How to set up a business in Qatar Financial Centre (QFC)
A Guide to the Qatar Financial Centre
Qatar has one of the fastest growing economies in the world. Through its developmental programme ‘National Vision 2030’, it has a robust plan for diversification of its economy and as a result of its successful bid to host the FIFA World Cup in 2022, it is becoming an increasingly attractive destination for business investment.
The Qatar Financial Centre, an onshore business and financial centre located in the country’s capital city, Doha, provides an ideal base for investment in the country and other expanding economies in the region. It offers its members a comprehensive business infrastructure where they can benefit from legal support, regulatory compliance, and tax advisory services.
What types of businesses can be set up in QFC?
QFC was initially set up as a centre for businesses providing financial services such as asset management, corporate/wholesale and investment banking, and insurance services. These are regulated activities and as such require pre-authorisation from the QFCRA, QFCs independent regulatory authority.
The centre’s scope has since been extended to allow businesses in non-regulated industries and is now represented by businesses from a huge range of sectors that are represented in QFC such as legal, accounting, audit, and consultancy to establish there.
What type of legal entities are permitted within QFC?
The QFC allows a wide variety of business types such as limited liability companies (LLCs), general and limited partnerships and special purpose companies (SPCs). All are subject to oversight by the QFCA.
Main advantages of setting up in QFC
It operates under its own legislative and regulatory framework based on English Common Law and is considered neither an offshore centre nor a free zone, meaning that businesses registered with QFC can be located anywhere on the mainland and have full access to the domestic and foreign markets.
It allows 100% foreign ownership, full repatriation of profits, a competitive rate of just 10% corporation tax on locally sourced profits and for business to be carried out with local or foreign currency.