Qatar's economy is one of the fastest growing across the globe. The Qatar Financial Center is an inland business and financial center in the capital city of the country- Doha, providing an ideal foundation for investing in the country and other developing economies in the region. Hence, a variety of companies from Qatar and around the world are eye out for business setup in Qatar Financial Center (QFC).
The Financial center offers a complete business framework that benefits from legal support, regulatory compliance, and tax advisory services. Through a development program called the National Vision 2030, the country has an effective plan to diversify the economy, becoming a dynamically captivating destination for business investment.
This article discusses setting up a business in Qatar Financial Center. Setting up a business in Qatar Financial Centre (QFC) becomes easier with BMS Auditing Business Setup in Qatar and its simplified registration processes.
Register your business at Qatar Financial Center
Business registration in Qatar Financial Center isn’t a complicated process and relying on good business setup services in Qatar makes the company formation process even easier. The complete process starts with just one click on the QFC portal
Here is the application process to set up the business in Qatar Financial Center:
- Fill out the 'Start your setup form' to indicate your interest in establishing a company under the QFC. Also, you can approach the QFC's corporate development staff.
- If the proposed business operations match the ‘QFC Permitted Activities’, you would receive a link to the QFC portal where you could complete the online application for Registration and License.
- Once the application is approved you receive the Licensing & Registration Certificates, the Scope of the License, and the Licensing Letter for your QFC business.
Post Business Registration in Qatar Financial Center
Once the registration is done, the onboarding process begins. The post-registration onboarding process will include the following activities.
- Verify your access to the QFC E-service site.
- Request a Computer card to support your immigration and bank account opening process.
- Complete immigration and corporate bank account process
- Make sure your workplace is located in the QFC.
- Comply with Data Protection Regulation
- Complete the Business Conduct Policies and Procedures Checklist.
- Complete your tax registration online. Within 10 days, your tax certificate will be given.
- Notify QFC after receiving SEF residency permit within 3 months
- Provide copies of Professional Indemnity Insurance and Registered Office Agreement to the monitoring department
- File your annual tax return (not applied to branches, special purpose businesses, or holding companies that are either dormant or entirely owned by the State of Qatar)
- Submit your annual financial statement and changes to the beneficial owners of the QFC Firm
- Pay any tax due that is due 6 months after the end of the accounting period
What kind of Business can be set up in Qatar Financial Centre?
Earlier, the Qatar Financial Centre was mainly used to provide financial services such as Asset Management, Corporate/Wholesale, and Investment Banking and insurance services. You need to take pre-authorization from the QFCRA (Qatar Financial Centre Regulatory Authority), as well as the independent regulatory authority of the QFC.
What Legal Entities are permitted in Qatar Financial Centre?
The Qatar Financial Center provides various business types such as Limited Liability Companies (LLCs), General & Limited Partnerships, and Special Purpose Companies (SPCs). All these are controlled by the QFCA.
What is the fee for Business setup in QFC?
The Applicable and annual fees are as follows:
- Application Fee: US$5000
- LLC Annual Non-Regulated, Branch Fee: US$5000 (pro-rated)
- SPC Annual Non-Regulated, Holding Co. Fee: US$500
- LLC(G) Application and Annual Fee: US$500
- Application Fee for Foundation US$5000 and Annual Fee of US$2500
Benefits of Setting up a Business in Qatar Financial Centre
The QFC functions under its own laws and regulatory structure based on the English Common Law and is neither considered an offshore nor a free zone, which means that registered businesses in this region could be on the mainland with full access to both domestic and foreign markets.
QFC enables 100% foreign ownership, complete restoration of profits, and a competitive rate of 10% corporation tax on locally attained profits for businesses with local or foreign currency.
What Financial Activities are Allowed in Qatar Financial Center?
The following activities are allowed by the QFCRA:
- Corporate or wholesale banks
- Investment banking
- Private Banks
- Asset Management
- Retail policies
- Licensed investor policies
- Private posting plans
- Insurance & Reinsurance
- Islamic finance
- Investment advisory, Services & Agencies
Start a Business QFC (Qatar Financial Center)
BMS Auditing is the leading Business setup company in Qatar that helps investors set up a business in the Qatar Financial Center. With our streamlined and efficient business setup services, BMS Auditing makes it easy for companies to establish a presence in Qatar.
Whether you're looking to set up a Limited Liability Company (LLC), branch, or subsidiary, We have the expertise and resources to help you get up and running quickly.
At the QFC, you'll benefit from a range of advantages, including a competitive tax regime, 100% foreign ownership, and access to a talented and skilled workforce
The professional consultants from our team assist you with the application process and ensure that you stay compliant with the QFC laws and regulations.