The QI agreement has a term of six years, consisting of two three-year Certification Periods. The QI agreement can be renewed by the QI.

The QI agreement requires that the QI implement a comliance program that includes policies and procedures to ensure compliance with the terms and conditions of the QI agreement. These procedures include documentation of direct clients, filing annual reporting with the IRS, applying any required U.S. withholding, and performing the period review. The client documentation requirements can be met either by requiring clients to complete IRS Form W-8, or in the alternative by following local KYC rules.

The annual reporting requirements require that the QI file a summary of the U.S. source income paid by the QI to clients. The annual QI reporting is made on IRS Forms 1042, 1042-S and potentially 1099.

The QI Period Certification must be carried out for one year in the three year Certification Period. Certification of compliance must be made by the QI's Responsible Officer, whose certifications must be based on a review of compliance by an independent (internal or external) reviewer, such as an audit or law firm.

The QI can request a waiver of the external review in case the QI has less than $5,000,000 of dividends and interest during each of the year of the of the certification period and the QI has timely complied with all reporting requirements.