Posted on August 29, 2019

The Qatar Financial Centre, one of the world’s leading and fastest-growing onshore business and financial centres, announced a 21% increase in the number of new firms registered under the QFC during H1 (1 January to 30 June 2019) compared to H1 in 2018. This represents nearly 90 new companies joining the platform, compared with 71 last year over the same period. The total number of firms on the QFC platform has exceeded 700 (as of July 2019).

The newly registered companies hail from a diverse range of sectors spanning IT services, advisory and consulting, marketing and brand management, as well as engineering. Holding companies and foreign business councils were also registered with the QFC. In addition to Qatari firms, a great deal of new firms joining the QFC platform have come from Europe and India, and a number of firms have joined from the USA, Australia, Asia and the MENA region.

The QFC has experienced a rapid rise in the number of firms joining its platform. In addition, the QFC has seen a marked increase in international firms looking to establish their operations in Qatar and the region, which is a testament to the stability and attractiveness of Qatar’s thriving economy. According to the 2018 World Economic Forum Global Competitiveness Report, Qatar ranked first regionally in the Global Entrepreneurship Index. Furthermore, the World Bank’s 2018 Gulf Economic Monitor ranked Qatar as first for year-on-year GDP growth in the GCC, making the country a prime business-friendly and investment destination for companies interested in setting up in the region.

Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC Authority said: "The QFC continues to mark new milestones in terms of firms joining our platform. We are pleased that such a significant number of global businesses have chosen the QFC to establish themselves in Qatar and are taking advantage of the wide range of incentives and frameworks offered by the QFC. As one of the world’s fastest growing economies, Qatar offers an array of business opportunities in diverse service industries such as digital, media, sports, financial services and more.”

Al-Jaida added: “Qatar’s economy is prospering and this upward trajectory is expected to continue well into the future. Over the next year, Qatar’s growth is expected to rise to 2.6% from 1.6% in 2018. The QFC plays an active role in developing Qatar’s economy by attracting foreign investors to its business platform. We are honoured to be part of national efforts that help diversify Qatar’s economy and I am confident that the second half of 2019 will be a bright and successful one for the QFC. We look forward to welcoming even more ambitious companies to the QFC and the State of Qatar.”

Raed Al-Emadi, Chief Commercial Officer, QFC Authority said: “The Qatar Financial Centre is continually working towards supporting Qatar’s economic diversification by committing efforts to license leading businesses in their fields and enable them to access unique opportunities that the Qatari market has to offer. We are proud that the QFC has crossed the threshold of 700 licensed firms, all of whom have benefited from our world-class services and streamlined registration process.”

The QFC is an onshore jurisdiction that allows registered companies to enjoy competitive benefits, such as working within a legal environment based on English common law, the right to trade in any currency, up to 100% foreign ownership, 100% repatriation of profits, 10% corporate tax on locally sourced profits, and an extensive double taxation avoidance agreement network with 81 countries.

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