Qatar's updated regulations create new business environment
As Qatar races to diversify its burgeoning economy, the Gulf nation has had to develop a new set of regulatory and tax structures that are necessary for local and international businesses.
In response, senior Pinsent Masons legal experts discussed how the updated laws for commercial activity, employment, arbitration, data privacy and taxation will impact businesses in Qatar.
The new laws make arbitration proceedings more accessible and give employees more rights, making it easier to start a business while updated data protection and tax codes put more of an emphasis on reporting to regulatory agencies.
Dealing with those new changes will largely come down on the shoulders of company CFOs, according to Michael Armstrong of the the Institute of Chartered Accountants in England & Wales.
“It is no longer enough for CFOs to focus purely on the numbers,” Armstrong said.” As senior business managers they need a good understanding of the risks and challenges facing their businesses and this includes legal and regulatory changes.”
That’s a major challenge for companies operating in Qatar, but Pinsent Masons experts say the success of businesses in answering that challenge will be an important step for strengthening Qatar’s economy.