QFC and QSTP in workflow pact; QSTP firms to migrate to QFC regime

The Qatar Financial Centre Authority (QFCA) has signed a workflow pact with Qatar Science and Technology Park (QSTP), a member of Qatar Foundation (QF), to facilitate the registration of businesses in Qatar.

As part of this agreement, all the legal entities currently registered and licensed in the QSTP free zone would migrate to the QFC’s regulatory regime.

Going forward, the QFC will facilitate the registration and licensing of the 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.

Furthermore, both parties will promote relevant initiatives and activities within each other’s events and outreach programmes.

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.

"This workflow agreement marks a significant step towards streamlining business setup in Qatar. By partnering with the 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,” said Yousuf Mohamed al-Jaida, chief executive officer of QFCA.

Dr Jack Lau, president, QSTP, said this vital pact ensures that tech-based entities and promising entrepreneurs that leverage its ecosystem – now and in future - are provided with efficient and seamless experience, in line with the national vision of talent transformation.

"It also strengthens the QSTP’s role as a key enabler of Qatar’s thriving tech sector," he said.

This workflow agreement underscores the commitment of the QFC and the QSTP to drive economic diversification and growth by providing extensive support to both established and emerging companies that wish to establish a presence in Qatar.