New businesses flock to Qatar's financial centre

07/08/2018 News Team

The Qatar Financial Centre (QFC), an onshore business and financial centre, has seen a 69 percent increase in new firms registered during the first half of 2018, compared with the same period in 2017, bringing the total number of registered firms to 532.

Since the beginning of 2010, the QFC has experienced a 322 percent growth in the number of firms joining its platforms, and a notable increase in international firms looking to establish in Qatar in the past year. These include firms from Europe, India, Pakistan, the USA and the Middle East and North Africa region.

Yousuf Mohammed Al-Jaida, chief executive, QFC Authority said: "The QFC has broken another record in terms of firms joining our platform. We continue to attract a wide range of new companies from Qatar and beyond, all who recognise the attractiveness of the QFC platform and the many opportunities available within the Qatar market.

"With the recent announcement that Qatar's GDP has grown 1.4 percent in the first quarter of 2018, and the country's commitment to open up to foreign investors, Qatar is continuing to prosper and it is no wonder that international businesses are keen to explore the array of opportunities available."

Mr Al-Jaida concluded: "The QFC is a gateway for FDI and innovation in financial services. These are areas that we consider of vital importance to Qatar's development and the realisation of the goals set out in QNV 2030.”

Companies that wish to establish a business in the QFC are guided throughout the process by a QFC relationship manager who assists them in obtaining a license and operating a business. QFC firms are able to operate within a legal environment based on English common law, the right to trade in any currency, 100 percent foreign ownership, 100 percent repatriation of profits, 10 percent corporate tax on locally sourced profits, and a double tax treaty agreement network with over 60 countries.

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