QFC offering ‘privileged access’ to foreign firms, ambassadors told

The Qatar Financial Center (QFC) is offering “privileged access” to foreign firms as part of the country’s efforts to attract more foreign direct investment in view of immense potential in several areas such as fintech, sports and digital.
This was disclosed by the QFC Authority chief executive Yousuf Mohamed al-Jaida in the inaugural roundtable discussions with the envoys of various countries.
The ‘QFC Ambassador Roundtable’ put into spotlight Qatar’s increasingly competitive business environment and the discussions revolved around recent developments pertaining to expanded bilateral relations, novel strategic memoranda of understanding, and the increased use of and interest in the QFC’s platform from the various countries.
“Fostering close ties with markets around the world are a key gateway for strategic relationships to blossom. It unlocks prosperous opportunities for our nations to grow and strengthens our mutual efforts in attracting significant returns across the board,” al-Jaida said. Coupled with projected strong growth across diverse industries, lucrative opportunities are fuelling growth of foreign direct investment into Qatar. QFC plays a key role in attracting such investment through its hosting of regular business delegations and the provision of efficient structures for successful business journeys into the country, a spokesman of QFC said.
“With Qatar’s fast-paced economy, there is undoubtedly great potential for future partnerships, especially since our country is poised for even more growth in the years leading up to the 2022 FIFA World Cup, as well as beyond,” al-Jaida said.
Sheikha Alanoud bint Hamad al-Thani, managing director of Business Development, QFC Authority, said since the QFC’s inception, it has worked closely with embassies, trade attachés and business councils to host international business delegations and build efficient structures for successful business journeys in Qatar.
“QFC’s efforts complement the keenness of Qatar to join efforts with countries and create profound ties, which contribute in bolstering promising opportunities across borders and realising common strategies that lead to more flourishing economies,” she added.
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.