Start a Business Qatar Financial Center (QFC) in 2023
QFC registration in Qatar just got easy with Helpline Group…!!! Read on to know how we can help.
What is Qatar Financial Centre?
Qatar built the Qatar Financial Centre (QFC) in 2005 to carry out its national goal and entice foreign investors. The Qatar Financial Center (QFC), which is based in Doha, is a corporate and financial hub that enables companies to operate in Qatar and take advantage of tax benefits while providing regulatory monitoring. Legal assistance, regulatory compliance, and tax advice are just a few of the infrastructure services that the Qatar Financial Centre provides to its members.
Types of Businesses Allowed in the QFC
The primary reason for the Qatar Financial Centre is to enhance the financial services sector. However, it now has a broad range of additional unregulated companies. Your organization must meet the requirements to apply.
- Banking, Asset Management, Finance, and insurance are some examples of financial services.
- Management consulting, IT services, public relations, and other services are all deemed professional services.
- Non-profit organizations, such as trade associations and business councils.
- Trusts, offices, and investment groups are few instances of family offices.
Benefits of choosing the QFC
You don’t need to establish your business through the Qatar Financial Centre. You have the choice of creating your company directly with the Qatari government. However, there are various benefits to picking QFC.
- Reduced Regulation: The Qatar Central Bank does not regulate financial services provided by the QFC.
- No Ownership Limitations – Businesses operating in Qatar typically need that a Qatari national to control 51% of the company. The QFC permits 100 percent foreign ownership.
- Starting a company with QFC is quite easy than dealing with the Ministry of Economy and Commerce. QFC will assign you an expert who will assist you during the procedure.
QFC laws and taxes
There are four separate organizations:
- The Civil and Commercial Court
- the Qatar Regulatory Tribunal
- the QFC Authority (QFCA), and
- the QFC Regulatory Authority (QFCRA) that makes up the Qatar Financial Centre.
These organizations operate under a complex system of laws, rules, and regulations. They cover data protection, immigration, financial and tax regulation, bankruptcy law, and contract law. A company must abide by these rules and regulations to keep its operational approval.
Taxes within the QFC
Many companies look for better scope out of their native region due to financial concerns. Qatar attracts many firms through the QFC thanks to its extremely substantial tax benefits which include (but are not limited to):
- There is no value-added tax (VAT), income tax, wealth tax, or withholding tax.
- 10% flat corporate tax rate applied to income derived from local sources.
- Exemptions from taxes for holding businesses or business headquarters.
- Almost 60 nations have double taxation arrangements with us.
- Repatriation of profits.
Processes to obtain a QFC business license
The process of applying for a business license at QFC consists of two primary steps: A Strategic Fit Assessment and Licensing.
Strategic Fit Assessment
Using the Strategic Fit Assessment technique, the QFC assesses firms to ensure that their commercial objectives support and enhance the strategic objectives of the QFC. A business plan and application are required for the organization’s submission to the QFCA. The three-year financial plan, a market study, a risk management strategy, and an explanation for joining the QFC are all required components of the business plan.
This procedural step has no associated costs. The QFCA Business Development team provides applicants with instructions and templates. The evaluation procedure could take two weeks to finish.
The company merely needs to fill out some paperwork to get an operating license after the Strategic Fit Committee approves the Strategic Fit Assessment. The business must also incorporate at the Companies Registration Office (CRO).
One of the expenses related to this stage of the process is a $5,000 application fee. Also, companies must pay yearly dues that can range from $500 to $5,000 based on the type of business they conduct.
How can the Helpline Group assist you?
QFC and Helpline Group have a close working partnership. We have a significant team on the field with in-depth knowledge of the market, company incorporation processes, regulatory administrative requirements, and visa, labor, and immigration services to satisfy its customers, staff, and family members in the country.
We are mindful of the difficulties that come with entering new markets. We can help you choose the best legal entity for the establishment of your business in Qatar in addition to helping you with all relevant PRO services, which include employee visas, immigration, and labor issues, as well as all pertinent company licensing, corporate structuring, and corporate governance.
Please contact us at +974 77711129 if you require assistance with establishing a business in Qatar, particularly in the QFC, QFC License, or with any other relevant QFC company registration, local partner, or PRO service concern in Qatar or anywhere around the world.