You mean to setup a financial business in QFC? We mean business
The government is actively promoting Qatar as a regional centre for fintech, which will act as a catalyst to drive innovation and growth, making it the perfect time and place to join the FinTech revolution. Opportunities exist within digital payments, money management, lending and investments. As the world’s top LNG exporter, boasting one of the highest GDP’s per capita, Qatar continues to be one of the strongest economies in the world.
The Qatar Financial Centre (QFC), one of the world’s leading and fastest growing business and financial centres and is helping shape the future of financial services in Qatar and the region. With up to 100% foreign ownership, a compelling tax environment, easy setup and untapped MENASA markets on your doorstep, it’s not surprising that many regulated and unregulated financial services firms have already chosen to establish a presence at QFC.
Facts & Figures
Qatar’s Islamic Finance sector ranked 46.31 compared to the global average of 10.45
In 2018, the Qatar Stock Exchange listed the world’s largest single-country Islamic exchange-traded fund
Total Assets under Management of private sector in Qatar are expected to increase to US$7.8B by 2020
Top Financial Market
The Qatari capital market ‘is the best and most important’ financial market in the Arab region and ‘one of the top 10’ in the world
Qatar ranked 1st in the Global Finance Safety Index in the Arab world, and 7th globally in 2019
BankingFinancial business, banking business of whatever nature, and investment business, including (without limit) all business activities that are customarily provided by investment, corporate and wholesale financing banks, as well as Islamic and electronic banking business.
InsuranceInsurance and reinsurance business of all categories.
TradingMoney market, stock exchange and commodity market business of all categories, including trading in and dealing in precious metals, stocks, bonds, securities, and other financial activities derived therefrom, or associated therewith.
Asset ManagementMoney and asset management business, investment fund business, the provision of project finance and corporate finance in all business fields and Islamic banking and financing business.
FundsFunds administration, fund advisory and fiduciary business of all kinds.
PensionsPension fund business and the business of credit companies.
BrokerageThe business of insurance broking, stock broking, and all other financial brokerage business.
Financial ConsultingFinancial agency business and the business of provision of corporate finance and other financial advice, investment advice and investment services of all kinds.
TrusteesThe provision of financial custodian services and the business of acting as legal trustees.
ShippingThe business of ship broking and shipping agents.
Classification or GradingThe business of provision of classification services and investment grading and other grading services.
Treasury FunctionsBusiness activities of company headquarters, management offices and treasury operations and other related functions for all kinds of business, and the administration of companies generally.
Professional Financial ServicesThe business of providing professional services including but not limited to audit, accounting, tax, consulting, legal, information, and financial technology services.
Financial Corporate SolutionsBusiness activities of holding companies, and the provision, formation, operation and administration of trusts and similar arrangements of all kinds.
Financial BusinessThe business of provision, formation, operation and administration of companies.
Financial Sector Office (FSO)
All financial applications go through our Financial Sector Office (FSO) who will review your business case and proposed activities. If the FSO determine that your proposed activities fall within the permitted activities and are non-regulated, they facilitate and guide you through the standard QFC licensing and registration process.
Alternatively, if the FSO determine that your proposed activities fall within the Regulated Activities, which are defined in the QFC Financial Services Regulations (FSR), in which case, an authorisation must be obtained from the QFC Regulatory Authority (QFCRA) before proceeding with the rest of the application for the certificate of incorporation or registration which is issued by our Companies Registration Office.
The FSO will guide you through the authorization process and will intermediate with the QFC Regulatory Authority (QFCRA).
The QFC’s strategy focuses on financial services industries such as FinTech, Islamic Finance, Capital Markets and Asset Management. In addition to the multiple benefits of QFC mentioned below, financial services firms can additionally benefit from access to:
(1) Various locations onshore to set up your business as well as access to Qatar’s business community.
(2) One of the few countries in the Middle East to host a Renminbi clearing and settlement centre.
(3) QFC Netting Regulations.