The Qatar Financial Centre (QFC), a leading onshore financial and business centre in the region, has announced new regulations for operating a representative office in Qatar.
The new regulations are designed for financial services enterprises to establish a presence in Qatar’s flourishing market and promote their products and services.
Under the newly announced representative office framework, QFC said the financial institutions will be able to conduct a range of activities, including but not limited to, marketing the products and services of its group, carrying out market research or feasibility studies in relation to financial products or financial services on behalf of the head office, and serving as a liaison office for its group.
"As we proudly continue to be a strategic gateway for attracting investors into our flourishing economy, we are pleased to introduce the representative office regulations, which increases the competitiveness of the financial sector eco-system and offers a new path to our lucrative opportunities-packed market," said Yousuf Mohamed al-Jaida, QFC Authority chief executive.
More significantly, and given the implications of Covid-19 on the global economy, the new rules provide an ideal opportunity for enterprises to test and assess the growth potential of their businesses in the Qatari market, by establishing a representative office in the QFC, he said.
Highlighting the requirements to operate a representative office, Ewald Muller, managing director of the QFC Regulatory Authority (QFCRA) said "leveraging our well-known seamless and swift setup process at the QFC, we have ensured a simplified set of key requirements, which will allow for the rep office to be quickly established.”
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% foreign ownership, 100% repatriation of profits, 10% corporate tax on locally sourced profits, and an extensive double taxation avoidance agreement network with 81 countries.