Obtaining a financial license in Qatar requires a series of formalities to be respected by those who wish to develop their businesses in this sector. We invite you to explore the following lines and find out what the process of obtaining a financial license in Qatar involves. In this case, we specify that our specialists in company formation in Qatar can guide you and offer assistance in obtaining the desired license.
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Who issues financial licenses in Qatar?
Qatar Central Bank, alongside the Qatar Financial Markets Authority, and the Horizontal Supervision and Control Department approves and issues financial licenses in Qatar. The licensing procedures for financial institutions, other than banks, imply the following:
- The process starts with a preliminary consultation where the requirements in terms of documents and application are verified.
- Among the required documents, the Letter of Intent, the license application form, and documents that prove the source of funds are requested.
- Information about the corporate governance structure is also needed.
- The financial license application costs around QAR 5000.
With the help of our Qatari agents, one can properly start the financial licensing process. Moreover, it is best to know that the applicant is advised to have a preliminary consultation with the Qatar Central Bank, particularly the licensing section where the business operations are discussed, among other things. Get in touch with us if interested in opening a business in Qatar.
Who needs to have a financial license in Qatar?
Non-banking financial institutions need a financial license in Qatar, and this must be obtained before starting their activities. Companies providing brokerage services or investment advice and consultancy must also obtain a financial license in Qatar. Those who want to set up a company in Qatar and develop their activities in the insurance sector or the cryptocurrency field must apply for such a license.
We remind you that a financial license in Qatar is issued depending on the activities of the company in question. Thus, financial licenses can be issued for:
- branches of foreign banks,
- brokerage services companies,
- insurance companies,
- financial consulting services,
- custody services companies,
- Islamic Banking and Sharia-Compliant,
- Islamic Investment Management,
- companies providing advice on security services, etc.
Do not hesitate to talk to our specialists and opt for the services offered by our Qatari consultants if you are interested in a financial license in Qatar.
About the banking sector in Qatar
Here is some recently published data about the banking sector in Qatar. This information might help you when setting up a company in Qatar in the financial field:
- The banking sector in Qatar has focused in recent years on strategic investments in sectors of interest such as blockchain technology, digital assets, and in general on innovation for better services.
- Qatari banks’ assets expanded by 3.4%, due to recent strategic investments.
- Loans improved by 3.0%, while deposits increased by 0.6%, showing banks in Qatar to look for shorter-term wholesale funding to sustain future developments.
We invite you to discover other services besides those for obtaining a financial license in Qatar. We can offer you the services of our accountant in Qatar. More than that, we help you with immigration to Qatar and related formalities. We are here if you want to get residency in Qatar, so don’t hesitate to contact us.