QFC and free zones companies’ are permitted to participate in public tenders

QFC and free zones companies’ are permitted to participate in public tenders

Decree No. (23) of 2019 regarding the rules and conditions for QFC’s and free zones companies’ participation in public tenders (“Decree”)

In order to widen the economic benefit of companies regulated by Qatar Financial Centre (QFC) and/or free zones companies, except insurance companies and banks, the government agreed to allow companies incorporated at QFC and free zones to participate in government tenders. The Decree provides the rules and conditions for these companies participation including, but not limited to, being registered and classified by the Ministry of Finance.

One of the Decree’s major provision is that by their acceptance to participate in any governmental tender, QFC's and Free Zone companies waive any tax exemptions that they may be entitled due to their registration whether as QFC company or a free zone company as well as the application of the tender and bids law no. (24) of 2015 on bids which they participate in.

The Decree is a major step towards achieving the economic diversity in the Qatari economy by permitting companies regulated by QFC and economic free zones to participate in the governmental tenders.

If you are interested to know more details about any of the abovementioned updates, please do not hesitate to contact us at info@alansarilaw.com

Al Ansari & Associates

 

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