Qatar, once known as the poorest Gulf States, is now said to be one of the richest countries among the Middle East. The Qatar Financial Centre, QFC is considered as the sole statutory body that provides a comprehensive service to support various business organizations that incorporate in Qatar, all the way from stage to the operational stages.
The Qatar Financial Centre is considered as the leading financial and business hubs among the Middle East. It acts as a major driver regarding business policies for domestic, regional and international growth.
Qatar as a country has a lot to offer to us. The country’s flourish economy, rich heritage, fasinating culture and sunny climate not only make Qatar a superb place to work, but also an amazing place to live.
The Qatar Financial Centre (QFC) was established in 2005 by the Qatari Government with one mandate that is to support the development of sector within the entire State of Qatar.
Both the local and foreign business in Qatar are taken in by the Qatar Financial Centre. The QFC offers all these firms a legal system based on English common law – It offers robust regulatory regimes along with business-friendly tax environment and efficient administration.
For the past few years, the Qatar Financial Centre, QFC has been performing several acts to refine and develop the legal and regulatory environment of the country along with the infrastructure of investment potentials.
Whilst continuing to welcome various business firms in the country, the QFC Authority further refined their strategy in the year 2010.
The strategy conducted by the QFC focuses the establishment of entities in niche sectors, creating a sustainable platform for the immense growth in sector, captive insurance sector and asset management sectors.
Let us look into The Qatar Financial Centre QFC Authority –
It was established in 2005 and is considered as an onshore center that plays a major role for domestic, regional and international growth. It consists of:
- The QFC Authority
- The QFC Regulatory Authority
- The civil and Commercial Court also known to be the First Instance and Appellate
- The Regulatory Tribunal
The QFC Authority is considered as the commercial and strategic arm of the Qatar Financial Centre, QFC. It simply creates and ensures compliance with QFC regulations, QFC official functions and deals with various applications from non-regulated business entities that try to incorporate within the country.
Setting up Business in the Qatar Financial Centre, QFC
Setting up a new business in the Qatar Financial Centre is simply a clear & streamlined process.
The QFC organization has specialist teams along with a dedicated manager who there with all heart to support individuals and business companies who look into to apply, register, get licensed and starting a business in Qatar.
The key benefits that are included are shown below:
- A fully onshore and deal in any currency
- No Free Zone – Local business are always benefited, while real-estate play is controlled
- 100% foreign-company ownership permitted
- 10% tax rate on locally sourced profits
- Fast-growing economy
- Provide a foundation for both domestic and international firms
- Transparent legal and regulatory environment
- Strategic regional location
Good news for the foreign investors that they may obtain right to own 100% of companies established in Qatar and the profits can be repatriated.
Both civil and commercial disputes are introduced before the QFC Civil and Commercial Court (in English), while the organization keeps on working to unify and streamline the country’s financial regulatory system.
The Qatar Financial Centre takes in step to ensure the optimum conditions achieved for financial services growth within the country. And the security to QFC will handle cid of Qatar.
The Qatar Financial Centre, QFC Authority enacted regulations and have introduced an attractive new tax regime, effective from 1 January 2010. The salient features of the regime are given below:
- 10% corporation tax based on all locally sourced profits
- Self-assessment regime and transaction ruling scheme
- Tax incentives for the reinsurance sectors, captive insurance sectors and other asset management sectors.
- Zero income tax
- No restrictions on dealing any currency
- Access to an extensive network of double taxation treaties negotiated with other countries.
All QFC-licensed business firms have a tax regime based on transparency, efficiency and fairness.
However, the Qatar Financial Centre QFC tax legislation is implemented to set out the best-in-class system that will eventually balance between fiscal objectives and the needs of licensed business firms.
The Qatar Financial Centre QFC also offers:
- Corporate solutions: The Qatar Financial Centre also offers certain corporate solutions and other attractive advantages to various business companies, headquarters, management sectors, treasury and holding companies etc.
- Financial services: The Qatar Financial Centre QFC also offers certain asset management and financial aspects through Islamic Finance to support certain institutions.
- Professional and business services: The Qatar Financial Centre, QFC always welcome business-oriented professionals and other support services related to consultancy, accounting, legal, IT, marketing services etc.
- High-net worth Individuals and Families: For certain business firms and related companies who are said to be expertise in wealth management and banking regulation for people and families, the QFC does offer an extensive stage to support a broadness of administrations, including risk administration, tax planning and wealth advice.