Qatar Financial Center cuts 90 percent of application fees to facilitate business setup

The Qatar Financial Centre (QFC) announced today a significant reduction in its entity licensing application fees, from $5,000 to $500. This initiative is designed to further attract businesses to the platform and promote economic development in Qatar and the region.

As a leading onshore financial and business hub in the region, the QFC stated in a release that the new fee structure applies to all licensing applicants seeking to conduct non-regulated activities within the QFC, with the exception of activities related to single-family offices. This move aims to streamline the business setup process and lower the barriers to entry.

Yousuf Mohamed Al Jaida, CEO of QFC, stated, "The significant reduction in application fees is one of many steps we are taking to make QFC an even more attractive platform for businesses looking to operate in Qatar and the wider region." He added that this will further solidify Qatar's position as a leading business destination and encourage more entrepreneurs to take the first step in starting their ventures.

This decision aligns with the QFC's broader strategy of creating an optimal environment for businesses of all sizes and reflects its commitment to streamlining the business setup process to drive economic growth. By offering more competitive fees, the QFC is providing easier market access for startups, SMEs, and global corporations looking to expand into Qatar's vibrant market. Previously, the QFC implemented a company registration process allowing applicants to immediately incorporate an entity and obtain a license to conduct non-regulated activities within the QFC, subject to meeting the necessary requirements.

As a gateway for businesses to access Qatar and the region, the QFC will continue to invest in strengthening its regulatory framework and support services. The platform offers a wide range of competitive advantages, including an onshore jurisdiction, a common law-based legal and judicial framework, up to 100% foreign ownership, and a competitive and transparent tax regime. Furthermore, the QFC has double taxation avoidance agreements with over 80 jurisdictions, levies a 10% corporate income tax on locally sourced profits, allows 100% repatriation of profits, permits free trading in any currency, and provides a streamlined licensing process.