Introduction to Qatar Financial Centre (QFC)

Transcription

1. INTRODUCTION TO THE QATAR FINANCIAL CENTRE As the world ’s leading exporter of liquefied natural gas, Qatar boasts one of the fastest growing economies globally. It has the world’s highest GDP per capita, at well over US$ 100,000, a strong population growth and solid credit rating. Additionally, with an investment programme of more than US$ 200 billion in projects currently underway, Qatar is well on its way to developing its infrastructure in line with the objectives outlined in the Qatar National Vision 2030. The Qatar Financial Centre (QFC) is a fully onshore business and financial centre located in Doha, and provides an excellent platform for firms to incorporate and do business in Qatar and the region. It offers its own legal, regulatory, tax and business infrastructure, which allows 100% foreign ownership, unlimited repatriation of profits, no restrictions on the currency used for trading, and charges a competitive rate of 10% corporate tax on locally sourced profits. Qatar is perfectly connected to the East and West These foundations have helped to foster Doha’s world-class business environment. Qatar is currently ranked as the 16th most business-friendly country in the world (World Economic Forum Global Competitiveness Report 2014–2015) and within the top 20 financial centres worldwide (Global Financial Centres Index March 2015). The QFC accommodates a broad range of businesses, streamlined registration procedures and a recently shortened turnaround time for applications.
2. COUNCIL OF MINISTERS HE Governor , Qatar Central Bank (QCB) The Rt. Hon. Lord Phillips of Worth Matravers The Rt. Hon. Sir David Keene President of the Court Chairman HE Minister of Finance Chairman Chairman Qatar International Court and Dispute Resolution Centre (QICDRC) – collective brand name Regulatory Legal and tax environment Regulates, authorises and supervises QFC Firms conducting regulated activities Licenses firms to conduct business in or from the QFC Manages and maintains the QFC legal and tax environment Dispute resolution Hears civil and commercial disputes between QFC Firms and their counterparties Hears appeals relating to decisions made by the QFC Authorities or Institutions BROAD RANGE OF PERMITTED ACTIVITIES Firms can conduct the following activities from the QFC: Financial services Non-financial services • Banking • Professional and Business Services – Corporate/Wholesale Banking – Audit and Accounting – Investment Banking –Consulting – Private Banking –Human Resources • Asset Management –Risk Management – Retail Schemes (UCITS type) –Marketing and Brand Management – Qualified Investor Schemes –Media and PR – Private Placement Schemes –IT Consulting • Insurance/Reinsurance –Project Management – Captive Insurance –Architectural Services – (Re) Insurance Brokerage –Engineering and Environmental Consulting Services – Islamic Finance • Investment Advice & Investment Services • Fiduciary Businesses –Research •Corporate Headquarters, Management Offices and Treasury Functions •Special Purpose Companies •Holding Companies •Single Family Offices •Trusts and Trust Services •Corporate Services
3. WORLD-CLASS LEGAL ENVIRONMENT QFC-based firms benefit from a world-class legal regime supported by an independent judiciary comprising the Civil and Commercial Court and the QFC Regulatory Tribunal . The QFC legal environment: •Provides businesses with a transparent, accessible and predictable operating environment based on English Common Law •Provides access to an independent judiciary in the form of the Qatar International Court and Dispute Resolution Centre (QICDRC) •Continually reviews and enhances its legislative framework by incorporating a consultative process that enables all stakeholders to voice their opinions on legislation. COMPETITIVE AND STRAIGHTFORWARD TAX ENVIRONMENT • Competitive tax rate: corporate tax rate of 10% on locally sourced profits • Exemptions: – No tax on receipts of dividends and returns on public treasury bonds – No tax on capital gains in respect of the majority of shareholdings (where more than a 10% interest is held) – No tax on profits of most Holding Companies, Special Purpose Companies and Investment Funds, including investments in property • No withholding tax on payments out of Qatar • Double taxation agreements with over 60 different countries • No personal income tax, wealth tax or VAT • Advance ruling service providing QFC-licensed firms with a high degree of certainty. The QFC produced an online tax guidance, the QFC Tax Manual, to help payers of corporate tax and their agents interpret the rules and regulations, provide them with greater certainty and clarity and assist in preparing tax computations and returns. THE QFC BUSINESS COMMUNITY The QFC provides a range of services to licensed firms in order to facilitate market entry and enhance their success. New firms can set up anywhere in Qatar and are assisted with immigration, visas and office facilities. Furthermore, the business community is supported by a dedicated Client Relations Team and through regular events and outreach programmes, publications and QFC Client, a dedicated extranet platform.
4. QUICK AND EASY SET-UP • The QFC Business Development department will guide new firms through the process • One-stop-shop for licensing and commercial registration • Dedicated Facilities Team to support office set-up, immigration and related services. QFC FIRMS BY REGION ■ Asia Pacific – 6% ■ Europe – 30% ■ MENA (excl Qatar) – 16% ■ North America – 19% 83 ■ Qatar – 29% 68 CUMULATIVE GROWTH OF FIRMS 65 64 ■ Professional & Business Services 4 4 4 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 1 2 4 7 8 11 15 17 21 25 25 28 35 34 39 40 42 48 50 50 53 58 62 ■ Investment & Management Structures 66 ■ Regulated Financial Services As one of the leading financial centres worldwide, the QFC offers an unrivalled platform for local and international companies looking to expand their business in the Middle East. Talk to us to find out how you can be part of the success story. WHO CAN I CONTACT? The Business Development Team at the QFC Authority will be happy to provide further information and answer any questions: T: +974 4496 7800 E: contact@qfc.qa @QFCAuthority @QFCAuthority QFCAuthority /QFCAuthority