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Posted On: 26 August 2011 01:34 pm
Updated On: 12 November 2020 02:11 pm

Investors can operate bank accounts: QCB

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Foreigners having investments in Qatar but not based here, and companies doing projects and operating here temporarily are now allowed to open bank accounts and carry out banking transactions. The move is seen by trade and industry circles as a welcome step as it would greatly bolster the flow of foreign investment into the country. Qatar’s banking regulator has taken this crucial measure to create a congenial environment for foreign companies to execute projects linked to the 2022 soccer World Cup. Mega projects worth billions of dollars are lined up for execution in the country in preparation for the 2022 event and an increasing number of companies — many of them mega players from different sectors — from across the world are expected to enter the Qatari market to grab lucrative contracts. The State Cabinet on Wednesday ratified regulations that seek to allow non-resident foreign investors as well as foreign companies doing projects and based here temporarily to open bank accounts. The Qatar Central Bank ( QCB ) will, however, closely monitor these accounts to make sure that the holders of these accounts do not indulge in illegal activities like money laundering and financing terrorist activities. The QCB has a separate and active anti-money laundering and anti-terror financing wing that keeps a close vigil on banking transactions and overseas remittances. Non-resident foreigners and companies will, though, be subjected to strict conditions in order to be able to open bank accounts and to carry out financial transactions, both within and outside the country. Prospective account holders will be required to produce proof of identity as well as proof that they either have personal investment in the country or the company they represent has an investment. Companies based here for even less than a year with regard to some project or projects will also be permitted to open bank accounts and carry out banking transactions. The idea is to facilitate financial transactions by these companies through banking channels both inside and outside the country. It is understood that the government was being urged for some time to take the above measure to create a more foreign investment-friendly environment in the country.