of Qatar’s GDP;
- according to the “World Bank 2019 Doing Business” report, Qatar ranks 83rd out of 190 international economies.
If you are interested in accounting services in Qatar or if you want to register a company in Qatar, feel free to contact our team of specialists and accountants in Qatar. We also have a team of immigration lawyers in Qatar at your disposal.