Qatar: Country and Foreign Investment
Financial Centre Authority
The Qatar Financial Centre (QFC) was established by the Qatari government in 2005. Its aim is to attract international financial services and multinational corporations in order to develop financial services in Qatar and in the Gulf Cooperation Council generally. The QFC consists of the Qatar Financial Centre Authority, which is the commercial arm of the QFC, and the QFC Regulatory Authority, which is an independent regulatory body that reports directly to the Council of Ministers and regulates all financial services activities in Qatar.
The QFC Authority is responsible for developing and promoting the QFC as a leading international finance and business center and to attract banks, insurance firms, financial services, providers of professional services, and corporate head office functions to the region. The Authority has four principal objectives:
- To develop and promote the QFC as a leading location for international finance, financial services and business;
- To promote and act in accordance with international best practice and eliminate bureaucracy to the maximum extent;
- To ensure the financial stability of the QFC; and
- To participate in consultation with the QFC Regulatory Authority and the QFC Tribunal in the establishment and maintenance of the QFC legal and regulatory environment
The QFC Authority also approves and issues licenses to those wishing to incorporate or establish in the QFC; authorization from the QFC Regulatory Authority is also required.
In 2013 the Qatar Financial Centre Authority (QFC Authority) made amendments and introduced new rules in three important areas of the QFC legal environment in order to make it more attractive to foreign investors. The changes, which apply to the Insolvency Regulations, the Single Family Office (SFO) Regulations and Special Company Regulations, aim to simplify procedures and structures, give QFC firms more flexibility in their operations, improve legislative certainty and align QFC Regulations with best practice jurisdictions elsewhere in the world.