The Government of Qatar in 2005 established its very own financial and business centre known as the Qatar Financial Centre (QFC). Their objective is to grow and develop the financial services sector in Qatar and in the region by seeking to attract insurance banking, international banking and other financial services to domestic and international firms. These services offered are under a legal and regulatory regime that meets international best practice.
The Qatar Financial Centre (QFC) has become one of the major leaders of domestic, regional and international growth in Qatar and is now a leading financial and business hub. Some of its main benefits include:
- Full onshore and dealing in any currency
- Local business benefits
- 10% tax rate on locally sourced profits
- 100% foreign company ownership
- Provide a foundation for both domestic and international firms.
The Qatar Financial Centre Regulatory Authority is the commercial and strategic support of the QFC. It is established to ensure that all the firms and individuals are complying with all QFC regulations, key QFC functions and deals with application from non-regulated organizations. It has built a principles-based rules and regulations that are aligned with widely used common law, embracing transparency, accountability and predictability.
All QFC-licensed firms have a tax regime which is based on the principles of transparency, efficiency and fairness. They illustrate and apply features that other tax regimes use, however QFC tax legislation is clearly set out in order to implement the best-in-class system that will help cause a balance between its fiscal objectives and the needs of licensed firms.
For complete information on all the processes and procedures for QFC Freezone
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