Qatar Financial Centre (QFC) released its business performance annual report, 2019 Growth Report, which underscores their exceptional business growth – 35% in 2019 and which highlights their 2022 strategic roadmap.
QFC concluded last year on a high note, having more than 800 firms registered on its platform, representing a wide array of industries, spanning financial and non-financial sectors, including Fintech, IT and tax and investment advisories, hailing from countries like the US, Canada, the UK, France, Germany, Switzerland, Jordan and India.
The ‘2019 Growth Report’ highlights QFC’s exceptional performance and continued expansion of diversified business activities and network with world-renowned entities worldwide.
Leveraging its connections across different markets, QFC has signed 11 remarkable deals with key local and global stakeholders, including a key partnership agreement with the Finance Office of the Presidency of Turkey to establish long-term cooperation between the Istanbul Financial Center and the QFC.
QFC also inked agreements with Microsoft, which facilitates strategic cooperation and attracts international digital and IT businesses to Qatar, and with Bloomberg Media Group which brought the very first Qatar-based television studio to the QFC and further emphasised Qatar’s position as a thriving international media hub.
QFC Authority CEO Yousuf Mohamed Al Jaida said they are proud of QFC’s evolving role over the years, having strengthened their position as the key gateway for attracting FDI to Qatar, and strategic promoters and ambassadors to the state’s booming economy.
The 2019 remarkable growth record is in fact a catalyst to further strengthen our outstanding business performance and even raise the bar of our promising plans in boosting Qatar’s economic development.
He added that since the beginning of 2020, and despite the unprecedented economic impacts triggered by COVID-19, they have maintained their leading role in promoting Qatar’s lucrative investment opportunities and succeeded in attracting and welcoming over 170 new firms to their platform. He said that this considerable increase is a testament of the competitiveness of the Qatari market. It also highlights QFC’s determination to realising its 2022 strategic growth plan, further accelerating its progress towards its core mandate of bolstering Qatar’s economic diversification.
Affirming its ongoing commitment to supporting the nation’s economic policies, QFC introduced tax relief measures designed to support their firms and mitigate business risks posed by the pandemic. These measures include deadline extensions for tax filings without incurring any late filing penalties, reducing the rate of charge due on late payment of tax (late payment charge) to 0%.
QFC also ensures the digitisation of processes for business incorporations, starting from the submission of business case up until the licensing on the QFC platform and even the delivery of post-license services. QFC has also capitalised on its digital channels and is hosting a series of digital events both independently and with partner organisations.
The #AccessQatar: QFC Webcast Series aims to engage existing and prospective clients as well as the wider business community amidst the COVID-19 precautionary measures and social distancing guidelines.
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.
For more information on QFC, visit their website at qfc.qa.