Doha, Qatar – The Qatar Financial Centre (QFC), one of the world’s leading and fastest-growing onshore business and financial centres announced a 69% increase in new firms registered under the QFC during H1 (1st January to 30th June 2018) compared to H1 in 2017. The total number of firms on the QFC platform was recorded as 532 firms (as of 30 June 2018).
The newly registered firms come from a wide variety of sectors including information technology, advisory and consulting, advertising and marketing, legal services and investment clubs.
As well as Qatari firms, the majority of new firms joining the QFC platform have come from Europe, India and Pakistan. There has also been a number of firms joining from the USA and MENA regions.
Since Q1 2010, the QFC has experienced 322% growth in the number of firms joining its platform. In addition, since June 2017 the QFC has seen a noteable increase in international firms looking to establish in Qatar.
Commenting on the positive results, Yousuf Mohammed Al-Jaida, Chief Executive Officer, 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. The QFC is a hub for regional firms and it also positive to see the vast increase in interest we are receiving from international firms.”
He added: “With the recent announcement that Qatar’s GDP has grown 1.4% in the first quarter of 2018, compared to the same period in 2017, 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.”
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. We will continue our commitment to explore and attract businesses in new markets to the QFC platform, and I am confident that the second half of 2018 will further pave the way for the QFC to realise its full ambitions."
The QFC endeavours to promote Qatar as a lucrative business destination. Companies that wish to establish a business in the QFC are guided throughout the process by a dedicated QFC relationship manager who assists them in obtaining a license and operating a business. QFC firms enjoy competitive benefits, such as operating within a legal environment based on English common law, the right to trade in any currency, 100% foreign ownership, 100% repatriation of profits, 10% corporate tax on locally sourced profits, and an extensive double tax treaty agreement network with 60+ countries. In addition, the Employment Standards Office of the QFC embodies a unique Administrative Employment Dispute Resolution Centre operating under International Labour Organization (ILO) standards providing conciliation and adjudication services free of charge to resolve workplace conflicts.
-Ends-
ABOUT THE QATAR FINANCIAL CENTRE
The Qatar Financial Centre (QFC) is an onshore business and financial center 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 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.
For more information about the permitted activities and the benefits of setting up in the QFC, please visit www.qfc.qa
@QFCAuthority | #QFCMeansBusiness
CONTACT
QFC: Hala Kassab | T. +974 3300 0216 | E. h.kassab@qfc.qa
BLJ Worldwide: Carolyn Monchouguy | +974 7021 8272 E. carolynm@bljworlwide.com
© Press Release 2018Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
