(MENAFN- The Peninsula) The Peninsula
Doha: Qatar Financial Centre (QFC), a leading onshore financial and business centre in the region, has signed a Memorandum of Understanding (MoU) with Founder Institute, Incorporated (FI), an American business incubator, entrepreneur training and startup launch program with the aim to propel the startup business environment in Qatar.
Established in 2009, Founder Institute Incorporated is a pre-seed accelerator comprising a global network of entrepreneurs, mentors, investors, and ecosystem leaders, with local chapters in over 200 cities and more than 90 countries. The MoU records the intention of both parties to pursue areas of mutual collaboration, keeping in mind QFC's target sectors, which include digital, technology, financial services, and professional business services.
FI startups that are licensed by the QFC can benefit from 100 percent ownership, a robust legal infrastructure, and a dedicated Client Affairs team to support their business needs.
Signed by Yousuf Mohamed Al Jaida, Chief Executive Officer, QFC, and Andrew Crawford, Head of Finance, FI, the MoU serves the overarching goal of achieving a diversified and competitive economy in line with the Qatar National Vision 2030.
Commenting on the MoU signing, Yousuf Mohamed Al Jaida, said,“We are pleased to partner with Founder Institute Incorporated and collaboratively promote business growth in the Qatari market. The country actively encourages and supports entrepreneurship and the acceptance of smaller enterprises in keeping with its Sustainable Development Goals. This agreement further strengthens QFC's commitment to support the national economy and to leverage potential opportunities for growth. Through the exchange of information and business best-practices, this MoU will provide structural support to not only promote and nurture startups but also to help businesses thrive in a dynamic environment.”
Andrew Crawford, said,“We are very excited to partner with the Qatar Financial Centre and work together to support Qatari entrepreneurs and further grow the local ecosystem. The Founder Institute helps early-stage entrepreneurs get to traction and funding through a structured process. Together, with this agreement we will be better positioned to support entrepreneurs in Qatar so that they are able to thrive in today's economy.”
Qatar Financial Centre is an onshore jurisdiction that allows registered companies to enjoy competitive benefits, such as up to 100 per cent foreign ownership, 100 per cent repatriation of profits, 10 per cent 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.
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