QFC Discusses the Role of Business Hubs in Wealth Creation during the Global Annual Summit

23 Nov 2018

The Qatar Financial Centre (QFC) one of the world's leading and fastest growing onshore business and financial centres, participated in the Global Annual Summit in Paris, France.

Attended by government leaders, family offices, private investors, philanthropists and investment managers, the Global Annual Summit is considered the flagship event of the Private Wealth Institute and the largest global private wealth event in the world.

As part of a panel entitled "The role of business hubs in wealth creation", Sheikha Alanoud Bint Hamad Al-Thani, Managing Director, Business Development, QFC highlighted the resilience of the Qatari economy, the newly enacted Qatari laws that contain robust provisions for foreign investors, and the unique range of incentives offered by the QFC platform to local and foreign investors wishing to do business in the region.

Sheikha Alanoud Bint Hamad Al-Thani, Managing Director, Business Development, QFC Authority said
"Qatar has witnessed impressive economic growth and continues to offer lucrative investment opportunities and laws that facilitate long-term and sustainable economic development. In parallel, the Qatar Financial Centre's (QFC) unique platform continues to facilitate ease in business set-up for entities wishing to expand to Qatar and beyond."

During the panel, Sheikha Alanoud highlighted how the regional challenges have created new opportunities for Qatar and the Qatar Financial Centre, and how Qatar has retained its position as an economic hub, having opened up its economy with Legal and business reforms, and new ownership laws to ensure up to 100-percent ownership for foreign investors.

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.

 

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