QFC Announces New Regulations for Representative Offices in Qatar
Qatar Financial Centre (QFC), a leading onshore financial and business centre in the region, recently announced new regulations for operating a representative office in Qatar.
The new regulations are designed for financial services enterprises establishing a presence in Qatar’s flourishing market and promoting their products and services.
Under the newly announced representative office framework, financial institutions will be able to conduct a range of activities, including but not limited to, marketing the products and services of their group, carrying out market research or feasibility studies in relation to financial products or financial services on behalf of the head office, and serving as a liaison office for their group.
Yousuf Mohamed Al Jaida, Chief Executive Officer at QFC Authority, said they are pleased to introduce the representative office regulations, which increases the competitiveness of the financial sector eco-system and offers a new path to the country’s lucrative opportunities-packed market.
More significantly, and given the implications of COVID-19 on the global economy, the new rules provide an ideal opportunity for enterprises to test and assess the growth potential of their businesses in the Qatari market, by establishing a representative office in the QFC.
Highlighting the requirements to operate a representative office, Ewald Müller, Managing Director of Qatar Financial Centre Regulatory Authority (QFCRA) explained that leveraging their well-known seamless and swift setup process at the QFC, they have ensured a simplified set of key requirements, which will allow for the representative office to be quickly established.
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.
Visit qfc.qa and watch this latest interview with Ewald Müller for updates and more information about the new regulations.