Media City Qatar (“MCQ”) recently announced the signing of a memorandum of understanding (“MOU”) with the Qatar Financial Centre Authority (“QFCA”) to facilitate the establishment of media companies in Qatar.
MCQ is an emerging, collaborative global hub for media companies, entrepreneurs, innovators, and creative talent, and a regional leader in the media industry, contributing to Qatar’s economic diversification. It was established to attract and regulate investment opportunities to facilitate media growth in Qatar. The QFCA is the legal and tax arm of the Qatar Financial Centre (“QFC”).
According to the MOU, the QFC will register media companies that have been pre-approved by MCQ, which both the QFC and MCQ will license. Company registration and licensing details will then be available through the QFC platform. The QFC will facilitate government procedures and tax-related processes in accordance with the legal framework and regulations of the QFC. At the same time, MCQ will oversee the companies’ compliance with applicable regulations for media entities in Qatar.
The QFC and MCQ will also collaborate to promote each other’s programmes and activities and evaluate opportunities for mutually beneficial projects to develop Qatar’s media sector. Through this collaboration, both entities strive to streamline processes and provide a conducive environment for media companies to thrive in the country.
