DOHA: Domestic firms make up 24 percent of active licensed firms at Qatar Financial Centre (Authority). In 2013, 29 percent of firms which received QFC licences were domestic firms. Many of these domestic firms are increasingly using the QFC’s world-class platform to take advantage of business opportunities outside Qatar, QFC Authority said yesterday.
At the end of the year, the QFC had 144 active licensed firms; of which 65 were regulated and 79 non-regulated. “Since its inception in 2005, the QFC Authority has offered domestic and international firms a world-class environment to conduct business in or form the QFC. This is underpinned by a strong legal system based on English Common Law, regulations which are clearly defined and competitive tax regime,” said H E Ali Sherif Al Emadi, Minister of Finance commented in the annual review note of QFC.
The QFC continued to attract domestic regional and international firms in 2013. Notably, domestic firms are increasingly taking advantage of the QFC’s environment, especially to conduct business outside Qatar. “During 2013, 29 percent of firms granted licences to operate in the QFC were domestic firms and at the end of the year 24 percent of all active licensed firms were domestic. During the year, 14 new firms were licensed in total, enabling them to access the benefits of the QFC’s best-in-class environment. In particular, a growing number of non-regulated firms are taking advantage of the opportunities created by Qatar’s growth and 10 new non- regulated firms received QFC licences in 2013”, said Shashank Srivastava, Chief Executive Officer and Board Member of QFCA.
In 2013, the QFC Authority continued to provide market insights for both its licensed firms and the wider market through a series of major publications, research studies and events. The QFC also released reports on asset management, insurance, reinsurance and wealth management, he said.
During 2013, the QFC Authority made significant progress in attracting more domestic and non-regulated firms. By the end of 2013, 181 firms had been licensed to operate within the QFC since its inception and there were 144 active firms, bringing $12.6bn of capital onshore. The Peninsula
