An entity looking to set up in the Qatar Financial Centre needs an assessment as to whether its activities fall within the Regulated Activities in the Financial Services Regulations (essentially conducting financial services activities such as banking, insurance, investment management, or advising). Firms that would conduct Regulated Activities would need a license from the QFC Authority (“QFCA”) as well as an authorisation from the QFC Regulatory Authority (“QFCRA”). However, if the firm will not be conducting Regulated Activities, then it only needs a license from the QFCA — authorisation from the Regulator is not needed.

For an assessment, you should, in the first instance, contact the QFCA for the evaluation of your proposed activities:

Application Process | Qatar Financial Centre (QFC)

If the applicant might be conducting Regulated Activities, the QFCA will refer you to their Financial Sector Office (FSO) for the assessment. They will meet with the applicant, decide if what they intend to do would be considered Regulated Activities, and liaise with the QFCRA.

The QFCA will provide the applicant with a Regulatory Business Plan (RBP) document to complete and submit to the FSO. The FSO will review it for completeness and sometimes return it to the applicant for more details. Once the FSO is satisfied that the document is suitable, it will be shared with the QFCRA for review. The review is necessary as some activities are not allowed in the QFC (for example, retail banking) or other issues that may cause a significant change to the applicant’s plan. The applicant can proceed to the formal application stage if everything is deemed suitable.

A formal application requires the submission of a Q02 form and Q03 forms for each person performing a Controlled Function, procedure manuals and other documentation to the QFCRA. In the meantime, they will also submit a CRO form to the QFCA for licensing.

The QFCRA will review the submission. If the application is materially complete, an invoice for our fees will be sent to the applicant. Even though an application may be materially complete, there will likely be several questions or clarifications that the QFCRA will require.

Usually, a firm will be required to make a list of post-authorisation items after the QFCRA provides an authorisation (for example, have the staff in place, office prepared, update certain manuals, etc.) before the firm will be allowed to become operational. The applicant will agree upon this before the authorisation recommendation is submitted to the QFCRA’s management for review.

If the Authorisation is approved, then the QFCRA’s Public Register is updated to include the firm, a copy of its Scope of Authorisation, and information on every individual approved for a Controlled Function. It will note that a firm is “Authorised – not yet commenced Regulated Activities”. The firm must complete the agreed-upon post-authorisation items as part of the Authorisation process. Once completed, the firm’s status will be changed to “Authorised” and can commence Regulated Activities.

For more information, please contact us:

Phone: +974 4495 6888

Email: info@qfcra.com

Applying for Authorisation to Conduct Regulated Activities

QFC Approach to the Authorisation of Branches