Out-Law Guide | 12 May 2015 | 5:03 pm | 2 min. read
Last updated in June 2015.
The QFC is an onshore business and financial centre located in Doha, providing a platform for firms to incorporate and do business within the State of Qatar and the region. The QFC environment offers its own legal, regulatory, tax and business infrastructure, which allows 100% foreign ownership, 100% repatriation of profits and charges a competitive rate of 10% Corporate Tax on locally sourced profits.
The following activities are currently permitted for firms to conduct business in or from the QFC:
The list of permitted activities is regularly being updated and the above list is not exhaustive.
An applicant’s business must fall within one of the permitted activities, and must be a strategic fit with the aims of the QFC. Initial submissions will lead to a decision on whether an applicant’s business is permitted within the QFC legal environment.
If it does, a business case and full application pack must be submitted, together with the relevant fee. Premises need to be secured by an applicant firm in a building which has been designated for these purposes by the QFC.
The application process involves the preparation of local business plans, the preparation or review of policies on such things as data protection and anti money laundering, and ensuring that employment contracts are compliant with the relevant rules and regulations. Their
Thought should also be given to the most appropriate legal structure, as the right one can deliver an efficient tax result for your business.
World class legal environment
The QFC has established a world class legal environment supported by an independent judiciary consisting of the Civil and Commercial Court and the QFC Regulatory Tribunal. The legal environment includes:
Attractive and competitive tax regime
The QFC tax regime incorporates the following key features:
Strong regulatory framework
The QFC operates a regulatory environment operated in accordance with best international standards for financial centres of a similar kind. The QFC Regulatory Authority is responsible for developing, managing and enforcing the regulatory environment based on the principles of efficiency, transparency and integrity.