The Qatar Financial Centre (QFC) has reported a 69% increase in the number of companies registered under the QFC during the first half of 2018. The QFC platform reached a record number of 532 firms.
As well as Qatari firms, the majority of new firms joining the QFC platform come from Europe, India and Pakistan. There has also been a number of firms joining from the USA and MENA regions, the financial centre revealed in a statement.
The new firms come from a variety of sectors including information technology, advisory and consulting, advertising and marketing, legal services and investment clubs.
Since 2010, the financial centre has experienced a 322% growth in the number of firms joining its platform with a growing interest from international firms since last year, according to the QFC.
“The QFC has broken another record in terms of firms joining our platform. We continue to attract a wide range of new companies from Qatar and beyond, all who recognise the attractiveness of the QFC platform and the many opportunities available within the Qatar market.
The QFC is a hub for regional firms and it also positive to see the vast increase in interest we are receiving from international firms,” Yousuf Mohammed Al-Jaida, chief executive of the QFC Authority, said.
QFC firms boasts a range of benefits, such as operating within a legal environment based on English common law, the right to trade in any currency, 100% foreign ownership, 100% repatriation of profits, 10% corporate tax on locally sourced profits, and an extensive double tax treaty agreement network with more than 60 countries.
This growing interest from outside investors comes as the Gulf country is still under a blockade. Last June four of Qatar’s Arab neighbours severed diplomatic ties with Doha after accusing the emirate of supporting terrorism, a charge it denies.