QFC Discusses Qatar's Business Climate at the Qatar Business Law Forum & Awards
The Qatar Financial Centre (QFC) one of the world's leading and fastest growing onshore business and financial centres, participated in the third Qatar Business Law Forum & Awards, which was hosted by LexisNexis in partnership with the Ministry of Commerce and Industry (Department of Legal Affairs), Qatar University (College of Law), and the Association of Corporate Counsel (ACC) Middle East.
During the forum, the QFC CEO Yousuf Mohamed Al-Jaida conducted a presentation entitled "Qatar Business Climate and the Role of the QFC Platform", focusing on Qatar's economic development, the QFC's role in strengthening the economy, and the many unique benefits offered by the QFC platform.
Moderated by Mubarak Al Sulaiti, Chairman, Al-Sulaiti Law Firm, other panel speakers included Sheikh Thani Bin Ali Al-Thani, Founder, Thani Bin Ali Al-Thani Law Firm, Dr. Yassin El Shazly, Assistant Professor, Qatar University and Legal Counsel, Ministry of Commerce and Industry, and Hussam Tantawy, Senior Legal Consultant & General Manager, Al-Sulaiti Law Firm.
Another key highlight of the event was the signing of a memorandum of Understanding (MoU) between the QFC and LexisNexis, a leading global provider of legal, regulatory and business information and analytics. The agreement promotes mutual collaboration on a number of key areas, including providing firms licensed on the QFC platform with special advantages within the LexisNexis range of services, including free trial access to certain services, discounted subscriptions, and a number of other benefits.
Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC Authority said: "The Qatar Business Law Forum & Awards provides a valuable platform for the Qatar Financial Centre (QFC) to join other key decision makers to discuss key legal matters that impact the local business environment. Our participation in the event serves as an indicator of the economic importance of the QFC platform and its contribution to supporting business set-up and growth."
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 accredited by the International Labour Organization (ILO), providing conciliation and adjudication services free of charge to help resolve workplace conflicts. The ESO is fully aligned with the Qatar National Vision 2030 and aspires to promote international best practices in the field of human capital.