In the latest of our series to help the Scottish business community, Gareth Magee gives an insight into how to do business in Qatar.

Population: 2.16m

Currency: Qatari riyal

Capital city: Doha

GDP: $202bn (USD)

There's nothing straightforward about Qatar.

A relatively small country with big ambitions, the announcement that the 2022 World Cup will be held there means that Qatar has exploded onto the world stage. Any business with a foothold in the Middle East has their eye on the small peninsula off Saudi Arabia that could, with ease, fit inside Strathclyde.

However, it is a country at a crossroads. Qatar's roots are close to its neighbours in Saudi Arabia, Bahrain and UAE, yet its engagement with the West is ever increasing - along with its economy.

The UK and Qatar have a strong trading relationship that continues to grow, assisted by the 'Qatar National Vision 2030' - the business plan for a nation - which has produced one of the world's most stellar economic performances over the last decade. By careful development of its oil and gas resources - coupled with substantial investment in transport infrastructure, education, science, technology, health and tourism - Qatar has created the dynamic base it needs to sustain exceptional economic performance.

The low tax rate, codified rule of law, and welcoming policies for foreign investment have led to significant partnerships with a number of the world's leading global enterprises, and it's not surprising that others want to get in on the action.

Qatar is blessed with a solid base of attractive investment packages. It is a politically and socially stable country with a market oriented economy; and the State continually enacts and updates legislation to bolster the trend of economic openness towards all countries of the world.

Customs charges and bureaucratic or procedural restrictions are minimal or non-existent in regard to all transactions including repatriation of foreign capitals; and legislation is in place to provide incentives and facilities that could help raise the profit margins of investments.

Foreign investors are allowed, according to the Qatari investment laws, to invest in all national economy sectors provided that they have a Qatari partner who has a share of at least 51% of the capital of the joint venture and that the company is duly established in accordance with the provisions of the law of commercial companies.

Qatari law allows foreign investment in sectors such as industry, agriculture, mining, energy, tourism or contracting provided that the investment is geared to develop the industry in question or provide a public utility or service that serves the best interests of the community.

The law also allows non-Qatari investors to import the required materials that are not available locally for their projects.

Qatar is committed to not imposing any additional restrictions on foreign investments in Qatar in order to avoid undermining the requirements of fair competition between foreign and Qatari capital. However, foreign investors are not allowed to invest in the fields of banking, insurance, commercial representation and real estate purchase.

Culturally speaking, Qatar is a mixed bag. In a country where the population is largely made up of expats, the customs and protocols for doing business in Qatar often depend on who you deal with. A lot of the time, you'll find your business is being done with fellow foreigners, and completely within your comfort zone. However, don't forget that Qatar is a Muslim country, and there are some essential cultural particulars that go along with that.

The higher up the tree you go in business, the more likely you are to be dealing with a Qatari professional, or someone from a neighbouring Gulf State, and business across the board is conducted within the expectations of this community. That means dressing appropriately for a Muslim country, and applying cultural reserve where common sense tells you that you should - this extends to not trying to push new business deals during Ramadan. This also means getting used to the pace of business in Qatar, which can be slower than you might be used to.

That said doing business in Qatar will feel strangely familiar most of the time. Perhaps this (and the economic climate) is why UK businesses are falling over themselves to get a piece of the action. While our record of success on the World Cup pitch isn't strong, there's definitely much more winning to be done in Qatar's boardrooms over the next 10 years.

Gareth Magee is a partner at Scott-Moncrieff, leading accountants and business advisors, which, through its membership of the Moore Stephens network, helps Scottish businesses realise their international potential.

Click here for the full 'Doing Business in Qatar' guide