QFC hosts 2nd Think-Lab Session on New Employment Principles
The Qatar Financial Centre (QFC), one of the world's leading and fastest growing onshore business and financial centres, hosted a "Think-Lab" session to discuss the introduction of new employment principles into the QFC Employment Regulations, including part-time and fixed-term employment.
The session was organised by the Employment Standards Office (ESO) of the QFC which aims to develop, promote and maintain fair and balanced labour standards to encourage a competitive knowledge-based economy that facilitates the growth of the business. As part of its commitment, the ESO established the Think-Lab in 2017 to offer QFC stakeholders an opportunity to share their views on employment legislation and to discuss the introduction of new labour standards in line with the constantly evolving business needs of the QFC community.
Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC Authority said
"The session comes within the framework set out in the human development pillar of the Qatar National Vision 2030 and further emphasises the QFC's commitment to creating effective legislative principles that support and enable the welfare of employees and employers alike."
"We remain committed to engaging with all our stakeholders by creating platforms that bring together key individuals and institutions to discuss new legislation and current labour market needs that impact day-to-day procedures."
Luigia Ingianni, Commissioner of the Employment Standards Office, said:
"We believe that it is important for employers and employees affected by new legislation to have a voice in the decision-making process. As such, consultation and exchange of ideas not only support the ESO in defining the most appropriate way to balance the different interests of the parties, be it productivity and the business needs of employers, fairness for employees, and the need for high labour standards for employment institutions, but also to facilitate compliance given that the final piece of legislation is the result of a common discussion, negotiation and agreement."
The QFC is an onshore jurisdiction, allowing companies to operate in and from Qatar within the QFC legal and tax environment. The QFC endeavours to promote Qatar as an attractive business destination. Companies that wish to establish a business in the QFC are guided throughout by a dedicated QFC relationship manager who assists in the process of obtaining a licence and offers support in matters related to operating a business in Qatar. QFC firms enjoy competitive benefits, such as working within a legal environment based on English common law, the right to trade in any currency, up to 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.
In addition, the independent Employment Standards Office of the QFC embodies a unique Administrative Employment Dispute Resolution Centre in line with the International Labour Organization (ILO) principles, that provides conciliation and adjudication services free of charge to resolve workplace conflicts. The ESO is fully aligned with the Qatar National Vision 2030 and aspires to promote international best practices in the world of work.