IPA Qatar supports Credit Suisse to expand presence, establish technology hub in Doha
05 September 2022

5 September 2022, Doha – Qatar: The Investment Promotion Agency Qatar (IPA Qatar) and Credit Suisse have announced a new partnership in which the bank will expand on its existing operations in Doha and establish the Qatar Technology & Engineering Hub. This expansion will further strengthen the bank’s leading wealth management business, deepen the bank’s local footprint and contribute to accelerating Credit Suisse’s development and digitisation in Qatar and the wider region.
In addition to strengthening Qatar’s position as a leading financial services hub, Credit Suisse will create up to 100 roles over the next few years across all of the bank’s divisions as well as through the launch of the technology and engineering hub. The hub also serves as a strategic asset in the region and a resource pool for numerous Credit Suisse business divisions.
Today’s announcement builds on the October 2021 Memorandum of Understanding (MoU) between IPA Qatar and Credit Suisse, which aims to further bolster the financial services sector by accelerating the business growth of Credit Suisse in Qatar, and the wider Middle East region.
Sheikh Ali Alwaleed Al-Thani said: “We are pleased to embark on a new strategic step in our partnership with Credit Suisse and jointly advance the digital transformation of the financial services sector. The launch of a world-class technological hub in Doha provides further impetus and expertise for the sector development and opens many windows of business growth opportunities by fostering technology and innovation. We look forward to continuing our distinctive collaboration with Credit Suisse to advance Qatar’s financial services for years to come.”
Ulrich Körner, CEO of Credit Suisse, commented: “Given the Middle East is a key growth market for the bank, we are excited to be further scaling up our operations in Qatar. We are planning to expand our existing business operations over the next few years across all of our divisions as well as adding new functions which will strengthen, broaden and ensure quicker delivery of our offerings to clients. The creation of our Qatar Technology and Engineering Hub will be instrumental in supporting the growth of our franchise across the Middle East and beyond.”
Credit Suisse is present in more than 50 countries around the world and has been operating and actively expanding in Qatar since 2006 via the Qatar Financial Centre (QFC) platform.
Accelerating growth of financial services in Qatar
Rooted in the Qatar National Vision 2030 (QNV 2030) in 2008, the overarching mandate of fostering a diversified and knowledge-based economy has been a key catalyst to growing the financial services sector in Qatar. Today, this sector has become one of the major contributors to Qatar’s economy. It is ranked 2nd after the hydro-carbon industry. With Qatar’s continuous economic growth, which is poised to be the highest among GCC countries according to the World Bank (4.5% in 2023 and 4.4% in 2024), the demand for financial services grows accordingly. Through a string of remarkable economic, legislative, and regulatory reforms, Qatar has developed a world-class climate for business and investment, offering several benefits including but not restricted to, zero tax on personal income, tax holidays, and no restrictions on profit repatriation. The country provides a conducive financial services industry, which has attracted renowned international institutions, such as UBS, HSBC, and Intesa Sanpaolo among others. The strength of Qatar’s financial services industry is evidenced by the growing interest of some of the world’s largest financial institutions, such as Credit Suisse.
What to read next
Supporting your investment journey in Qatar’s dynamic business environment
Our platform gives you Access to a wealth of resources and tools, spanning information on establishing a business, hiring, living, taxation, and the regulatory frameworks in Qatar.
Explore Access QatarSetting up
Setting up your Business in Qatar
Here are some key processes to know as you start your investment journey in Qatar.
Businesses can incorporate and operate through Qatar’s licensing platforms including:
- Ministry of Commerce and Industry (MOCI)
- Qatar Financial Centre (QFC)
- Qatar Free zones Authority (QFZ)
- Qatar Science and Technology park (QSTP)
- Media City
Upon the approval of the Ministry of Commerce and Industry (MOCI) and obtaining the commercial registration and license from relevant authorities, businesses can start their operations.
Core focus sectors across platforms vary:
- MOCI oversees commercial and industrial activities
- QFC is a leading onshore business and financial centre providing a world-class platform for domestic and international companies to set up or expand their business in Qatar
- QFZ supports companies in key sectors including emerging technology, manufacturing and chemicals, trade and logistics and maritime activities
- QSTP provides multiple programmes and infrastructural and tech-based support system for companies
- Media City focuses on the growth and development of the media industry with a focus on traditional and digital media, technology, communications, research and development
For registering under the MOCI, for an LLC company, the following are the main requirements:
- Application to incorporate a company
- Commercial registration attested by competent authorities and translated into Arabic
- Shareholders/board resolution
- Model of the project work plan
- Trade license
- Certified copy of memorandum and articles of association attested and translated into Arabic
- Power of attorney
For establishing an LLC company under MOCI, the application fee is around QAR 1,500 (minimum), and the license fee is around QAR 1,020 (minimum).
Hiring
Hiring in Qatar
Critical information you may need regarding the country’s talent landscape
The country provides several facilities for recruitment in both high skilled and low-skilled jobs. These include various globally recognised job sites, services, and agencies, allowing employers to recruit talent at the national, regional, and international levels.
- Employers must enroll their non-Qatari employees and their family members in the mandatory health insurance scheme through contracts concluded with insurance companies registered with the MOPH.
- Qatar’s Law No.17 of 2020 introduced the non-discriminatory minimum wage applying to all workers, with a basic monthly wage of QAR 1,000 ($275 USD), and an allowance of at least QAR 300 and QAR 500 for food and housing respectively.
- On average, the maximum working hours are 48 per week. During the month of Ramadan, it is reduced to a maximum of 36 hours per week or 6 hours per day. Workers are entitled to at least one day of rest per week.
The average monthly wage for the total number of workers amounted to nearly QAR 12,000.
Average annual salaries of skilled workers including data scientists, software engineers, and financial analysts, range from USD 60,000-100,000
The Ministry of Interior (MoI) set up visa centres to provide seamless and efficient service for residency procedures on its behalf in eight countries - India, Sri Lanka, Pakistan, Bangladesh, the Philippines and Nepal. Individuals must complete biometric enrolment, medical examinations, and sign work contracts in their home countries through the Qatar Visa Center (QVCs) before coming to Qatar.
Work permits are issued for a minimum of one year and a maximum of five years approved by the Ministry of Labor (MoL). The MoL offers an e-service for the issuance and renewal of work permits for workers.
There are over 32 higher education institutions in Qatar, with world-renowned universities and local training centres for upskilling talent.
Qatar has a vibrant knowledge ecosystem and rich culture offering:
- Innovative and entrepreneurial: 1st in Arab world in Global Entrepreneurship Index
- World-leading digital infrastructure: 4th in 5G Leadership Index with 99% internet penetration
- 15 renowned international universities and institutes at Qatar Foundation’s Education City
Taxation
Taxation in Qatar
Key for businesses and individuals seeking to understand the tax system in Qatar.
- Under Law No. 24 of 2018 (the Tax Law), non-Qatari nationals and Qatari and/or GCC nationals who are not residents in Qatar are subject to corporate income tax at a flat rate of 10%.
- A different tax rate applies to entities undertaking oil and gas / petrochemical operations, or where the activities are carried out under an Agreement with the Government. Such entities are generally taxed at a rate of 35% or higher.
- A legal entity incorporated in Qatar, which is wholly owned by Qatari and/or GCC nationals that are tax resident in Qatar, is exempt from corporate income tax.
All taxpayers operating businesses in Qatar must obtain tax cards from the General Tax Authority (GTA).
Applications should be submitted within 30 days from commencing activities or registering with the Ministry of Commerce and Industry Commercial Register.
A body corporate is considered resident if it is formed and registered under Qatari law or if it conducts business through a head office or place of effective management in Qatar.
There are no taxes imposed on employed individuals’ salaries, wages and allowances in Qatar.
Currently, Qatar imposes no VAT or sales tax on operations in Qatar.
Qatar imposes excise tax on the following goods at their respective rates:
- Tobacco and its products: 100%
- Energy drinks: 100%
- Carbonated drinks: 50%
- Special-purpose goods (consumed under specific conditions and authorisations): 100%
Regulations
Laws and Regulations
Information on business laws and regulations
The General Authority of Customs (GAC) is the competent government authority responsible for monitoring and implementing all import and export regulations, working closely with other public and private agencies to ensure compliance with Qatar’s customs legislation.
In alignment with the GCC Customs Union, Qatar imposes a 5% ad valorem tariff on the value of cost, insurance and freight (CIF) invoice of general cargo goods, excluding those exempted by law provisions. The tariff may also include a fixed amount levied on each unit of the goods. The limited tariff exceptions are:
- Records and music instruments: 15%
- Steel: 20%
- Urea and ammonia: 30%
- Alcoholic beverages: 100%
- Cigarettes and tobacco products: 100% or QAR 1,000 per 10,000 cigarettes, whichever is higher
The Qatari Labour Law enables employees to terminate their employment during their probationary period by providing a one-month notice to their employer.
The one-month notice period applies to employees who are in their first two years of service, whereas the two-month notice period applies to employees who have served longer.
TThe Commercial Companies Law provides for the following types of legal entities that may be formed and registered in the State of Qatar:
- Joint Liability Company
- Limited Partnership
- Joint Venture Company
- Public Shareholding Company
- Private Shareholding Company
- Partnership Limited by Shares
- Limited Liability Company
- Holding Company
Foreign Investment Law (Law No. 1 of 2019) allows the establishment of 100% foreign-owned companies, with various incentives and benefits for non-Qatari investors as outlined by the law.
The 100% foreign ownership law does not apply to the banking and insurance sectors, companies engaged in the exploitation of natural resources, commercial agencies, and any other sectors decided by the Council of Ministers.
Supports
Qatar creates a supportive environment for foreign investors.
With its strong economic foundation, future-ready infrastructure, and unparalleled connectivity, Qatar is rapidly transforming into an extraordinary hub that offers a promising outlook and creates a lucrative world of opportunities for today's ambitious investors.
Qatar has created a business-friendly climate for investors with offerings including:
- Up to 100% foreign ownership across various sectors
- 10% corporate tax rate
- Zero tax on personal income
- Expanded economic zones (with Tax Holidays)
- Double Taxation Agreements (DTA) with 80+ countries
- No restrictions on profit repatriation
- Single-window registration services to simplify commercial registration
- Access to the international court for alternative dispute resolution (QICDRC)
- The foreign investment law in Qatar offers various incentives for non-Qatari investors, including land allocation, income tax exemption, customs duty exemption for machinery, equipment and raw materials, fair compensation in case of expropriation, transfer of ownership, and dispute settlement through arbitration.
The Investment Promotion Agency Qatar (Invest Qatar) oversees investment promotion activities under the Invest Qatar brand and acts as the country’s umbrella organisation for FDI attraction. As part of its mandate, Invest Qatar manages financial incentives under a centralised national incentives programme, developed to complement the nation’s value proposition to attract foreign investors.
Ministry of Commerce and Industry (MOCI) offers a range of investment incentives, including land allocation for foreign investment projects by way of use or renewable rent. The foreign investor has the right to import what is necessary for the establishment, operation or expansion of their investment project, and the investor may be exempt from income tax and customs duties for machinery and equipment.
Qatar Development Bank (QDB) offers a range of mechanisms—from reviewing your feasibility study and supporting you with the necessary funding to providing legal and financial advisory services—to helping you launch and run a business successfully in Qatar.
Qatar National Research Fund (QNRF)programmes provide funding opportunities in the academic, public and private sectors to foster research in priority sectors such as engineering and technology, physical and life sciences, medicine, humanities, social sciences, and arts.
Qatar Science and Technology Park (QSTP) provides multiple funding opportunities for local and international tech founders and entrepreneurs. Through the Product Development Fund (PDF), QSTP provides up to 50% of the total budget as a grant to encourage local startups and SMEs, and the QSTP Tech Venture Fund (TVF) provides source-seed funding and follow-on capital for local and international tech founders and entrepreneurs looking to scale-up in the region.
With its future-ready digital and physical infrastructures, abundant natural resources and global connectivity, Qatar is a major international hub that provides unparalleled market access, enabling international investors to benefit from an increasingly seamless flow of trade and capital.
- More than 2 billion people across 25 countries worth $6 trillion in combined GDP are located within 3000 km of Qatar
- Qatar is connected to over 140 international destinations, through Qatar Airways and Hamad International Airport (HIA)
- Hamad Port is one of the largest green ports in the world, stretching over 28.5 sq. km
Qatar offers a set of incentives for expatriate labour:
- Permanent residency opportunities
- Visa-free/on-arrival entry to 80+ nationalities
- Planned legal provisions for retirement
- Liberal immigration and employment rules
- Minimum wage and wage protections
- Laws to protect foreign workers
- Instant access to e-Government services
Gateway
Introducing the first digital platform for investors in Qatar
The Invest Qatar Gateway enables you to:
- Find companies to partner with
- Access real business opportunities in the public and private sectors
- Find resources to support the growth of your business in Qatar
- Connect with the Invest Qatar team to set up your business and facilitate introductions
Looking to start and expand your business in Qatar?
Companies Directory
- Explore a network of companies that are already present in Qatar and learn about the services and opportunities they offer
- Request introductions to companies that you want to partner with
- Showcase your locally established company and gain exposure to other companies and foreign investors
Support Services
- Find business support service providers that can help you set up and grow your business
- Request a service and communicate with service providers directly on the platform
- Feature your business services and grow your customer base
Tenders
- Gain access to public sector tenders from Monaqasat
- Find tenders posted by private companies on the platform
- Post your tenders to attract bidders
Opportunities
- Explore public-private partnership (PPP) opportunities in Qatar
- Get matched with relevant opportunities based on your company profile and preferences
- Post opportunities to find business partners or to raise or invest capital
Investor Relations
- Connect with the Investor Relations team at Invest Qatar through messaging or book a meeting
- Receive assistance in setting up and growing your business in Qatar
- Get matched with relevant business opportunities based on your industry and interests
Insights
A resource hub for all publications providing critical information to investors including valuable insights and information on market opportunities, informative guides, macroeconomic outlooks, geographical studies and other valuable insights.
Publications
A resource hub for all publications providing critical information to investors including valuable insights and information on market opportunities, informative guides, macroeconomic outlooks, geographical studies and other valuable insights.
Overview
A stable and resilient economy
Here are some key processes to know as you start your investment journey in Qatar.
Qatar’s stable and competitive economy has been growing at a faster rate on average than advanced economies. The country's high per capita income, vast hydrocarbon reserves, and strong economic fundamentals support its credit profile.
Early indicators are signaling robust economic activity and strong business conditions. The economy is expected to record strong growth thanks to favorable hydrocarbon prices and increased demand during the 2022 FIFA World Cup. Cup.
Qatar’s S&P rating is AA-, Moody’s Aa3, and Fitch AA-, displaying a stable outlook.
Qatar is a key contributor to global energy security as the largest exporter of natural gas globally. Qatar’s top five export partners include China, India, South Korea, Japan, and the UK.
FDI markets estimate ~QAR 4bn worth of projects in 2021, a 33% increase compared to the previous year.
In 2022, Qatar recorded the highest total investment in the region, attracting USD 23.7 bn worth of projects. According to fDi intelligence, Qatar ranked 1st globally in terms of investment momentum for 2023.
Life
Living in Qatar
Settle into your new home in Qatar
Qatar provides a wide range of accommodation options from modest to high-end, smart, and sustainable living environments. Some of the world-class central and modern living places are found in Msheireb Downtown Doha, West Bay, Lusail City, and the Pearl.
The average monthly rent for a one-bedroom apartment varies from $1,118 to $1,763. Whereas the average monthly rent for a three-bedroom apartment lies between $2,130 and $3,137.
Qatar has over 207 private schools offering a comprehensive and integrated curriculum, and over 332 private schools offering various curricula – like the International Baccalaureate (IB), British curriculum, Indian curriculum, among others.
Qatar offers a multimodal transport system, including the:
- Doha Metro, a state-of-the-art automated rail network with single fares of QAR 2 (Standard)
- Mowasalat (Karwa) Public Bus Service with fares attractively priced from QAR 2.50 - QAR 9
- Mowasalat (Karwa) Taxi Service
- Lusail Tram with single fares for QAR 2
Qatar provides world-class healthcare through 27 regional Primary Healthcare Care Corporation Centers (PHCC), 12 public hospitals run by Hamad Medical Corporation (HMC), and over 20 private hospitals and clinics.
To apply for a Qatari Driving License, you must be a resident in Qatar, at least 18 years of age.
To apply for a Qatari Driving License, simply present the required documents to the traffic departments located in driving schools.
Documents include:
- Qatari ID card and passport
- A copy of the ID card of the sponsor (if the sponsor is a person)
- A letter from the sponsor to approve the request for a new license
- 3 recent colour photographs (passport size)
The license fee is QAR 250 for non-Qataris (valid for 5 years), and QAR 300 for heavy vehicles (valid for five years for non-Qatari). Additional fees apply for driving and vision tests.
Qatar is home to an innovative and advanced banking ecosystem – offering digital and mobile banking for users to seamlessly transfer and transact online. There are around 18 banks operating in Qatar through 202 local branches and about 20 exchange companies.
To open a bank account, the following are typically required:
- - Documents including a copy of Qatar ID, and passport
- - Minimum deposit per bank requirements
Scale Up in Qatar
Scale Up in Qatar is a dedicated program focused on providing foreign investors with bespoke offerings including advisory services to support the growth of their businesses. Contact us for more information
Access Qatar
Access Qatar is designed to streamline the journey of foreign investors in Qatar by offering premium and fast-tracked services including but not limited to
- Dedicated support prior to arriving in Qatar for visa and entry requirements
- Customized information packs
- 24/7 digital chat service
- And other supporting services
Contact us for more information