COMPANIES REGISTRATION OFFICE, QATAR FINANCIAL CENTRE
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1 COMPANIES REGISTRATION OFFICE, QATAR FINANCIAL CENTRE Abdul Rasheed KP Companies Registration Office Manager Prepared for:
2 QATAR One of The World s Fastest Growing Economies Leading Exporter of LNG One of the Highest GDP per Capita Multi-Billion Dollar Projects Underway
3 18 TH MOST COMPETITIVE ECONOMY WORLDWIDE Most Peaceful in the Middle East 34 th Worldwide Global Peace Index nd Most Network Ready in the Middle East 27 th Worldwide Network Readiness Index nd Most Competitive in the Middle East 18 th Most Competitive Economy Worldwide Global Competitiveness (WEF) Strongest Economic Growth in the GCC in 2016 Moody s Investors Services Outlook Top 5 Financial Centre in the Middle East 40 th Worldwide GFCI September rd Most Innovative in the MENA Region 50 th Worldwide Global Innovation Index 2015
4 MAJOR INFRASTRUCTURE INVESTMENTS Lusail City Doha Metro Expressways Programme Target Investments US$ 45Bn Estimated population 450,000 Target Investments US$ 21Bn Target Investments US$ 20Bn 212km of metro network across Doha 900km of new roads Hamad Port Target Investments US$ 7.4Bn One of the world s largest port developments Source: MEED Projects Database, March 2016; Standard & Poor's Ratings Services
5 2022 FIFA WORLD CUP Stadiums (US$ 4Bn) Accommodation (US$ 12.4Bn) Transportation (US$ 71.1Bn) Source: MEED Projects Database and Qatar Megaprojects 2015 Report
6 QFC OVERVIEW QFC REGULATORY LEGAL AND TAX CRO DISPUTE RESOLUTION Regulates, authorises and supervises QFC firms conducting financial services Manages and maintains the QFC legal and tax environment Licenses firms to conduct business in or from the QFC Incorporates/Registers entities Maintains public register Processes filings from QFC firms QFC Civil And Commercial Court QFC Regulatory Tribunal ADR Centre 6 QFC legal platform
7 WHY QFC? Legal & Judicial Framework Ease of Setup Full Ownership Client Community Onshore Environment Tax Environment Date 7 of Presentation
8 COMPETITIVE LEGAL REGIME Transparent, accessible and predictable operating environment based on English common law QFC LEGAL REGIME Consultative process that enables all stakeholders, including QFC firms, to voice their opinions on QFC legislation Access to an independent judiciary (QICDRC) Continuous review and enhancement legislative framework `
9 COMPETITIVE LEGAL AND TAX REGIME Tax rate of 10% on locally sourced profits only No withholding tax on payments out of Qatar DTA with 60+ countries QFC TAX REGIME No personal income tax or wealth tax Cash reimbursement for tax losses ` Advance ruling service Several Exemptions
10 BROADENED PERMITTED ACTIVITIES REGULATED ACTIVITIES NON-REGULATED ACTIVITIES Banking (Re)Insurance/ Broking Asset Management Company & Trust Administrati on Services LLC(G)s Holding Company Treasury Operations Islamic Finance Captive Insurance Fiduciary Businesses Company HQs Trust Services SPCs Management Offices SFOs Professional & Business Services
11 1 1 Presentation title in footer COMPANIES REGISTRATION OFFICE The Companies Registration Office (CRO) was created pursuant to Article 7 of Law no. 7 of 2005 (QFC Law) as a separate legal entity, within the QFC Authority.
12 1 2 Presentation title in footer TYPE OF LEGAL ENTITIES
13 SETTING UP IN THE QFC No minimum capital requirement Single window registration, authorisation and licensing Standard Articles of Association available for most type of entities Minimum and hassle free documentation requirements All applications and filings are online English is the official language QFC firms to have their offices and place of principal activities to be conducted from QFC designated premises
14 QFC REGISTRATION PROCESS REGULATED FIRMS QFCRA Companies Registration Office Internal processes of the QFCRA QFCRA authorizes the firm to conduct regulated activities. CRO Incorporate/Register entities within the QFC QFCA Licensing Department Issue License to the firm to conduct the authorized activities Incorporated/ Registered, Authorised and Licensed Ready to do business CRO has incorporated firms within ½ business day 1 4 QFC registration process
15 QFC REGISTRATION PROCESS NON REGULATED FIRMS Business Development Team Licensing & Company Registration Team Introduce QFC environment Understand applicant business and its match with QFC objectives Explain application process Request applicant business case Licensing Conduct detailed evaluation of proposed QFC business including fitness and propriety CRO Incorporate/Register entities within the QFC Licensed & Incorporated/ Registered Ready to do business Turn around time for licensing and incorporation/registration: 5 working Days CRO has incorporated firms within ½ business day 1 5 QFC registration process
16 FEES
17 ANNUAL FILINGS (TIME-DRIVEN)
18 EVENT-DRIVEN FILINGS (AD HOC) EVENT-DRIVEN FILINGS VARIES FROM ENTITY TO ENTITY AND GENERALLY INCLUDES: Change of name Change of Office Change of Directors, Secretary, Significant Shareholders Change of Financial Year End Amendment of Articles of Association Appointment of Auditor Submission by: QFC E-service Portal Time limit: Varies (Mostly 21 days) Fees: Varies (Mostly US$200)
19 1 9 Compliance On time filings ON-TIME FILING OVER THE YEARS THE PERCENTAGE OF FIRMS FILING ON-TIME HAS SIGNIFICANTLY INCREASED 100% 90% 98% 98% 90% 80% 79% 70% 64% 60% 50% 40% 30% 20% 10% 0% Average 2012 Average 2013 Average
20 ENSURING ACCURACY OF THE PUBLIC REGISTER CRO FACILITATES THE FOLLOWING ACTIONS TO MAINTAIN THE PUBLIC REGISTRY: Financial penalties for late submissions and non-compliances The maximum fine is set out in the Regulations Normally 20% of the maximum fine for a breach with an additional 10% for each additional month of delay (up to the maximum fine provided for in the applicable regulations) Orientation session for newly registered firms In-depth help-guides on compliance requirements Designated Helpdesk Periodical Town Hall presentations on compliance requirements Penalty Guidance Note Waivers/Modifications can be requested Objections to Penalty 2 0
21 RECENT DEVELOPMENTS: INTRODUCTION OF QFC INVESTMENT CLUBS QFC Investment Clubs Regulations and Rules were issued in 2016 Investment Clubs are LLCs by nature No authorisation is required from the QFCRA Its main function is to pool contributions of members to invest and manage portfolios of Assets and Securities. It allows groups of friends to jointly pool and invest their assets though this needs to be done not by way of business 2 1
22 NATURE OF INVESTMENT CLUBS MAIN DIFFERENCES BETWEEN A REGULAR QFC LLC AND AN INVESTMENT CLUB LLC Investment Club Shareholders Minimum: 1 No maximum Minimum: 2 Maximum: 15 General Meetings Minimum 1 in a year Minimum 4 in a year Share Transfers Require no approval from QFCA Require QFCA s approval 2 2
23 THANK YOU
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