The Qatar Financial Centre (QFC) has joined the World Alliance of International Financial Centres (WAIFC), a non-profit organisation established to facilitate strategic cooperation among financial centres, exchange of best practices and to initiate dialogues with public authorities.
As an alliance, the WAIFC members will facilitate crossfertilisation among international financial centres, promote the importance of financial centres to local and international economies and focus on projects that advance sustainable economic development.
As part of WAIFC, the QFC will share its unique business model and expertise in maintaining a world-class legal, regulatory, tax and business infrastructure that stimulates the growth of local and foreign businesses. The QFC will also impart successful endeavours and initiatives in different financial sectors including Islamic Finance, Fintech, Asset Management, and Capital Markets.
Yousuf Mohamed Al Jaida, Chief Executive Officer at QFC Authority, said:
“The QFC is pleased to join this esteemed alliance to further advance its goals of promoting Qatar as an attractive business destination, as well as contribute towards sustainable global development through equitable financial practices and bold business initiatives. Becoming a member of the alliance is also a testament to the international global standards set by the QFC.”
He added: “As a new member, we look forward to joining other international financial centres in promoting sustainable economic growth by building investment infrastructures that encourage and grow entrepreneurial ventures, spreading financial literacy and leveraging innovations to advance financial inclusivity.”
Arnaud de Bresson, Chairman at WAIFC, said: “We are very pleased that the Qatar Financial Centre has joined our association, representing leading financial centres on a global scale. WAIFC members can learn from the QFC’s vast experience in building up a world-class financial centre in Doha, with state-of-the-art infrastructure and a sound legal and regulatory framework. Furthermore, Qatar has always been at the forefront of talent development, a topic that we just discussed in the last meeting of our FinTech Initiative, and which is of utmost importance in the rapidly changing financial sector. All our members are very much looking forward to working closely together with the QFC.”
WAIFC, which was launched in October 2018, currently has 13 members including, Frankfurt Main Finance, Luxembourg for Finance, Moscow International Financial Center, Paris Europlace, Toronto Finance International, Astana International Financial Center Authority, Belgian Finance Club, Busan International Financial City Promotion Center, Capital Market Authority of Oman, and the QFC.
The QFC is an onshore business and financial centre, providing an excellent platform for firms to do business in Qatar and the region.
It is an onshore jurisdiction that allows registered companies to 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 taxation avoidance agreement network with 81 countries.
Source The Peninsula