Doha – Qatar: Qatar Financial Centre Authority (QFCA), the legal and tax arm of the Qatar Financial Centre (QFC), a leading onshore financial and business centre in the region, signed a Workflow Agreement with Qatar Science & Technology Park (QSTP) – a member of Qatar Foundation (QF), to facilitate the registration of businesses in Qatar. 

As part of this agreement, the two parties will migrate all the legal entities currently registered and licensed in the QSTP free zone to the QFC’s regulatory regime. Going forward, QFC will facilitate the registration and licensing of QSTP entities and provide them with specific services essential to their business operations, including customer support, dispute resolution, judicial system assistance, liquidation, Ministry of Interior services, tax compliance and incentives, as well as visa and immigration support.

Furthermore, both parties will promote relevant initiatives and activities within each other’s events and outreach programmes. They will also collaborate on evaluating proposals involving joint projects that relate to their mutual development and the promotion of their respective products and services.

Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC, expressed his enthusiasm about the partnership, stating, “This Workflow Agreement marks a significant step towards streamlining business setup in Qatar. By partnering with QSTP, we aim to foster a supportive environment for businesses across sectors, contributing to the economic diversification of the country. It also broadens our support for tech enterprises, further driving innovation and growth in Qatar's tech ecosystem.”

Dr Jack Lau, President, QSTP, shared his perspective on the Workflow Agreement, saying, “QSTP is pleased to join forces with QFCA as part of our commitment to actively enhance the tech innovation and entrepreneurship landscape in Qatar. This vital agreement ensures that tech-based entities and promising entrepreneurs that leverage our ecosystem – now and in future - are provided with efficient and seamless experience, in line with the national vision of talent transformation. It also strengthens QSTP’s role as a key enabler of Qatar’s thriving tech sector.”

This Workflow Agreement underscores the commitment of QFC and QSTP to drive economic diversification and growth by providing extensive support to both established and emerging companies that wish to establish a presence in Qatar.

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ABOUT THE QATAR FINANCIAL CENTRE

The Qatar Financial Centre (QFC) is an onshore business and financial centre located in Doha, providing an excellent platform for firms to do business in Qatar and the region. The QFC offers its own legal, regulatory, tax and business environment, which allows up to 100% foreign ownership, 100% repatriation of profits, and charges a competitive rate of 10% corporate tax on locally sourced profits. The QFC welcomes a broad range of financial and non-financial services firms.

ABOUT Qatar science & technology park (QSTP)

Qatar Science & Technology Park (QSTP), a globally renowned technology development hub, is a fully-fledged platform for conceiving and growing tech enterprises in Qatar. QSTP hosts leading global tech companies and mentors and supports a network of startups and rising tech ventures through its acceleration, incubation, and funding programmes. By building sustained partnerships with industry-leading companies and global conglomerates, QSTP has helped bring international expertise to Qatar, which has successfully contributed to the development, implementation, and commercialisation of new technologies, products, and services.

MEDIA CONTACTS
Rasha Kamaleddine | E. r.kamaleddine@qfc.qa
@QFCAuthority | #QFCMeansBusiness