Certified or eligible Fintech companies focused on establishing operations on the Qatar Monetary Centre (QFC) might save round $10,000 because the QFC will get able to launch its “Tech Talk” sequence.
Henk Jan Hoogendoorn, MD on the Monetary Sector Workplace on the QFC, famous earlier this week that complementing their engaging bundle of particular incentives and advantages for Fintechs trying to arrange on the QFC, they’ve waived the $5,000 software payment. Hoogendoorn additionally talked about that the first-year $5,000 annual registration payment may get waived for sure Fintechs.
The QFC Fintech Circle, which is scheduled to launch quickly, will provide a shared workspace and a registered handle on the Fintech ground. These amenities shall be accessible rent-free for the primary 12 months, for eligible monetary tech firms, Hoogendoorn famous.
Hoogendoorn, whose feedback got here in the course of the introduction of the “QFC Tech Talk Series,” said:
“The … Tech Talk Series is yet another important development in bolstering connectivity across Qatar’s Fintech ecosystem. As a main licensing platform and Fintech enabler for local and international firms in Qatar, we are glad to be engaging firms, practitioners and innovators.”
The QFC is an onshore jurisdiction that permits registered companies to make the most of aggressive advantages, which incorporates as much as 100% overseas possession (not widespread within the Center East area).
QFC additionally permits 100% repatriation of income made by overseas firms. There’s solely a 10% company tax on domestically sourced income. There’s additionally a complete double taxation settlement with greater than 80 nations. The QFC’s authorized surroundings is reportedly based mostly on English widespread legislation and the suitable to commerce in any nationwide foreign money.
As reported not too long ago, the CEO on the Qatar Improvement Bank (Abdulaziz Bin Nasser Al Khalifa) has stated that the nation will work with US companies to diversify its financial system – which is supported by Fintech and digital applied sciences.
As lined in October, Al Khalifa revealed that SMEs and Fintech startups within the Center East don’t have entry to many VC funding alternatives.