Common ICV Mistakes That Lower Your Score
Your ICV score can decide whether you win or lose a tender. In many bids in Qatar’s energy sector the score changes how your price is judged. A higher score gives you an edge over a competitor with the same price. A lower score does the opposite.
The sad part is that many companies lose points for simple reasons. Most ICV mistakes are not about business size or budget. They come from poor records and late planning. This guide covers the most common ones and how to fix them.
A Quick Reminder: What Is ICV?
ICV stands for In-Country Value. It measures how much your company adds to the local economy. Things like local spending and Qatari employment are part of the picture. The program is run by QatarEnergy under the Tawteen initiative. You can read more on the official ICV portal.
Your score is checked and certified by an approved ICV certifier. These certifiers are independent accounting firms picked by Tawteen to validate and certify the ICV scores. If you want a full overview of our process you can visit our ICV certification service page. marhaba
Mistake 1: Poor Record Keeping
This is the number one problem. ICV is built on proof. If you cannot show a document for a spend or a salary then that item may not count. Many companies keep records in different places. Some have invoices on paper and payments in a bank file. When the certifier asks for proof the team spends weeks looking for it.
How to fix it: Keep one clean folder for each year. Store invoices, payment proof, contracts and payroll records together. Update it every month and not once a year.
Mistake 2: Not Knowing Where Your Money Goes
Many owners do not know how much they spend with local suppliers. They only know the total cost. Without a clear split you cannot see how to raise your score.
How to fix it: Make a simple supplier list. Mark each supplier as local or foreign. Add the yearly spend next to each name. This takes a few hours but shows you where you can improve.
Mistake 3: Ignoring the ICV Status of Your Suppliers
Your suppliers matter. When a supplier has its own ICV certificate it can add more value to your own score. The ICV portal also updates scores when newly certified sub-suppliers are added into existing scorecards. This means a supplier getting certified can help you later. ognnews
Many companies never ask their suppliers about ICV. They lose this benefit without knowing.
How to fix it: Ask your main suppliers if they hold an ICV certificate. Where you have a choice give preference to certified local suppliers. Our guide on how to improve your ICV score in Qatar covers more ways to do this.
Mistake 4: Weak Tracking of Qatari Nationals and Their Training
People are a big part of the score. Companies often fail to record their Qatarization data accurately, and others forget to track training spend. If the payroll record is wrong or the training proof is missing, you lose value you already earned.
How to fix it: Keep a clear employee list with nationality and salary. Save training invoices and attendance sheets. Match your payroll to your Wage Protection System records so the numbers agree.
Mistake 5: Records That Do Not Match
Certifiers compare your documents with each other. If your audited accounts show one number and your supplier list shows another then questions start. This slows the process and can lower your final score.
How to fix it: Check that the numbers in your audited financial statements match your internal reports. If your accounts are not up to date fix them first. A good audit and assurance team can help you get this right before you apply.
Mistake 6: Weak Payment Proof
Paying in cash or paying without a clear invoice creates a problem. The certifier needs to see that the money really went to the supplier. Missing payment proof is a common reason for items to be removed.
How to fix it: Pay by bank transfer where possible. Keep the invoice and the transfer slip together. Make sure the supplier name on both is the same.
Mistake 7: Thinking About ICV Only When a Tender Appears
Many companies wake up to ICV when a tender is already open. By then it is too late to change anything. Spending patterns and hiring take time to change.
How to fix it: Treat ICV as a yearly plan. Set a target score. Review your spend and hiring every quarter. Small changes made early give much better results than a rush at the last minute.
Mistake 8: Missing the Renewal Date
An ICV certificate does not last forever. If it expires you may not be able to join a tender that needs a valid certificate. Some companies find out only after they miss a bid.
How to fix it: Put the expiry date in your calendar with a reminder months before. Start collecting documents early. Our guide on ICV certificate renewal in Qatar explains the requirements and timeline.
Mistake 9: Not Checking Which Rules Apply to You
The program has changed over time. QatarEnergy has introduced an ICV+ policy for local manufacturers and a Blanket Score policy for micro and small enterprises. Many small firms do not know these options exist. Others use old rules that no longer apply. qatar-tribune
How to fix it: Check the latest rules on the official portal before you start. Ask your certifier which policy fits your company size and type.
Mistake 10: Choosing the Wrong Certifier or Doing It Alone
Some companies pick a certifier only on price. Others try to prepare everything alone and make small errors that cost points. A weak process leads to delays and rework.
How to fix it: Pick a certifier with real experience and a clear process. Ask how long it takes and what documents you need. Our article on choosing the right ICV certification consultant lists what to look for.
Get Your ICV Score Right the First Time
Kreston SVP is part of the global Kreston network and has helped many Qatar businesses with ICV certification. We review your records before you apply and point out gaps early. Contact our team or call +974 4469 4481 to talk about your ICV plan.
Frequently Asked Questions
What is the most common ICV mistake?
Poor record keeping is the most common one. If you cannot prove a spend or a salary with a document it may not count toward your score.
Can I fix my ICV score after the certificate is issued?
Your certificate shows the score for a set period. To raise it you usually need to improve your numbers and go through the process again. That is why early planning matters.
Do my suppliers affect my ICV score?
Yes. Using local suppliers helps. Suppliers that have their own ICV certificate can add even more value. It is smart to ask your key suppliers about their ICV status.
How early should I start preparing for ICV renewal?
We suggest starting a few months before your certificate expires. This gives you time to collect documents and fix any gaps.
Do small businesses need ICV certification?
It depends on the tenders you want to join. Small companies may also have special options such as a Blanket Score. Check the current rules on the official ICV portal or ask a certifier.
Can a wrong document cancel my certification?
Wrong or mismatched documents can delay the process and reduce your score. Serious errors can lead to bigger problems. Always give true and clear records.
How long does ICV certification take?
The time depends on how ready your documents are. Companies with clean records finish much faster than those that need to fix gaps first.
Who can help me improve my ICV score?
An approved ICV certifier and your accounting team can guide you. Kreston SVP can review your records and suggest practical steps.
- Published in What Is New
How to Improve Your ICV Score in Qatar | 8 Practical Levers
For companies competing in Qatar’s energy, infrastructure and government supply chains, the ICV score is no longer a formality. It is a number that directly changes whether your bid wins. Under the Tawteen commercial evaluation model, a bidder’s price is adjusted using the formula Commercial bid × (1 – ICV%), which means a supplier with a 30% ICV score is effectively evaluated as though its price were 30% lower than a competitor scoring zero.
So the question most business owners in Qatar now ask is not “how do I get certified” but “how do I improve my ICV score in Qatar?” This guide breaks down eight practical levers you can pull — and, just as importantly, when to pull them.
First, understand what the score actually measures
Before optimising anything, you need to know what is being measured. According to the In-Country Value Digital Portal, the formula is:
ICV Score = (Eligible Local Cost ÷ Total Cost) + Bonus
Eligible Local Cost captures spend on goods and services (including manpower compensation and overhead), workforce training, supplier development and investment in fixed assets. The Bonus element rewards a set of strategic behaviours on top of that base calculation.
Two things follow from this. First, your score is a ratio, so it improves either by increasing eligible local cost or by reducing non-eligible cost. Usually imports and offshore spend. Second, the score is derived from your audited financial statements, not from intentions. A decision made in March affects the certificate you receive the following year. If you are new to the programme, start with our overview of ICV certification in Qatar.
1. Buy from suppliers who have a high ICV score themselves
This is the single most overlooked lever. Purchases from other suppliers are captured under the goods and services component and your ICV contribution from that supplier is calculated by multiplying your spend on them by their own ICV score. Buy QAR 1 million from a supplier scoring 60% and you bank QAR 600,000 of eligible local cost. Buy the same value from an uncertified supplier and the contribution can be minimal.
Practical action: ask every significant vendor for a copy of their valid ICV certificate before you place the order and build the score into your vendor selection matrix alongside price and lead time.
2. Move procurement from imported goods to Qatar-manufactured alternatives
Imported goods carry little eligible local value and inflate your total cost denominator. Where a Qatar-made equivalent exists — steel, cabling, chemicals, packaging, fabricated items — switching suppliers improves the numerator and shrinks the drag simultaneously. Even partial substitution across high-volume consumables can move a score by several percentage points over a financial year.
3. Bring manpower onto your own Qatar payroll
Manpower compensation paid in Qatar is eligible local cost. Companies that rely heavily on offshore support functions, group-level shared services billed from a parent abroad, or subcontracted labour supplied through low-scoring agencies lose value here.
Reviewing where your headcount legally sits and whether functions currently billed from overseas could be performed by staff employed in Doha, is one of the more structural improvements available. Because this also touches Wage Protection System and Labour Law obligations, it is worth reading our guide to payroll outsourcing in Qatar before restructuring anything.
4. Invest in fixed assets located in Qatar
Investment in fixed assets held in Qatar is a recognised component of the formula. Workshops, warehousing, plant, testing equipment, vehicles and IT infrastructure purchased and held locally all contribute. If capital expenditure is already on your roadmap, the timing of that spend relative to your financial year-end has a real effect on the certificate you receive.
5. Formalise your workforce training spend
Most companies in Qatar train their people. Far fewer capture it in a form a certifier can verify. Workforce training is an explicit component of the ICV formula, but only documented, costed and invoiced training counts — informal on-the-job coaching with no paper trail does not.
Set up a training cost centre in your accounting system, retain provider invoices, attendance records and certificates and allocate internal trainer time properly.
6. Spend deliberately on supplier development
Supplier development covers costs incurred to raise the performance, skills and capability of local suppliers — audits of their processes, technical assistance, quality systems support and training you fund on their behalf. For larger contractors this is often an untapped component, partly because the spend exists but is buried inside general operating costs rather than tracked separately.
7. Capture every element of the Bonus scheme
The Bonus sits outside the main ratio and rewards strategic behaviours such as Qatarisation, support for local SMEs, export activity and local research and development. Because these points are additive, they are among the cheapest gains available to a company that is already performing well operationally but has never claimed them. The Tawteen ICV portal provides a calculation simulator that lets you model the effect before committing.
8. Get your financial records audit-ready before you submit
This lever costs nothing and is where most scores are quietly lost. Eligible costs that are lumped into generic expense accounts, intercompany charges with no supporting documentation, unallocated overheads and inconsistent cost classifications all end up excluded by the certifier — not because the spend was ineligible, but because it could not be substantiated.
A clean chart of accounts that mirrors the ICV components, prepared alongside properly audited financial statements, routinely recovers value that would otherwise be written off. This is also why choosing the right ICV certification consultant in Qatar matters more than treating certification as a commodity.
Timing: why 12 months of lead time changes everything
Because the ICV score in Qatar is calculated from a completed financial year, improvements implemented today appear on the certificate issued after your next year-end. Companies that begin planning three weeks before ICV certificate renewal have almost no room to influence the outcome. Companies that plan a full financial year in advance can restructure procurement, payroll and capital spending in ways that lift the score materially.
Frequently Asked Questions
How is the ICV score calculated in Qatar?
The ICV score is calculated as Eligible Local Cost divided by Total Cost, plus a Bonus. Eligible Local Cost includes spend on goods and services, workforce training, supplier development and investment in fixed assets, as set out on the ICV Digital Portal. The figures are drawn from your audited financial statements for the relevant year, not from projections.
What is a good ICV score in Qatar?
There is no single passing mark — the score is used comparatively during tender evaluation, where a higher percentage directly improves your adjusted commercial bid. In practice, companies scoring in the 40–60% range are generally well positioned against competitors in the same sector, while scores above that put a bidder at a strong advantage. What counts as “good” depends on your industry and the scores your direct competitors are achieving.
How quickly can I improve my ICV score?
Because the score is calculated from a completed financial year, changes made today only appear on the certificate issued after your next year-end closes. There is no way to retroactively improve a score once the financial year it covers has ended. This is why planning should start at the beginning of a financial year, not a few weeks before certificate renewal.
Does buying from uncertified suppliers hurt my ICV score?
Yes. Spend with an uncertified or low-scoring supplier contributes very little to your Eligible Local Cost, since your contribution from that purchase is calculated by multiplying the spend by the supplier’s own ICV score. Switching to certified, higher-scoring suppliers for significant purchases is one of the fastest ways to lift your own score.
Is ICV certification mandatory for all companies in Qatar?
ICV certification itself is not a general legal requirement for every company. It becomes effectively mandatory for businesses that want to bid for contracts with Tawteen partner companies, QatarEnergy and other government or energy-sector entities that apply ICV weighting in their tender evaluation. Companies outside these supply chains can operate without it, but lose access to that segment of the market.
Who can certify my ICV score in Qatar?
ICV scores must be verified by an approved ICV certifier recognised under the Tawteen programme. Kreston SVP is an experienced ICV certifier in Qatar and can review your cost structure, identify which components are under-claimed and prepare the certification submission.
Talk to an approved ICV certifier in Qatar
As part of the global Kreston network and an experienced team of ICV certifiers in Qatar, Kreston SVP helps businesses model their score before submission, identify which levers deliver the largest return for their cost base and prepare documentation that withstands certifier scrutiny.
Contact Kreston SVP to discuss an ICV score improvement review for your next certification cycle.
- Published in Uncategorized, What Is New
Anti-Money Laundering (AML) Compliance for Qatari Businesses
Money laundering is now a top priority for regulators in Qatar. As the country grows its financial sector and expands the Qatar Financial Centre (QFC), regulators are enforcing Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) rules more strictly. The penalties for getting it wrong have grown too.
If your business is regulated by the Qatar Central Bank (QCB) or licensed within the QFC, AML compliance is not optional paperwork. It is a legal duty backed by inspections, reporting requirements, and real financial and licensing consequences. This guide explains who needs to comply, what the law requires, and how businesses in Qatar can build a compliance programme that holds up under review.
The Legal Framework Behind AML in Qatar
Qatar’s AML/CFT rules come from Law No. (20) of 2019 on Combating Money Laundering and Terrorism Financing. This law was later amended by Decree Law No. 19 of 2021 and updated further through 2025. It aligns Qatar with the standards set by the Financial Action Task Force (FATF), the global body that sets AML/CFT benchmarks.
Unlike countries with a single AML regulator, Qatar splits oversight across several authorities depending on the sector:
- Qatar Central Bank (QCB). The main regulator for banks, exchange houses, insurers, and other licensed financial institutions operating outside the QFC. QCB issues binding AML/CFT instructions and runs regular on-site and off-site inspections.
- Qatar Financial Centre Regulatory Authority (QFCRA). The independent regulator for firms authorised to operate in or from the QFC. It applies its own Anti-Money Laundering Rulebook, aligned with international standards.
- Ministry of Commerce and Industry (MOCI). Supervises Designated Non-Financial Businesses and Professions (DNFBPs) outside the QFC. This includes auditors, accountants, real estate agents, and dealers in precious metals.
- National Anti-Money Laundering and Terrorism Financing Committee (NAMLC). Coordinates Qatar’s national AML/CFT strategy across all authorities.
- Qatar Financial Information Unit (QFIU). Qatar’s financial intelligence unit. It receives and reviews Suspicious Transaction Reports (STRs) from banks, financial institutions, and DNFBPs, and shares findings with law enforcement.
Who Actually Needs to Comply?
AML/CFT rules cover more than just banks. Businesses in Qatar that typically need to comply include:
- Banks, exchange houses, and credit institutions
- Insurance companies and intermediaries
- Investment and asset management firms
- Money service businesses
- Real estate agents and developers
- Dealers in precious metals and stones
- Auditors, accountants, and legal professionals
- Trust and company service providers (TCSPs)
- Non-profit organisations that handle donations or grants
If your business is licensed by the QFC or regulated by QCB, you are almost certainly covered by these rules. MOCI is also expanding these requirements to accountants and auditors operating outside the QFC, which is directly relevant to firms offering audit and assurance services in Qatar.
Core Compliance Obligations
Whether your business is regulated by QCB or QFCRA, the basic building blocks of an AML/CFT programme are similar.
1. Risk Based Assessment
Businesses must carry out and document a formal AML/CFT risk assessment. This means looking at your risk by customer type, product, location, and how services are delivered. It should be a real evaluation of your business, not a generic checklist.
2. Customer Due Diligence (CDD) and KYC
Businesses must verify a customer’s identity before starting a business relationship. This includes identifying ultimate beneficial owners (UBOs), generally anyone who holds 10% or more of shares or voting rights. Higher risk customers need Enhanced Due Diligence (EDD).
3. Sanctions and PEP Screening
Firms must screen customers and transactions against international sanctions lists, and check for Politically Exposed Persons (PEPs), who need extra scrutiny.
4. Transaction Monitoring
Ongoing monitoring is needed to catch unusual patterns or activity that does not match a customer’s known profile.
5. Suspicious Transaction Reporting (STR)
Any suspicious activity must be reported to the QFIU without delay. Telling a customer that a report has been filed about them is a separate legal offence.
6. Governance and Training
Regulated entities must appoint a compliance officer, often called a Money Laundering Reporting Officer (MLRO), keep internal AML/CFT policies, and give staff regular training in line with FATF standards.
7. Record Retention
Customer identification, transaction, and CDD records must generally be kept for at least five years.
Penalties for Non-Compliance
Both QCB and QFCRA actively enforce these rules. This includes financial penalties, licence restrictions, and public settlement notices for firms with weak AML/CFT controls. For QFC-licensed entities, a weak AML programme can also delay or block new licence approvals, since QFCRA checks governance and control frameworks as part of the approval process.
Building a Practical AML Programme
For most SMEs and mid-sized firms in Qatar, the biggest gap is not deliberate non-compliance. It is usually an outdated or generic policy that does not match the business’s actual risk, or a CDD process that is not followed consistently in practice. A practical AML programme should:
- Be reviewed and updated every year, or whenever the business’s risk changes
- Have clear ownership under a named compliance officer
- Include documented CDD steps that your team can actually follow, not just a policy binder
- Be checked periodically through an independent review, the same idea behind our guide on internal vs external audit in Qatar and which one your business needs
AML compliance also connects to wider governance work. Controls such as beneficial ownership checks, documented risk assessments, and board level oversight overlap with the due diligence expected during company formation in Qatar, and with the standards enforced through MOCI’s oversight of auditors.
How Kreston SVP Can Help
Meeting AML/CFT obligations across QCB, QFCRA, and MOCI frameworks takes more than a template policy. It takes local regulatory knowledge combined with practical steps. Kreston SVP’s audit and assurance and advisory teams work with QFC-licensed and QCB-regulated businesses to build AML/CFT programmes that satisfy regulators without slowing down daily operations. We also offer ICV certification and financial management advisory services.
If your business needs an AML/CFT compliance review or a fresh risk assessment ahead of a QFCRA or QCB inspection, contact Kreston SVP to speak with our advisory team.
Frequently Asked Questions
Who needs AML compliance in Qatar?
Any business regulated by the Qatar Central Bank (QCB) or licensed within the Qatar Financial Centre (QFC) needs an AML/CFT programme. This also applies to Designated Non-Financial Businesses and Professions (DNFBPs) such as auditors, accountants, real estate agents, and dealers in precious metals, who are supervised by the Ministry of Commerce and Industry (MOCI).
What law governs AML/CFT in Qatar?
Qatar’s AML/CFT framework is set out in Law No. (20) of 2019 on Combating Money Laundering and Terrorism Financing. It was later amended by Decree Law No. 19 of 2021 and updated further through 2025. The law aligns Qatar with international standards set by the Financial Action Task Force (FATF).
What is the difference between QCB and QFCRA AML oversight?
QCB regulates banks, insurers, exchange houses, and other financial institutions operating outside the Qatar Financial Centre. QFCRA is the independent regulator for firms licensed to operate in or from the QFC, and it applies its own Anti-Money Laundering Rulebook. Both authorities issue binding instructions and run inspections, but they oversee different groups of regulated entities.
What is a Suspicious Transaction Report (STR) and who do I report to?
An STR is a required filing made when a business notices activity that does not match a customer’s known profile, or that looks suspicious for another reason. In Qatar, STRs go to the Qatar Financial Information Unit (QFIU), which reviews the report and shares its findings with law enforcement. Telling the customer that a report has been filed is a separate legal offence known as tipping off.
Who counts as an Ultimate Beneficial Owner (UBO) under Qatar’s AML rules?
Under Qatar’s AML/CFT framework, a UBO is generally anyone who holds 10% or more of a company’s shares or voting rights, or who otherwise controls the entity. Regulated businesses must identify and verify UBOs as part of Customer Due Diligence (CDD) before starting a business relationship.
How long must AML records be kept in Qatar?
Regulated entities in Qatar must generally keep customer identification, transaction, and Customer Due Diligence (CDD) records for at least five years, in line with QCB and QFCRA record keeping requirements.
What happens if a business fails to comply with AML rules in Qatar?
Non-compliance can lead to financial penalties, licence restrictions, and public settlement notices from QCB or QFCRA. For QFC-licensed entities, weak AML controls can also delay or block new licence approvals, since QFCRA checks governance and compliance frameworks as part of the approval process.
- Published in Uncategorized, What Is New
Fast payout casinos Australia: your essential guide to avoiding KYC delays and instant
In the vibrant world of online gaming, fast payout casinos are turning the tides for players in Australia. With instant withdrawals, these platforms provide an exhilarating blend of excitement and convenience. However, understanding how to navigate potential KYC delays is crucial for a hassle-free gaming experience, especially if you are seeking fast payout online pokies australia that enhance your chances of winning. This guide delves into how these casinos function and offers insights into maximizing your wins while minimizing waiting times.
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Choosing a fast payout casino can significantly enhance your online gaming experience. The ability to access winnings quickly and effortlessly is a critical factor for many players. Moreover, these casinos often boast a generous roster of games and attractive bonuses, making them appealing for both new and seasoned gamblers.
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- Published in public
ICV Certificate Renewal in Qatar | Requirements, Process and Timeline
The In-Country Value (ICV) Certificate is an important requirement for businesses supplying goods and services to Qatar’s energy sector. It measures a company’s contribution to the local economy and can play an important role in tender evaluations. For suppliers, maintaining a valid ICV Certificate is therefore essential for staying ready to participate in eligible tenders.
Under the current ICV program, suppliers should obtain a new ICV Certificate on a yearly basis. The standard certificate validity is 12 months, with a 90-day grace period provided after expiry. Businesses should understand the ICV Certificate renewal process in Qatar, prepare their financial and supporting documents in advance, and work with an approved ICV Certifier to avoid delays.
What Is ICV Certification in Qatar?
The In-Country Value (ICV) Program was introduced to encourage local economic development and strengthen Qatar’s domestic supply chain. ICV certification measures the extent to which a supplier contributes to the local economy through areas such as goods and services, workforce training, supplier development and investments in fixed assets.
The ICV Score is calculated using eligible local costs and applicable bonus components. The enhanced ICV program also provides opportunities to earn additional ICV scores through areas such as productivity and automation, capability building, investment growth, Qatarization, exports, research and development, and sustainability.
For businesses that regularly participate in energy-sector tenders, maintaining an up-to-date ICV Certificate should be treated as an important part of their annual compliance activities.
Businesses looking for professional support can explore Kreston SVP’s ICV Certification Services in Qatar.
Does an ICV Certificate Need to Be Renewed Every Year?
Yes. According to the official ICV Digital Portal, suppliers should obtain a new ICV Certificate on a yearly basis. The certification process generally takes an average of 2–3 weeks, although the actual timeline can vary depending on the quality of documentation, the complexity of the business and the time required for validation and corrections.
Businesses should therefore avoid waiting until the existing certificate is close to expiry. Starting the renewal process early gives the company enough time to organize documents, respond to queries from the certifier and complete any required corrections.
ICV Certificate Validity and the 90-Day Grace Period
One of the important changes businesses should understand is the ICV Certificate grace period in Qatar.
The current ICV policy provides an additional 90-day grace period after the standard certificate validity period. This means an ICV Certificate generally covers 12 months of standard validity plus an additional 90 days of grace period.
The grace period provides additional flexibility for suppliers that are in the process of obtaining a new certificate. However, businesses should not treat the grace period as a replacement for timely renewal.
According to the official ICV FAQ, suppliers can participate in Energy Sector tenders during the grace period, but they need to submit a letter from their ICV Certifier confirming that the new certification process has been initiated.
Starting the renewal process before expiry is therefore the safer approach for companies that want to avoid last-minute compliance issues.
When Should Businesses Start ICV Certificate Renewal?
There is no benefit in waiting until the final days of the certificate validity period. Businesses should ideally begin preparing their documents well before the certificate expires.
A practical renewal timeline can include:
- Review the existing ICV Certificate
Check the certificate issue date, expiry date, financial year covered and current ICV Score. Identify whether there have been significant changes in the business since the previous certification.
- Prepare financial and supporting documents
Gather the required accounting records, financial statements, payroll information, procurement records, supplier information, training expenses, fixed-asset details and other relevant supporting documents.
- Engage an approved ICV Certifier
The supplier should work with a pre-approved ICV Certifier. The official ICV Digital Portal provides information about the certification process and approved certifiers.
- Complete and submit the ICV Scorecard
The supplier prepares the ICV Scorecard based on the applicable methodology and submits it to the certifier for validation.
- Respond to queries and corrections
The certifier reviews the information and supporting documents. If clarification or additional evidence is required, the supplier should respond promptly to prevent delays.
- Complete certification
Once the scorecard has been validated and approved, the certification process is completed through the ICV Digital Portal, including the required certificate and Factual Findings Report procedures.
Documents Required for ICV Certificate Renewal
The exact documentation requirements can vary depending on the company’s activities, financial structure and ICV reporting requirements. However, businesses should be prepared to provide supporting evidence for the information included in their ICV Scorecard.
Common documentation may include:
- Audited financial statements
- General ledger and accounting records
- Purchase and procurement records
- Supplier invoices
- Payroll and employee-related records
- Workforce training records
- Fixed-asset records
- Supplier development expenses
- Details of local goods and services expenditure
- Supporting documents for applicable bonus categories
- Corporate and commercial documentation
- Previous ICV Certificate and Scorecard
Accurate and well-organized documentation can make the ICV certification renewal process in Qatar more efficient. Businesses should ensure that the information reported in the scorecard can be supported by appropriate financial and operational records.
What Happens During the ICV Renewal Process?
The renewal is not simply a matter of extending an existing certificate. A new ICV Certificate is generally obtained based on the applicable financial year and supporting information.
The supplier engages an approved certifier, completes the ICV Scorecard and provides the required supporting evidence. The certifier then validates the scorecard and supporting information before the certification is completed. The official ICV Digital Portal describes the process as engagement, scorecard submission, validation and certificate confirmation.
This makes the quality of the company’s accounting and supporting documentation particularly important.
For businesses that want to understand the broader certification process, Kreston SVP has also published How Can We Get ICV Certification in Qatar?.
How Can Businesses Avoid Delays in ICV Renewal?
Several common issues can make the certification process take longer than expected. Businesses can reduce the risk of delays by:
- Starting the renewal process early
- Keeping accounting records updated throughout the year
- Maintaining proper supporting documents
- Reconciling financial and operational information
- Reviewing procurement and supplier data before submission
- Ensuring employee and payroll records are accurate
- Preparing evidence for training and supplier-development activities
- Responding quickly to certifier queries
- Reviewing the previous ICV Scorecard for areas that require improvement
Early preparation is particularly important because the official ICV Digital Portal indicates that the average certification process can take around 2–3 weeks.
Can Companies Improve Their ICV Score During Renewal?
Yes. The renewal process provides businesses with an opportunity to review their local economic contribution and identify areas where they may be able to improve their ICV Score.
The enhanced ICV program includes a bonus scheme covering strategic areas such as productivity and automation, capability building, investment growth, Qatarization, exports, R&D and sustainability. Suppliers can potentially benefit from these areas where they meet the applicable requirements.
Businesses should therefore avoid treating ICV renewal as a routine administrative exercise. A detailed review of procurement, workforce development, local supplier engagement, investments and other eligible activities can help identify opportunities to strengthen future ICV performance.
Why Work With an ICV Certification Consultant in Qatar?
The ICV certification process requires detailed financial and operational information. An experienced ICV Certifier can help businesses understand documentation requirements, review their scorecard information and complete the certification process in accordance with the applicable ICV guidelines.
Kreston SVP provides ICV Certification Services in Qatar and has experience working with local and multinational businesses. According to its ICV Certifier profile on the official ICV Digital Portal, Kreston SVP has completed more than 700 ICV certifications since the program’s implementation in 2019.
Businesses can also read Kreston SVP’s related article on Choosing the Right ICV Certification Consultant in Qatar to understand factors to consider when selecting a certification partner.
Stay Prepared for Your ICV Certificate Renewal
Maintaining a valid ICV Certificate is important for businesses that want to participate in Qatar’s Energy Sector tenders. Since suppliers are expected to obtain a new certificate annually, businesses should plan their ICV Certificate renewal in Qatar well in advance.
The current 90-day grace period provides additional flexibility, but companies should still aim to complete renewal before the existing certificate expires. Preparing financial statements, procurement records, payroll information and other supporting documents early can help make the process smoother.
For the latest requirements, suppliers should refer to the official ICV Digital Portal and Tawteen guidelines, as ICV policies and procedures may be updated periodically.
If your business needs assistance with ICV Certificate renewal, ICV Scorecard preparation or ICV certification in Qatar, Kreston SVP can support your business through the certification process and help ensure the required documentation is properly prepared.
Frequently Asked Questions About ICV Certificate Renewal in Qatar
1. How often does an ICV Certificate need to be renewed in Qatar?
An ICV Certificate is generally valid for 12 months, followed by a 90-day grace period. Businesses should obtain a new ICV Certificate annually to maintain their ICV compliance and remain prepared for eligible Energy Sector tenders.
2. What is the ICV Certificate renewal process in Qatar?
The renewal process involves preparing the required financial and supporting documents, engaging an approved ICV Certifier, preparing the ICV Scorecard, submitting the required information for validation, addressing any queries or corrections, and completing the certification process through the ICV Digital Portal.
3. How long does ICV Certificate renewal take in Qatar?
The official ICV Digital Portal states that the certification process generally takes around 2–3 weeks. However, the actual timeline can vary depending on the company’s documentation, business activities, financial records and the time required to resolve queries raised during validation.
4. What documents are required for ICV Certificate renewal?
Businesses may need to provide audited financial statements, accounting records, payroll information, procurement records, supplier invoices, fixed-asset records, training records and supporting documents for applicable ICV activities. The exact requirements may vary depending on the company and its ICV Scorecard.
5. Is there a grace period for an expired ICV Certificate?
Yes. The current ICV program provides a 90-day grace period after the standard 12-month certificate validity period. During the grace period, suppliers may participate in Energy Sector tenders subject to the applicable requirements and documentation.
6. Can I improve my ICV Score during the renewal process?
Yes. Businesses can review their local expenditure, procurement, workforce development, investments and other eligible activities when preparing their new ICV Scorecard. The enhanced ICV program also includes bonus opportunities in areas such as Qatarization, exports, research and development, sustainability, capability building and productivity.
7. Can a company renew its ICV Certificate without an approved ICV Certifier?
No. The ICV certification process requires validation by an approved ICV Certifier. Businesses should select a certifier approved under the ICV program to complete the certification process.
8. What happens if my ICV Certificate expires?
An expired certificate may affect a company’s ability to meet ICV requirements for relevant tender participation. The ICV program provides a 90-day grace period, subject to applicable conditions. Businesses should begin the renewal process before expiry rather than relying on the grace period.
9. Why should businesses start ICV renewal early?
Starting early gives businesses sufficient time to collect financial records, verify supporting documents, prepare the ICV Scorecard and respond to any queries raised by the certifier. Early preparation can help reduce delays and ensure the company remains ready for upcoming tenders.
10. Can Kreston SVP help with ICV Certificate renewal in Qatar?
Yes. Kreston SVP provides ICV Certification Services in Qatar and can assist businesses with ICV Scorecard preparation, documentation review, validation and the overall certification process. Businesses can contact Kreston SVP to discuss their ICV certification and renewal requirements.
- Published in Uncategorized, What Is New
IFRS 18 Explained | What Qatar Businesses Need to Know
As financial reporting standards continue to evolve, businesses in Qatar must stay informed to ensure compliance and maintain transparency. One of the most significant updates is IFRS 18 – Presentation and Disclosure in Financial Statements, issued by the International Accounting Standards Board (IASB). IFRS 18 replaces IAS 1 and introduces a more structured approach to presenting financial statements, making financial reports easier to compare and understand.
Whether you are a startup, SME, or multinational company operating in Qatar, understanding IFRS 18 is essential for accurate financial reporting and regulatory compliance. Working with an experienced audit firm in Qatar can help businesses implement these changes efficiently while reducing compliance risks.
At Kreston SVP, we help organizations adapt to evolving accounting standards through expert audit, accounting, and financial advisory services.
What Is IFRS 18?
IFRS 18 is a new international accounting standard designed to improve the presentation and disclosure of financial statements. It provides clearer guidance on how companies should classify income and expenses, present financial performance, and disclose management-defined performance measures.
The primary objective of IFRS 18 is to increase consistency and transparency in financial reporting, allowing investors, regulators, and stakeholders to compare financial statements more effectively.
Businesses preparing financial statements under International Financial Reporting Standards (IFRS) should start evaluating how IFRS 18 may affect their reporting processes well before its mandatory implementation.
For the official standard, visit the IFRS Foundation:
https://www.ifrs.org/issued-standards/list-of-standards/ifrs-18-presentation-and-disclosure-in-financial-statements/
Why Does IFRS 18 Matter for Businesses in Qatar?
Qatar has a rapidly growing business environment supported by international investments, infrastructure development, and expanding private enterprises. Companies operating in the country increasingly rely on globally accepted accounting standards to build investor confidence and meet regulatory expectations.
Implementing IFRS 18 helps businesses:
- Improve the quality of financial reporting
- Increase transparency for investors
- Increase comparability across industries
- Support better financial decision-making
- Strengthen corporate governance
- Meet international reporting expectations
Organizations seeking IFRS compliance in Qatar should begin reviewing their accounting policies and reporting structures to ensure a smooth transition.
Key Changes Introduced by IFRS 18
1. New Categories in the Statement of Profit or Loss
One of the biggest changes introduced by IFRS 18 is the classification of income and expenses into standardized categories.
These include:
- Operating activities
- Investing activities
- Financing activities
- Income taxes
- Discontinued operations
This standardized approach improves consistency across financial statements and makes it easier for investors to understand business performance.
2. Better Presentation of Operating Profit
Previously, companies had flexibility in defining operating profit, leading to inconsistencies between organizations.
IFRS 18 introduces clearer guidance on presenting operating profit, making financial statements more comparable across different industries.
This is especially valuable for businesses seeking external investment or financing.
3. Management-Defined Performance Measures (MPMs)
Many organizations use non-GAAP financial metrics such as:
- Adjusted EBITDA
- Core Operating Profit
- Underlying Earnings
IFRS 18 requires companies to disclose:
- How these measures are calculated
- Why management uses them
- Reconciliation with IFRS figures
This enhances transparency while reducing the risk of misleading financial reporting.
4. Enhanced Disclosure Requirements
The new standard introduces additional disclosure requirements aimed at improving financial statement clarity.
Businesses must provide better explanations regarding:
- Significant accounting judgments
- Performance measures
- Material items
- Financial statement presentation
These disclosures help investors understand how financial results are prepared.
How IFRS 18 Will Impact Qatar Businesses
Businesses across various industries in Qatar—including construction, real estate, healthcare, manufacturing, logistics, retail, and professional services—may need to update their financial reporting processes.
Key areas likely to be affected include:
Financial Statement Preparation
Companies may need to redesign their financial statement formats to comply with the new presentation requirements.
Accounting Systems
Existing accounting software and ERP systems may require updates to capture financial information according to the new classifications.
Internal Controls
Organizations should review internal financial controls to ensure data is categorized correctly under IFRS 18.
Employee Training
Finance teams, accountants, auditors, and management should understand the new reporting requirements before implementation.
Proper training can significantly reduce reporting errors and improve compliance.
Steps Businesses Should Take Now
Although IFRS 18 becomes mandatory for annual reporting periods beginning on or after 1 January 2027, businesses should not wait until the implementation deadline.
Preparing early allows organizations to identify reporting gaps, update internal processes, and avoid last-minute compliance challenges.
Some practical steps include:
- Assess current financial reporting practices
- Review accounting policies
- Identify affected financial statement line items
- Update accounting software where necessary
- Train finance teams
- Consult experienced audit professionals
- Conduct trial financial reporting under IFRS 18
Early preparation reduces implementation risks and ensures a smoother transition.
How Professional Audit Firms Can Help
Implementing a new accounting standard requires more than updating financial statements. Businesses often need assistance with policy reviews, system updates, internal controls, and regulatory compliance.
Working with an experienced audit firm in Qatar can simplify the transition while ensuring compliance with international accounting standards.
At Kreston SVP, our professionals assist businesses with:
- IFRS implementation
- Financial statement preparation
- Audit and assurance services
- Accounting advisory
- Financial reporting compliance
- Risk assessment
- Internal audit support
Our team helps organizations confidently adapt to evolving financial reporting requirements while maintaining accuracy and transparency.
Common Challenges Businesses May Face During IFRS 18 Implementation
Transitioning to IFRS 18 may present challenges, particularly for businesses that have relied on existing financial reporting formats for many years. Understanding these challenges early can help organizations develop an effective implementation strategy.
Updating Accounting Policies
Companies may need to revise existing accounting policies to align with the new presentation and disclosure requirements. This process often requires collaboration between finance teams, management, and external auditors.
Modifying Financial Reporting Systems
Many businesses use ERP and accounting software to generate financial statements. These systems may require configuration updates to classify income and expenses according to IFRS 18.
Ensuring Data Consistency
Historical financial information may need to be reviewed to ensure consistency and comparability. Maintaining accurate records during the transition is essential for reliable financial reporting.
Staff Training and Awareness
Finance professionals, accountants, and management teams should receive adequate training on IFRS 18. A well-informed team can reduce reporting errors and improve compliance.
Meeting Disclosure Requirements
The expanded disclosure requirements under IFRS 18 mean businesses must provide additional explanations for financial performance measures and significant accounting judgments. Preparing these disclosures may require new internal processes and documentation.
Benefits of Adopting IFRS 18
Although implementing a new accounting standard requires effort, IFRS 18 offers several long-term benefits for businesses in Qatar.
Improved Financial Transparency
Standardized presentation makes financial statements easier to understand for investors, lenders, regulators, and other stakeholders.
Better Comparability
Businesses can compare their financial performance more effectively with competitors and industry peers, supporting benchmarking and strategic planning.
Increased Investor Confidence
Transparent and consistent financial reporting helps build trust among investors, financial institutions, and business partners.
Stronger Corporate Governance
Enhanced disclosure requirements encourage better financial oversight and accountability across the organization.
Improved Decision-Making
Clear financial reporting enables management to make informed strategic decisions based on accurate and consistent financial information.
Why Choose Kreston SVP for IFRS Compliance in Qatar?
Navigating changes in international accounting standards requires expertise and practical experience. At Kreston SVP, we provide comprehensive audit, accounting, and advisory services to help businesses remain compliant while improving the quality of their financial reporting.
Our services include:
- Audit and Assurance Services
- IFRS Advisory
- Financial Statement Preparation
- Accounting Outsourcing
- Internal Audit
- Risk Advisory
- Corporate Tax Advisory
- Business Consulting
Whether your organization is preparing for IFRS 18 implementation or looking to strengthen its financial reporting processes, our experienced professionals can provide tailored guidance every step of the way.
Frequently Asked Questions (FAQs)
Is IFRS 18 mandatory in Qatar?
Businesses that prepare financial statements under International Financial Reporting Standards (IFRS) should adopt IFRS 18 for annual reporting periods beginning on or after 1 January 2027. Companies should consult their auditors to determine how the standard applies to their reporting obligations.
What replaces IAS 1?
IFRS 18 replaces IAS 1 – Presentation of Financial Statements and introduces new requirements for presenting financial performance and disclosures.
Which businesses will be affected by IFRS 18?
Any company preparing IFRS-compliant financial statements including listed companies, multinational organizations, SMEs, and subsidiaries may be affected by IFRS 18.
How should businesses prepare for IFRS 18?
Businesses should review accounting policies, update financial reporting systems, train finance teams, assess disclosure requirements, and seek professional guidance from experienced audit and advisory firms.
Can Kreston SVP help with IFRS implementation?
Yes. Kreston SVP provides expert support for IFRS implementation, financial reporting, audit, accounting advisory, and compliance services for businesses operating in Qatar.
Conclusion
IFRS 18 represents a significant advancement in financial reporting by improving consistency, transparency, and comparability across financial statements. Although the transition requires careful planning, businesses that begin preparing early will be better positioned to meet compliance requirements and strengthen stakeholder confidence.
For organizations in Qatar, partnering with experienced professionals can make the implementation process smoother and more efficient. From reviewing accounting policies to updating financial reporting systems and ensuring compliance, expert guidance can help reduce risk and support long-term business success.
If your business is preparing for IFRS 18 or requires professional support with financial reporting, Kreston SVP is ready to help with practical, reliable, and compliant solutions.
- Published in What Is New
Business Liquidation in Qatar | Legal and Financial Process Explained
Closing a business is rarely a decision made lightly. Whether triggered by a shift in strategy, the end of a joint venture, financial difficulty, or a shareholder’s decision to exit, business liquidation in Qatar is a formal legal and financial process that must be handled correctly to avoid future liability. After all, unlike simply stopping operations, liquidation involves settling debts, distributing remaining assets, deregistering the company with government authorities, and obtaining official clearance certificates.
For business owners unfamiliar with Qatar’s regulatory framework, the process can therefore seem complex. So, this guide breaks down what liquidation involves, the documentation required, and why professional financial and audit support is essential to closing a company cleanly and compliantly.
What Is Business Liquidation?
Liquidation is the formal process of winding up a company’s affairs, converting its assets into cash, settling outstanding liabilities, and distributing any remaining funds to shareholders before the entity is legally dissolved. Specifically, in Qatar, liquidation can take one of three forms:
- Voluntary liquidation — initiated by shareholders when a business is solvent but the owners choose to close operations
- Compulsory liquidation — ordered by a court, typically due to insolvency or an inability to meet financial obligations
- Liquidation due to expiry or non-renewal — when a company’s commercial registration lapses and shareholders decide not to continue
Each pathway follows a distinct legal procedure. Nevertheless, all of them require formal deregistration with the Ministry of Commerce and Industry (MOCI), as well as clearance from the General Tax Authority, among other bodies.
Why Businesses Choose to Liquidate
Common reasons companies pursue liquidation in Qatar include:
- Completion of a project-based joint venture or partnership
- Persistent financial losses or insolvency
- Shareholder disputes or a decision to exit the market
- Restructuring into a different legal entity or jurisdiction
- Voluntary closure after achieving business objectives
Regardless of the reason, however, an improperly closed business can leave shareholders and directors exposed to lingering tax liabilities, unpaid vendor claims, or labor disputes. As a result, following the correct legal sequence matters more than many owners initially assume.
The Legal Process of Liquidation in Qatar
- Shareholder Resolution
First, the process typically begins with a formal resolution passed by shareholders or the board, approving the company’s dissolution and appointing a licensed liquidator.
- Appointment of a Licensed Liquidator
Next, Qatari law requires an approved liquidator — often a qualified audit firm — to oversee the liquidation. In this role, the liquidator is responsible for verifying financial records, settling liabilities, and preparing the final liquidation report.
- Public Notification
Once a liquidator is appointed, a notice of liquidation is typically published in local newspapers, giving creditors a defined window (commonly 30 days) to submit any outstanding claims against the company.
- Settlement of Liabilities
After the notification period closes, all debts, employee end-of-service benefits, vendor payments, and outstanding taxes must be settled before the company can be dissolved. At this stage in particular, a clear picture of financial obligations, supported by accurate financial statement preparation, becomes critical.
- Tax Clearance
In addition, businesses must obtain clearance from the General Tax Authority confirming there are no outstanding corporate tax or VAT obligations. Consequently, any unresolved filings should be addressed beforehand closely tied to proper corporate tax return filing in Qatar.
- Final Liquidation Audit
Subsequently, an independent auditor prepares a final liquidation report confirming that all assets have been distributed and liabilities settled. This report is then submitted to MOCI as part of the deregistration package, an area covered under financial audit and assurance services.
- Deregistration
Finally, once all clearances are obtained, the company’s commercial registration is officially cancelled with MOCI, and the entity ceases to legally exist.
Documents Typically Required
While requirements vary by entity type and free zone, businesses generally need the following:
- Shareholder resolution approving liquidation
- Liquidator appointment letter
- Final audited financial statements
- Tax clearance certificate
- Proof of settled employee dues
- Bank account closure confirmation
- Commercial registration and trade license documents
Financial Considerations During Liquidation
Beyond the legal steps, liquidation also carries important financial implications:
- Asset valuation — Accurately valuing remaining assets ensures fair distribution to shareholders and, moreover, supports the liquidator’s final report
- Outstanding receivables — Companies must actively pursue or formally write off unrecovered debts before closure
- Employee settlements — End-of-service benefits must be calculated and paid in line with Qatar Labour Law
- Tax exposure — Unfiled or inaccurate prior tax returns can delay clearance and, ultimately, expose shareholders to penalties
Overall, engaging an experienced advisory partner early in the process helps identify these issues before they become obstacles to deregistration.
Free Zone and QFC Entities
Similarly, companies registered under the Qatar Financial Centre or other free zones follow a comparable but separately administered liquidation process through their respective regulator, rather than MOCI. Therefore, business owners planning to exit a free zone entity should confirm the specific requirements applicable to their free zone structure, as timelines and documentation can differ from mainland liquidation.
Why Professional Support Matters
Ultimately, liquidation is not simply an administrative filing — it is a financial reconciliation exercise that must withstand scrutiny from tax authorities, creditors, and regulators. Indeed, errors in the final accounts, missed tax filings, or incomplete creditor settlements can delay deregistration by months or, worse, expose directors to personal liability.
That said, at Kreston SVP, our team supports businesses through every stage of liquidation, from preparing final financial statements to coordinating tax clearance and delivering the independent liquidation audit required by MOCI. In addition, our broader financial management advisory services help businesses consider restructuring as an alternative to full closure.
Closing a Business the Right Way
In short, business liquidation in Qatar is a structured legal and financial process designed to protect creditors, employees, and shareholders alike. Handled correctly, it allows a clean, compliant exit; handled poorly, however, it can leave lingering liabilities long after the business has closed its doors. Partnering with an experienced audit and advisory firm helps businesses complete the process accurately, efficiently, and in compliance with Qatari regulations.
Planning to close or restructure your business in Qatar? Contact Kreston SVP for expert guidance through every step of the liquidation process.
- Published in What Is New
Tax Advisory for Construction & Contracting Companies in Qatar
Qatar’s construction sector is one of the busiest in the region. Continued infrastructure investment, real estate development, and Qatar National Vision 2030 projects power this growth. But for contractors, subcontractors, and construction consultants, this growth brings a layer of tax complexity. Many other industries simply don’t face this complexity.
Long project cycles, joint ventures, foreign subcontractors, retention payments, and multi-tier supply chains all create tax exposure points. These can catch even experienced contractors off guard.
This is where specialised tax advisory in Qatar becomes essential. Contractors need sector-specific guidance built around how construction contracts actually work — not generic compliance support.
Why Construction Companies Face Unique Tax Challenges in Qatar
Unlike a typical trading or services business, a construction company’s tax position depends on contract structure. Annual profit and loss alone don’t determine it. A few features of the industry make tax management especially demanding:
- Long-duration contracts that span multiple financial years, complicating revenue recognition and taxable profit calculations
- Joint ventures and consortiums, common on large government and semi-government projects, which raise questions about how partners apportion tax liability
- Extensive use of subcontractors and foreign suppliers, each potentially triggering withholding tax obligations
- Retention money that contracts hold back from progress payments until project completion, following its own release procedure under Qatari tax rules
- Mixed onshore/offshore scopes of work, where only the Qatar-sourced portion of a contract is taxable
Contractors need to address each of these elements proactively. Waiting until filing season to sort out tax treatment on a multi-year project rarely works well.
Corporate Tax: What Contractors Need to Know
Qatar operates a territorial tax system under Income Tax Law No. 24 of 2018. Broadly, Qatar taxes foreign-owned or partially foreign-owned entities at a flat 10% rate on profits from Qatar-sourced income. Wholly Qatari or GCC-owned contractors are generally exempt from tax, but they still must file annual returns.
For construction firms specifically, taxable income typically includes:
- Revenue from contracts wholly or partly performed in Qatar
- Payments for services rendered to a head office, branch, or related company
- Income connected to Qatar-based real estate or infrastructure projects
Construction contracts often run for two, three, or more years. This makes percentage-of-completion accounting and taxable profit allocation tricky to get right. Contractors also need this work to hold up if the General Tax Authority (GTA) reviews it. This is one of the most common areas where contractors need professional support.
This connects closely with broader corporate taxation services. These cover compliance, tax planning, and risk management across a project’s full lifecycle.
Withholding Tax on Subcontractors and Foreign Suppliers
Construction is one of the sectors most exposed to withholding tax (WHT) in Qatar. Under current rules, a Qatar-based contractor must generally withhold 5% at source when paying a non-resident subcontractor, consultant, or supplier for services used in Qatar. The contractor then remits this amount to the GTA via the Dhareeba portal, typically by the 16th day of the following month.
Contractors should keep a few practical points in mind:
- WHT applies even if the foreign service provider never physically enters Qatar, as long as the service benefits a Qatar-based project
- Qatar deems outstanding invoices to a non-resident “paid” after 12 months, triggering a WHT obligation even without actual settlement
- Since late 2025, contractors must link WHT declarations to the specific contract already reported under Dhareeba’s rules. Many overlook this step when engaging new subcontractors
- A Double Tax Treaty (DTT) may offer relief, but Qatar generally applies a pay-and-reclaim mechanism: contractors pay the WHT first and reclaim it later upon a successful claim
Contractors managing dozens of subcontractor relationships on a single project face real risk here. Getting this wrong at scale can create significant cash flow and penalty exposure. That’s exactly why WHT planning should sit alongside contract negotiation, not come after it.
Retention Payments and the GTA “No Objection Certificate” Process
Retention is standard practice in Qatari construction contracts. Contracts withhold a percentage of each progress payment until the project or defects liability period finishes.
For contractors operating through a temporary branch in Qatar, there’s an added tax dimension. Retained amounts follow specific release rules, and the GTA requires a No Objection Certificate (NOC) before contractors can release final retention payments.
To obtain the NOC, contractors typically must submit supporting documentation, including contract details and a contract completion certificate. This documentation must show that they have settled all tax obligations tied to the project.
Contractors that plan for this early avoid unnecessary delays rather than scrambling at project close-out. This final payment is often substantial.
Joint Ventures and Consortium Structures
Qatar frequently awards large infrastructure and government contracts to joint ventures or consortiums of local and international firms.
Structuring these arrangements correctly matters for tax purposes. Partners need to address how they share profit, which entity invoices the client, and how each partner’s tax residency status affects the group’s overall liability. They should settle these questions at the outset, not after signing the contract.
This is an area where tax advisory naturally overlaps with broader financial management advisory and corporate structuring support. The right JV structure carries both tax and financial reporting implications.
Practical Tax Risk Areas for Contractors
Based on how the GTA has been tightening enforcement in recent years, construction companies should pay particular attention to:
- Contract reporting accuracy in Dhareeba the GTA increasingly scrutinises mismatches between reported contracts and WHT filings
- Documentation for subcontractor payments, especially where contractors claim treaty relief
- Consistent revenue recognition across multi-year projects
- Timely registration and Tax Identification Number (TIN) renewal for every project entity or branch
- Retention and NOC documentation kept current throughout the project, not pulled together retroactively
Getting ahead of these areas is far less costly than resolving them during a GTA audit. For a broader view of audit readiness, see our guide on financial audit and assurance services in Qatar.
How Kreston SVP Supports Construction & Contracting Companies
Kreston SVP is part of Kreston Global, a network of independent accounting firms operating in over 120 countries. We combine international best practice with deep local knowledge of Qatar’s construction sector. Our tax advisory services in Qatar for contractors typically include:
- Corporate tax planning aligned to project timelines and revenue recognition methods
- Withholding tax structuring and Dhareeba contract-reporting compliance
- Support with retention release and NOC applications
- Joint venture and consortium tax structuring
- Representation and liaison with the General Tax Authority during reviews or audits
Whether you’re mobilising a new project, managing a portfolio of subcontractors, or preparing for a GTA review, proactive tax advisory helps. It keeps your project margins and your compliance record intact.
Get in touch with our tax advisory team to discuss how we can support your construction or contracting business in Qatar.
- Published in What Is New
What Documents Are Required for an Audit in Qatar?
Businesses operating in Qatar are required to maintain accurate financial records to ensure compliance with local regulations and international accounting standards. Whether you own a startup, SME, or large corporation, preparing the right documents before an Audit in Qatar can make the process faster, more efficient, and stress-free.
An audit is not just about meeting legal obligations. It helps businesses verify the accuracy of their financial statements, strengthen internal controls, identify operational risks, and build confidence among investors, banks, and regulatory authorities. Proper documentation enables auditors to perform their work effectively while helping businesses avoid unnecessary delays or compliance issues.
At Kreston SVP, we provide professional auditing and assurance services to businesses across Qatar. Our experienced auditors ensure your financial records comply with applicable regulations and International Financial Reporting Standards (IFRS). Whether your business requires a statutory audit, financial audit, or internal audit, having the necessary documentation ready is the first step toward a successful audit.
Why Proper Documentation is Important for an Audit in Qatar
Before beginning an audit, auditors need supporting documents to verify every financial transaction recorded by the company. Complete and organized records help auditors:
- Verify financial statements
- Confirm business transactions
- Ensure compliance with Qatar regulations
- Identify financial risks
- Improve transparency
- Complete the audit within the agreed timeline
Poor documentation often results in additional audit queries, delays in issuing audit reports, and unnecessary compliance concerns.
Essential Documents Required for an Audit in Qatar
1. Company Registration Documents
The audit process begins by verifying the legal identity of the business.
The following documents should be available:
- Commercial Registration (CR)
- Trade License
- Memorandum of Association (MOA)
- Articles of Association (AOA)
- Shareholder certificates
- Ownership structure
- Company establishment documents
These records confirm that the company is legally registered and authorized to conduct business activities in Qatar.
2. Financial Statements
Financial statements are the foundation of every Financial Audit in Qatar.
Prepare the latest:
- Balance Sheet
- Income Statement (Profit & Loss)
- Cash Flow Statement
- Statement of Changes in Equity
- Notes to Financial Statements
These reports help auditors evaluate the financial position and overall performance of your business.
Learn more about Kreston SVP’s Audit & Assurance Services:
3. General Ledger
The General Ledger contains all accounting entries recorded during the financial year.
Auditors use this report to verify:
- Revenue
- Expenses
- Assets
- Liabilities
- Equity transactions
- Journal entries
Maintaining an updated ledger simplifies the audit process and reduces reconciliation issues.
4. Trial Balance
The Trial Balance provides a summary of all ledger accounts before preparing financial statements.
Auditors compare the Trial Balance with financial statements to identify discrepancies and confirm that accounting records are balanced correctly.
5. Bank Statements and Bank Reconciliation
Businesses should prepare:
- Bank statements for all accounts
- Bank reconciliation reports
- Fixed deposit statements
- Loan account statements
- Credit facility details
These documents help auditors verify cash balances and identify any unusual financial transactions.
6. Sales Documents
Revenue verification is an important part of every Audit in Qatar.
Prepare:
- Customer invoices
- Sales register
- Delivery notes
- Customer contracts
- Credit notes
- Sales returns
These records allow auditors to verify that revenue has been recorded accurately.
7. Purchase Documents
Auditors also review expenses incurred by the company.
Required documents include:
- Supplier invoices
- Purchase orders
- Goods received notes
- Debit notes
- Supplier agreements
Proper purchase documentation ensures expenses are genuine and correctly recorded.
8. Tax Documents
Although Qatar has a developing tax framework, businesses should maintain complete tax records.
These include:
- Corporate Tax Registration
- Tax Returns
- Tax Payment Receipts
- Tax Assessment Notices
- General Tax Authority (GTA) correspondence
Maintaining these documents helps businesses remain compliant with regulatory requirements.
9. Payroll and Employee Records
Payroll expenses usually represent a significant portion of company costs.
Prepare:
- Payroll reports
- Salary sheets
- Employment contracts
- WPS records
- Leave records
- End-of-service benefit calculations
- Employee benefit records
These documents help auditors verify salary expenses and employee-related liabilities.
10. Fixed Asset Register
Every company should maintain a detailed record of fixed assets.
Examples include:
- Office furniture
- Machinery
- Vehicles
- Computers
- Buildings
- Equipment
Supporting documents include:
- Purchase invoices
- Asset register
- Depreciation schedules
- Disposal records
These records help auditors confirm ownership and calculate depreciation accurately.
11. Inventory Reports
For trading, manufacturing, and retail businesses, inventory plays a major role in financial reporting.
Prepare:
- Stock reports
- Inventory valuation reports
- Physical stock count reports
- Inventory movement reports
Accurate inventory records improve the reliability of financial statements and reduce audit adjustments.
12. Accounts Receivable Reports
Provide detailed reports showing:
- Outstanding customer balances
- Customer ageing analysis
- Collection reports
- Bad debt provisions
Auditors review these reports to determine whether receivables are recoverable.
13. Accounts Payable Reports
Businesses should also prepare:
- Supplier ageing reports
- Outstanding balances
- Payment schedules
- Vendor reconciliations
These reports help auditors verify liabilities and supplier obligations.
14. Contracts and Legal Agreements
Auditors review contracts that may affect financial reporting.
Examples include:
- Lease agreements
- Customer contracts
- Supplier agreements
- Loan agreements
- Insurance policies
- Service contracts
These documents help identify contractual obligations and contingent liabilities.
15. Previous Audit Reports
If your company has undergone audits before, provide:
- Previous Audit Reports
- Management Letters
- Compliance Reports
- Internal Audit Reports
These documents allow auditors to understand past observations and evaluate whether corrective actions have been implemented.
How to Prepare Your Business for an Audit in Qatar
Preparing in advance can make your Audit in Qatar more efficient and help avoid delays. A well-organized audit process also demonstrates that your business follows good financial management practices.
Here are a few practical tips to prepare:
Keep Your Financial Records Updated
Record all financial transactions regularly instead of waiting until the end of the financial year. Updated records reduce errors and make it easier for auditors to review your accounts.
Reconcile Bank Accounts Regularly
Monthly bank reconciliations help identify discrepancies early and ensure that cash balances match your accounting records.
Organize Supporting Documents
Store invoices, receipts, contracts, payroll records, and tax documents in a secure and organized manner. Using digital document management systems can make retrieval much faster during the audit.
Review Financial Statements Before the Audit
Before submitting your financial statements, ensure they are complete and accurate. Internal reviews can help identify errors that can be corrected before the audit begins.
Work with Experienced Auditors
Partnering with an experienced Audit Firm in Qatar ensures that your business receives professional guidance throughout the audit process while maintaining compliance with applicable regulations and IFRS standards.
Common Mistakes Businesses Should Avoid During an Audit
Many businesses experience delays because of avoidable mistakes. Some of the most common issues include:
- Missing invoices or receipts
- Incomplete bank reconciliation statements
- Outdated accounting records
- Incorrect asset depreciation calculations
- Missing supporting documents for expenses
- Payroll records that do not match accounting entries
- Poor inventory documentation
- Delayed responses to auditor queries
By avoiding these mistakes, businesses can significantly reduce the time required to complete an Audit in Qatar.
Why Choose Kreston SVP for Audit in Qatar?
Selecting the right audit partner is essential for maintaining financial transparency and regulatory compliance.
At Kreston SVP, we provide comprehensive audit and assurance services tailored to businesses of all sizes across Qatar. Our experienced professionals follow internationally recognized auditing standards while understanding the unique regulatory requirements applicable to businesses operating in Qatar.
Our audit services include:
- Statutory Audit
- Financial Audit
- Internal Audit
- External Audit
- IFRS Compliance
- Risk Assessment
- Internal Control Reviews
- Financial Reporting Support
- Audit & Assurance Services
As a member of Kreston Global, we combine local expertise with international best practices to deliver reliable, transparent, and value-driven audit solutions.
Whether you are a startup, SME, or multinational organization, our team is committed to helping your business improve financial reporting, strengthen internal controls, and achieve long-term compliance.
Final Thoughts
Preparing the correct documents is one of the most important steps toward a successful Audit in Qatar. Well-maintained financial records not only help auditors complete their work efficiently but also improve your company’s financial transparency, operational efficiency, and regulatory compliance.
Businesses that keep accurate accounting records throughout the year are better positioned to make informed decisions, secure financing, attract investors, and comply with statutory requirements.
If you are looking for experienced Auditors in Qatar, Kreston SVP is here to help. Our team provides professional auditing, accounting, tax, and advisory services designed to support businesses across various industries with reliable and timely solutions.
Contact Kreston SVP today to ensure your next Audit in Qatar is completed smoothly, accurately, and in compliance with all applicable regulations.
Frequently Asked Questions (FAQs)
1. What documents are required for an Audit in Qatar?
The key documents include Commercial Registration (CR), Trade License, financial statements, general ledger, trial balance, bank statements, tax records, payroll reports, fixed asset register, inventory reports, customer and supplier invoices, and legal agreements.
2. Is an audit mandatory for companies in Qatar?
Many businesses in Qatar are required to conduct statutory audits depending on their legal structure, regulatory obligations, and stakeholder requirements. It is advisable to consult a qualified Audit Firm in Qatar to understand your specific obligations.
3. How long does an Audit in Qatar take?
The duration depends on the size of the business, the complexity of financial transactions, and the availability of supporting documents. Businesses with organized financial records generally complete the audit more quickly.
4. Why are financial statements important during an audit?
Financial statements provide auditors with a complete overview of a company’s financial performance and position. They form the basis for verifying the accuracy of accounting records.
5. What happens if documents are missing during an audit?
Missing documents can delay the audit process, increase audit queries, and affect the auditor’s ability to verify financial information. Maintaining complete records helps avoid these issues.
6. What is the difference between an internal audit and an external audit?
An internal audit focuses on evaluating internal controls, operational efficiency, and risk management, while an external audit provides an independent opinion on the accuracy of the company’s financial statements.
7. Why should businesses hire a professional Audit Firm in Qatar?
Experienced auditors ensure compliance with Qatar’s regulations, identify financial risks, improve internal controls, and provide valuable recommendations for business growth.
8. Why choose Kreston SVP for Audit in Qatar?
Kreston SVP offers professional audit, accounting, tax, and advisory services backed by experienced professionals and global expertise through Kreston Global. Our team delivers reliable audit solutions that help businesses achieve compliance, transparency, and sustainable growth.
- Published in What Is New
Choosing the Right ICV Certification Consultant in Qatar
As Qatar continues to strengthen local economic development through the In-Country Value (ICV) Program, businesses seeking opportunities in the energy, infrastructure, manufacturing, and government sectors are increasingly required to demonstrate their contribution to the local economy. One of the most effective ways to achieve this is through ICV Certification in Qatar.
Obtaining an ICV certificate is not just a compliance requirement it can significantly improve your company’s competitiveness in tender evaluations and procurement opportunities. However, navigating the certification process requires expertise, accurate documentation, financial analysis, and a thorough understanding of the ICV framework.
This is where choosing the right ICV certification consultant in Qatar becomes essential.
What Is ICV Certification?
The In-Country Value (ICV) Program was introduced by Tawteen to encourage businesses to maximize their contribution to Qatar’s economy. The certification measures a company’s local economic impact based on factors such as local procurement, workforce development, training investments, and capital expenditure within Qatar.
Companies supplying goods and services to the energy sector and other major organizations are often required to submit an ICV scorecard during the tender process. A higher ICV score can improve the chances of winning contracts and building long-term business relationships.
For more details on ICV Certification services, visit Kreston SVP’s ICV Certification page.
Why Businesses Need Professional ICV Certification Support
Many companies assume that obtaining ICV certification is a straightforward process. In reality, it requires:
- Preparation of accurate financial information
- Validation of supporting documentation
- Proper calculation of ICV scores
- Compliance with Tawteen requirements
- Submission through approved certification channels
Mistakes in documentation or calculations can delay certification and affect a company’s ICV score.
An experienced ICV consultant helps businesses streamline the entire process while identifying opportunities to maximize their score and improve future tender competitiveness.
Key Factors to Consider When Choosing an ICV Certification Consultant
1. Experience with ICV Certification Programs
Not every consultancy firm has extensive experience with ICV certification. Businesses should work with professionals who understand the certification methodology, documentation requirements, and industry-specific challenges.
Experienced consultants can guide companies through:
- Scorecard preparation
- Documentation reviews
- Compliance verification
- Certification planning
- ICV score improvement strategies
2. Strong Audit and Financial Expertise
ICV calculations rely heavily on audited financial information. Therefore, selecting a consultant with a strong accounting and auditing background is crucial.
A qualified advisor should be capable of:
- Reviewing financial statements
- Identifying qualifying expenditures
- Verifying supporting documentation
- Ensuring compliance with certification requirements
Working with an experienced audit and advisory firm provides greater confidence throughout the certification process.
Learn more about Kreston SVP’s Financial Audit & Assurance Services
3. Understanding of Qatar’s Regulatory Environment
The regulatory environment in Qatar continues to evolve as the country advances its economic diversification initiatives and Qatar National Vision 2030.
A knowledgeable consultant should understand:
- Local business regulations
- Procurement requirements
- Industry-specific compliance standards
- Government economic development initiatives
This local expertise helps businesses remain compliant while maximizing the benefits of certification.
4. Proven Industry Experience
Different industries face different challenges when calculating and improving ICV scores.
Whether your company operates in:
- Oil and Gas
- Construction
- Manufacturing
- Logistics
- Retail
- Professional Services
your consultant should have relevant industry knowledge and practical experience.
Industry expertise enables consultants to identify opportunities that may otherwise be overlooked.
5. Ability to Improve Your ICV Score
Obtaining certification is only one aspect of the process. Businesses should also focus on maximizing their ICV score.
An experienced consultant can recommend strategies such as:
- Increasing local procurement spending
- Supporting local suppliers
- Expanding workforce development initiatives
- Investing in employee training
- Enhancing local economic contributions
These improvements can strengthen a company’s position during tender evaluations and future contract opportunities.
Common Mistakes Businesses Make When Selecting an ICV Consultant
Choosing Based Only on Cost
Selecting the lowest-cost provider may result in poor-quality guidance, delayed certification, or missed opportunities to improve your score.
Ignoring Professional Credentials
Always verify the qualifications, experience, and industry reputation of your consultant before engagement.
Overlooking Industry Expertise
A consultant unfamiliar with your sector may not fully understand the operational and financial factors influencing your ICV score.
Focusing Only on Certification
The best consultants provide long-term advisory support rather than simply processing certification documents.
Why Kreston SVP Is a Trusted ICV Certification Partner
Kreston SVP has established itself as one of the leading audit, accounting, tax, and advisory firms in Qatar. As an approved ICV certifier, the firm has extensive experience supporting businesses across various industries with their certification requirements.
Kreston SVP provides:
- ICV Certification Services
- Audit and Assurance Services
- Internal Audit Services
- Tax Advisory Services
- Governance, Risk & Compliance Consulting
- Business Advisory Solutions
With experience in serving businesses across energy, construction, manufacturing, logistics, retail, healthcare, and other sectors, Kreston SVP helps organizations navigate certification requirements efficiently and effectively.
The firm’s global affiliation with Kreston International, a network operating in more than 125 countries, further strengthens its ability to provide world-class advisory services while maintaining deep local expertise.
Learn more about Kreston SVP’s services
Benefits of Partnering with Kreston SVP for ICV Certification
When businesses work with Kreston SVP, they gain access to:
Expert Guidance
A team of experienced professionals with strong accounting, auditing, and advisory expertise.
End-to-End Support
Complete assistance throughout the certification process, from initial assessment to final certification.
Improved Compliance
Reduced risk of errors, omissions, and compliance issues.
Strategic Value Creation
Recommendations that help improve ICV scores and strengthen long-term business performance.
Industry Knowledge
Extensive experience across multiple sectors in Qatar’s evolving business environment.
Final Thoughts
Choosing the right ICV certification consultant in Qatar can significantly impact your organization’s ability to achieve certification, improve its ICV score, and secure valuable business opportunities.
A qualified consultant brings more than technical expertise—they provide strategic insights that help businesses maximize local value creation while remaining compliant with certification requirements.
As one of Qatar’s trusted ICV certification providers, Kreston SVP combines local expertise, international standards, and extensive industry experience to support businesses throughout their certification journey. Whether you are applying for ICV certification for the first time or looking to improve your score for future tenders, partnering with the right advisor can create lasting competitive advantages.
Frequently Asked Questions
What is ICV Certification in Qatar?
ICV Certification measures a company’s contribution to Qatar’s economy through local procurement, workforce development, training, and investment activities.
Who needs ICV Certification?
Companies supplying goods or services to organizations participating in the ICV program often require certification to participate in tenders and procurement opportunities.
How is the ICV score calculated?
The score is based on factors such as local spending, workforce salaries, training investments, supplier development, and capital assets within Qatar.
Why should I hire an ICV consultant?
An ICV consultant helps ensure compliance, accurate documentation, efficient certification processing, and improved ICV scores.
Why choose Kreston SVP for ICV Certification?
Kreston SVP is an approved ICV certifier in Qatar with extensive experience in audit, advisory, taxation, and certification services, helping businesses achieve certification efficiently and strategically.
- Published in What Is New