Qatar Financial Centre registers record number of businesses

 30 Aug 2017 - 0:51

Qatar Financial Centre registers record number of businesses

The Peninsula

The Qatar Financial Centre (QFC), Qatar’s onshore business and financial centre, announced an enhanced registration process for local and international firms. Once firms have completed their incorporation documents and submitted them to the QFC, the new process will allow complete registration applications to be reviewed and processed within five business days.
In addition, firms are also given a dedicated relationship manager to help guide them through the process.
Once firms are licensed, the QFC will ensure a seamless transition to help firms with immigration services for their employees and families, help set up bank accounts and host an orientation session where firms will be shown how to use the QFC portal.
Raed Al Emadi (pictured), QFC Authority’s Chief Commercial Officer, commented on the recent enhancement, stating: “At the QFC, we continuously strive to improve our platform to offer firms the best service possible.” He added: “One of our key services as a business and financial centre is to offer an efficient and streamlined registration process to support new businesses set up quickly and focus on their core business to expand in Qatar and beyond.”
The changes to the registration process aim to further attract firms to the QFC and support the entity’s mandate to diversify the economy, in line with the directives outlined by Emir H H Sheikh Tamim bin Hamad Al Thani. The QFC licenses both regulated and non-regulated firms from Europe, Asia Pacific, North America and MENA.
With 410 firms registered, the QFC has a vast range of sectors operating on its platform. Professional and Business Services, Tourism and Hospitality, Information Technology, Education and Healthcare are just some of diverse segments that operate within the QFC and help add to the mandate of diversifying Qatar’s economy.
The QFC provides a simple set up process in 4 steps, once firms receive their licenses they benefit from having their own legal, regulatory, tax and business environment, which allows 100 percent foreign ownership, 100 percent repatriation of profits, and charges a competitive rate of 10 percent corporate tax on locally sourced profits.