Jordanian companies find foothold at Qatar Financial Centre

The Qatar Financial Centre (QFC) has witnessed a notable upsurge in the presence of Jordanian enterprises, with the count of registered companies reaching approximately 120 by the close of the previous month. This surge marks a significant increase from less than 100 companies at the conclusion of the year 2022. As reported on Monday at the Centre's official website, the spectrum of activities by Jordanian companies operating under the QFC's purview encompasses a wide array of economic sectors and activities. Predominantly, these entities focus on sectors like services, financial technology, banking, finance management, investments, information technology, hospitality, professional services, administration, trade, imports, exports, small-scale industries, and corporate solutions. The registered Jordanian companies showcase a robust presence and a trajectory of continual growth, positioning Jordan as the second-leading country in the Arab world, closely following Qatar, in terms of the number of companies o perating under the QFC's umbrella. Standing tall as one of the prominent financial and commercial hubs in the Middle East and North Africa, the QFC currently manages assets surpassing 120 billion Qatari riyals (equivalent to $32.9 billion). Jordanian and other firms benefit from an extensive range of incentives and privileges facilitated by the QFC. These include full foreign ownership rights, a unified online platform streamlining licensing, commercial registration, visa issuance, and passport procedures, along with a competitive 10% tax rate on profits sourced domestically, underpinned by robust double taxation avoidance agreements. Furthermore, companies operating within the Centre can repatriate profits entirely tax-free, operate within a transparent and conducive environment, and access a dedicated administrative dispute resolution center endorsed by the International Labour Organization. Additionally, they enjoy the flexibility of trading in any currency, coupled with simplified visa and employment p rocedures. Source: Jordan News Agency