QFC records 35% growth in 2019, says annual report
Since the beginning of 2020, QFC has attracted more than 170 new firms to its platform
QATAR Financial Centre (QFC), one of the world’s leading and fastest-growing onshore business and financial centres, released its business performance annual report entitled “2019 Growth Report”, which underscores the exceptional business growth of 35 percent during 2019 and highlights the 2022 strategic roadmap.
QFC concluded last year on a high note, having more than 800 firms registered on its unique platform, representing a wide array of industries, spanning financial and non-financial sectors, including Fintech, IT, and tax and investment advisories, hailing from diverse countries including the US, Canada, the UK, France, Germany, Switzerland, Jordan, and India.
The ‘2019 Growth Report’ highlights the QFC’s exceptional performance and continued expansion of its diversified business activities and network with world-renowned entities worldwide. Leveraging its connections across different markets, QFC has signed 11 remarkable MoUs with key local and global stakeholders including a key partnership with the Finance Office of the Presidency of Turkey to establish long-term cooperation between the Istanbul Financial Center and the QFC.
Additionally, QFC 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 Chief Executive Officer ousuf Mohamed Al Jaida said, “We are proud of the QFC’s evolving role over the years, solidifying our position as the key gateway for attracting FDI to Qatar, and strategic promoters and ambassadors of our 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.”
Jaida said, “Since the beginning of 2020, and despite the unprecedented economic impacts triggered by Coronavirus, we have maintained our leading role in promoting Qatar’s lucrative investment opportunities and succeeded in attracting and welcoming more than 170 new firms to our platform. This considerable increase is a testament to the competitiveness of the Qatari market. It also evidences the QFC’s determination to realising its 2022 strategic growth plan and 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 its firms to mitigate business risks posed by coronavirus.
To name a few, the measures include deadline extensions for tax filings without incurring any late filing penalties, in addition to reducing the rate of the charge due on the late payment of tax (late payment charge) to 0 percent.
Additionally, QFC ensures the digitisation of processes for firms’ incorporation, starting from the submission of the 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.
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 percent foreign ownership, 100 percent repatriation of profits, 10 percent corporate tax on locally sourced profits, and an extensive double taxation avoidance agreement network with 81 countries.