The Qatar Financial Centre Authority (QFC) has signed a Memorandum of Understanding (MoU) with Dukhan Bank to explore beneficial business opportunities. The Qatar Financial Centre in Doha is an onshore business hub that facilitates operations in Qatar and the region.

It offers a legal and regulatory framework, allowing  complete foreign ownership and profit repatriation, with a 10% corporate tax on local profits. The QFC accommodates various financial and non-financial services firms. MoU available for both new and existing QFC-licensed companies The MoU sets up a framework that positions DKB as a strategic partner bank for both new and existing QFC-licensed companies and their employees on a non-exclusive basis.

This partnership entails co-branding a temporary shared physical space within the QFC premises, enabling DKB to cater to the needs of QFC-licensed firms and their staff, while also promoting DKB offerings specifically designed for QFC companies. Under the MoU, DKB will offer corporate banking accounts and develop tailored banking solutions for newly licensed QFC firms referred by QFCA after they secure their corporate registration credentials. Furthermore, DKB will provide immediate banking services to all employees of these firms who are newcomers to Qatar.

This collaboration aims to simplify the financial integration process for businesses entering the Qatari market, ensuring they have access to banking services from the outset. By leveraging DKB's expertise in corporate banking, the initiative is set to facilitate  optimised operations for QFC firms. Officials from QFC stated that this MoU with Dukhan Bank marks an important advancement in improving the financial services offered to firms licensed by QFC.

By supplying customised banking solutions and a dedicated space to meet their needs, they are cultivating an environment that encourages development within the QFC community. Source: Link .