Tribune News Network
Doha
The Investment Promotion Agency Qatar (Invest Qatar) has unveiled remarkable engagement with startup companies during Web Summit Qatar 2024, following the recent launch of its pioneering ‘Startup Qatar’ initiative. Offering a one-stop online platform catering to all business needs, the ‘Startup Qatar’ platform recorded more than 3,000 visits within six days of its official launch.
As part of Startup Qatar’s special offering during Web Summit Qatar, Qatar Financial Centre facilitated the successful registration of over 100 businesses, signalling strong interest by startups to enter Qatar’s dynamic entrepreneurial ecosystem. The newly registered startups will benefit from a tax waiver administered following international standards, in addition to free registration and license renewal for five years.
Reinforcing the strong interest in joining Qatar’s startup ecosystem, the Startup Qatar Investment Program, provided by Qatar Development Bank (QDB), attracted over 150 applications in just the first six days. With a focus on drawing tech startups, to either establish or expand their presence in Qatar, the program provides funding for both seed and growth-stage companies. The program is complemented by incentives and support services aligned with the available Startup Qatar-offered privileges and subsidies.
In alignment with the Startup Qatar initiative and to enhance the country’s startup ecosystem, Qatar Manpower Solutions Co (Jusour) is set to introduce the Mustaqel programme. This government-backed residency initiative aims to draw entrepreneurs and talents worldwide to Qatar, offering them a unique entrepreneur and talent residency. This scheme provides a five-year residency permit (with an option to renew) to individuals excelling in various industries. Entrepreneurs can secure the Mustaqel residency by presenting an approved business plan or proving they meet the minimum seed funding criteria. Talented professionals, on the other hand, can get this residency with an endorsement from a recognised Qatari authority.
Sheikh Ali Alwaleed Al Thani, CEO of Invest Qatar, said: "We are pleased with the high level of engagement with ‘Startup Qatar’ from promising international startups, who are keen to establish their presence in Qatar. This collaboration with key national stakeholders highlights the country’s unwavering commitment to advance the innovation and entrepreneurship ecosystems while supporting Qatar’s shift toward a knowledge-based economy.”