Qatar has imposed a 90% reduction on business set-up fees for entities looking to operate at the country’s financial hub, as part of efforts to lower entry barriers for entrepreneurs.

The Qatar Financial Centre (QFC) confirmed on Monday that the application fee for licensing an entity on its platform has been dropped from $5,000 to just $500.

The new fee applies to those looking to get a license to conduct non-regulated activities in the QFC, except for Single Family Offices.

With the new incentive, Qatar expects to strengthen its position as a major business destination in the region.

“The significant reduction in our application fee is one of many steps we are taking to make the QFC an even more attractive platform for businesses looking to establish operations in Qatar and the region,” said Yousuf Mohamed Al-Jaida, CEO of QFC.

An onshore business and financial centre, the QFC has more than 2,400 registered companies. It has its own legal, regulatory, tax and business environment and allows up to 100% foreign ownership.

(Writing by Cleofe Maceda; editing by Seban Scaria)

seban.scaria@lseg.com