Qatar Financial Centre
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The Qatar Financial Centre (QFC) Authority is a fully onshore global business and financial centre located in Doha, providing legal and business platform for firms to capitalize on regional opportunities. It was established in 2005. As of September 2015, the CEO is Yousuf Al-Jaida.[1]
The Qatar Financial Centre provides financial institutions with a world class financial services platform situated in an economy founded on the development of its hydrocarbons resources. It has been created with a long-term perspective to support the development of
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| Industry | Banking, Financial Services |
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| Founded | 2005 |
| Headquarters | Doha, Qatar |
Key people |
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| Website | http://qfc.qa |
Qatar and the wider region, develop local and regional markets, and strengthen the links between the energy based economies and global financial markets.
Background
The QFC Authority is the commercial and strategic arm of the Qatar Financial Centre (“QFC”). The QFC also consists of an independent financial regulator, the QFC Regulatory Authority, and an independent judiciary comprising a Civil and Commercial Court and a Regulatory Tribunal. The QFC Authority is responsible for leading the expansion of Qatar’s financial services sector and for developing relationships with the regional and global financial community. In February 2010 the QFC Authority unveiled a new strategy focusing on the creation of a global business hub for three core markets - Asset Management, Reinsurance and Captive Insurance.
In 2015, the QFC was awarded the accolade of GCC Financial Centre of the Year at the Middle East Capital Summit and Awards.[2]
The QFC Authority manages and maintains the QFC legal and tax environment, and licenses firms to conduct business in or from the QFC. It also develops relationships with the global financial community and other key institutions, both within and outside Qatar, helping to grow the country’s private sector.
Benefits of setting up
- Legal and judicial framework based on English common law
- Independent court, regulatory tribunal and dispute-resolution centre
- 100% foreign ownership
- 100% repatriation of profits
- 10% corporate tax on locally-sourced profits
- No restrictions on the currency used for trading
- Quick and easy set-up process
- Qatar’s extensive double-taxation agreements network
Who can set up?
Setting up business in the Qatar Financial Centre is a clear and streamlined process. specialist teams, including a relationship manager, are there to support individuals and companies as they apply, register, get licensed and start business.
| Non-Financial Firms | Professional and Business Services | LLCG(s) and Foundations | Others | |
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| Financial Services Firms | Banking | Asset Management | Insurance/Reinsurance | Others |
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Board of directors
- HE Ali Shareef Al-Emadi, Chairman and Minister of Finance
- HE Sheikh Ahmed Bin Jassim Al Thani, Deputy Chairman and Minister of Economy and Commerce
- Yousuf Mohamed Al-Jaida, Chief Executive Officer
- Nasser Al-Taweel, Chief Legal Officer and Board Secretary
- Rashid Ali Al-Mansoori, Board Member
- Ahmad Abdulla Ahmad Jassim Al-Jamal, Board Member
- Dr Arnab Banerji, Board Member
- Bob Wigley, Board Member
Management team
- Yousuf Mohamed Al-Jaida, Chief Executive Officer
- Nasser Al-Taweel, Chief Legal Officer and Board Secretary
- Kamal Nagi, Chief Strategy and Business Development Officer
- Raed Al-Emadi, Chief Commercial Officer
- Hamed Al-Saadi, Chief Financial and Tax Officer
- Fahad Zainal, Chief Administrative Officer
- Yousef Fakhroo, Chief Marketing and Corporate Communications Officer
See also
References
- ^ "QFC establishes independent Employment Standards Office". The Peninsula Qatar. 19 September 2015. Retrieved 20 September 2015.
- ^ "Qatar Financial Centre Wins Gcc Financial Centre Of The Year At Middle East Capital Markets Summit And Awards 2015". www.qfc.qa. Retrieved 2016-07-17.