The newly registered firms come from a wide variety of sectors including information technology, advisory and consulting, advertising and marketing, legal services and investment clubs.
As well as Qatari firms, the majority of new firms joining the QFC platform have come from Europe, India and Pakistan. There has also been a number of firms joining from the USA and MENA regions.
Since Q1 2010, the QFC has experienced 322% growth in the number of firms joining its platform. In addition, since June 2017 the QFC has seen a noteable increase in international firms looking to establish in Qatar.
Commenting on the positive results, Yousuf Mohammed Al-Jaida, Chief Executive Officer, QFC Authority said: "The QFC has broken another record in terms of firms joining our platform. We continue to attract a wide range of new companies from Qatar and beyond, all who recognise the attractiveness of the QFC platform and the many opportunities available within the Qatar market. The QFC is a hub for regional firms and it also positive to see the vast increase in interest we are receiving from international firms."
He added: "With the recent announcement that Qatar's GDP has grown 1.4% in the first quarter of 2018, compared to the same period in 2017, and the country's commitment to open up to foreign investors, Qatar is continuing to prosper and it is no wonder that international businesses are keen to explore the array of opportunities available."
Al-Jaida concluded: "The QFC is a gateway for FDI and innovation in Financial Services. These are areas that we consider of vital importance to Qatar's development and the realisation of the goals set out in QNV 2030. We will continue our commitment to explore and attract businesses in new markets to the QFC platform, and I am confident that the second half of 2018 will further pave the way for the QFC to realise its full ambitions."
The QFC endeavours to promote Qatar as a lucrative business destination. Companies that wish to establish a business in the QFC are guided throughout the process by a dedicated QFC relationship manager who assists them in obtaining a license and operating a business. QFC firms enjoy competitive benefits, such as operating within a legal environment based on English common law, the right to trade in any currency, 100% foreign ownership, 100% repatriation of profits, 10% corporate tax on locally sourced profits, and an extensive double tax treaty agreement network with 60+ countries. In addition, the Employment Standards Office of the QFC embodies a unique Administrative Employment Dispute Resolution Centre operating under International Labour Organization (ILO) standards providing conciliation and adjudication services free of charge to resolve workplace conflicts.