Qatar offers a range of new business expansion and innovation opportunities to companies from around the world, especially those from across the US, according to a top official of the Qatar Financial Centre (QFC).
These opportunities present an ideal gateway for them to set up locally and expand to the wider markets of Asia, the Middle East and Africa (Mena), QFC Authority chief executive Yousuf Mohamed al-Jaida told a virtual event produced by Bloomberg Media, entitled, ‘New Digital Frontiers: Leveraging Opportunities for Global Expansion.'
The US is one of the global leaders in the digital, fintech, sports and media sectors, and the QFC is an ideal entryway to such US firms to access Qatar’s innovation ecosystem, he said.
"Given Qatar’s fast-paced economy, there is a great potential for US companies to set up operations here, especially since Qatar is on track for more growth leading up to the FIFA World Cup 2022, and beyond," he added.
The virtual event, which featured leading experts in the fields of technology, digitalisation and business, also explored how increased acceleration of digitalisation, in light of the Covid-19, is creating an extraordinary need to innovate products and services.
Speakers further explored how the US firms can leverage their expertise and influence to seize the opportunities arising out of the non-traditional players such as Qatar, Singapore and Luxembourg as they gain traction in the global marketplace as new types of digital and financial hubs.
"Qatar has developed a long history as a hub between different worlds, and we continue to embrace that today as an international hub for doing business. As such, the QFC is an effective springboard for businesses setting up in Qatar to foray into emerging markets with enormous potential for digital growth including but not limited to Asia, the Middle East and Africa," said Sheikha Alanoud bint Hamad al-Thani, managing director of Business Development, QFCA.
The QFC is an onshore jurisdiction that allows registered companies to enjoy competitive benefits, such as up to 100% foreign ownership, 100% repatriation of profits, 10% corporate tax on locally sourced profits, and an extensive double taxation treaty network with over 80 countries, a legal environment based on English common law and the right to trade in any currency.