With the aim to propel the startup business environment in Qatar, Qatar Financial Centre (QFC), a leading onshore financial and business center 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.

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.

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% ownership, a robust legal infrastructure, and a dedicated client affairs team to support their business needs.

“We are pleased to partner with Founder Institute Incorporated and collaboratively promote business growth in the Qatari market,” Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC said, in a statement. “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, Head of Finance, FI, said, “We are very excited to partner with the QFC, and work together to support Qatari entrepreneurs, and further grow the local ecosystem. The FI 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.”

Established in 2009, FI is a pre-seed accelerator comprising of a global network of entrepreneurs, mentors, investors, and ecosystem leaders, with local chapters in over 200 cities and more than 90 countries.

QFC is an onshore jurisdiction that allows registered companies to enjoy competitive benefits, such as up to 100% foreign ownership, 100% repatriation of profits, 10% 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.

Related: Maximizing In-Country Value: The Key To Qatar’s Economic Future