Qatar Financial Centre Authority (QFCA), the legal and tax arm of the Qatar Financial Centre (QFC), a leading onshore financial and business centre in the region, signed a Workflow Agreement with Qatar Science & Technology Park (QSTP) – a member of Qatar Foundation (QF), to facilitate the registration of businesses in Qatar.
According to Industry sources as part of this agreement, the two parties will migrate all the legal entities currently registered and licensed in the QSTP free zone to the QFC’s regulatory regime. Going forward, QFC will facilitate the registration and licensing of QSTP entities and provide them with specific services essential to their business operations, including customer support, dispute resolution, judicial system assistance, liquidation, Ministry of Interior services, tax compliance and incentives, as well as visa and immigration support.
Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC, expressed his enthusiasm about the partnership, stating, “This Workflow Agreement marks a significant step towards streamlining business setup in Qatar. By partnering with QSTP, we aim to foster a supportive environment for businesses across sectors, contributing to the economic diversification of the country. It also broadens our support for tech enterprises, further driving innovation and growth in Qatar’s tech ecosystem.”
Dr Jack Lau, President, of QSTP, shared his perspective on the Workflow Agreement, stating, “QSTP is pleased to join forces with QFCA as part of our commitment to actively enhance the tech innovation and entrepreneurship landscape in Qatar. This vital agreement ensures that tech-based entities and promising entrepreneurs that leverage our ecosystem – now and in future – are provided with efficient and seamless experience, in line with the national vision of talent transformation. It also strengthens QSTP’s role as a key enabler of Qatar’s thriving tech sector.”
Industry sources added that both parties will promote relevant initiatives and activities within each other’s events and outreach programs. They will also collaborate on evaluating proposals involving joint projects that relate to their mutual development and the promotion of their respective products and services.
