Hong Kong Businesses Drawn to Qatar
The meetings, led by Sheikha Alanoud bint Hamad Al-Thani, Managing Director, Business Development at the QFC Authority, follow the successful QFC Asia Roadshows, which were held earlier this year in Hong Kong and Singapore.
“We’ve seen a lot of interest from companies in Hong Kong and our discussions were very productive in showcasing why the QFC is the perfect platform to expand from east to west and west to east,” explained Sheikha Alanoud. “It also gave us the opportunity to discuss how to further collaborate and build a working relationship between the QFC and governmental business and investment trade entities,” she added.
Sheikha Alanoud stated: “Hong Kong and Qatar have a historical friendly relationship and we are committed to continue working with our friends and partners in Hong Kong to further develop and diversify our economy and strengthen the growing ties between the two regions.” She concluded: “We are confident that we will be welcoming a host of companies from the Chinese market in the near future.”
Qatar is experiencing a flourishing relationship with Hong Kong and China as trade relations continue to grow, and Chinese companies look to expand their businesses to the Middle East. Bilateral trade between Qatar and Hong Kong stood at USD$196 million in 2016, and the One Belt, One Road initiative is further helping to strengthen the relations between both regions.
The recent Hong Kong meetings are part of the QFC’s international programme to promote Qatar as a lucrative destination for companies looking to expand their operations to the Middle East.
Once a company submits its application, a dedicated QFC relationship manager is appointed to provide guidance on the registration process, obtaining a license and setting up operations. QFC firms enjoy competitive benefits, such as operating within a legal environment based on English common law, the right to trade in any currency, 100% foreign ownership, 100% repatriation of profits, 10% corporate tax on locally sourced profits, and an extensive double tax treaty agreement network with 60+ countries, including Hong Kong.