QFC in part­ner­ship with Isda holds con­fer­ence on spe­cial pur­pose com­pa­nies

Gulf Times Business - - BUSINESS -

The Qatar Fi­nan­cial Cen­tre (QFC), in part­ner­ship with the In­ter­na­tional Swaps and De­riv­a­tives As­so­ci­a­tion (Isda), held a con­fer­ence on the process of set­ting up spe­cial pur­pose com­pa­nies (SPC) on its plat­form.

The con­fer­ence comes in light of the QFC’s recog­ni­tion by Isda as an ef­fec­tive net­ting regime in July 2018, as well as Isda’s pub­li­ca­tion of a pos­i­tive le­gal opin­ion to its mem­bers that iden­ti­fies the QFC as a net­ting-friendly ju­ris­dic­tion. The le­gal opin­ion con­firms that fi­nan­cial net­ting ar­range­ments un­der the Isda Mas­ter Agree­ments are en­force­able in the QFC.

Key speak­ers at the con­fer­ence in­cluded Henk Jan Hoogen­doorn, man­ag­ing di­rec­tor, Fi­nan­cial Sec­tor Of­fice at QFC; Dr Peter Werner, se­nior coun­sel, Isda; Habib Motani, part­ner, Clif­ford Chance Lon­don; and Ishaq Bur­ney, gen­eral coun­sel at QFC.

The event dis­cus­sions fo­cused on SPC reg­u­la­tions and high­lighted the sim­ple and stream­lined process for set­ting up SPCs with the QFC, which in­cludes sub­mit­ting a busi­ness case to the QFC, fol­lowed by a com­pleted ap­pli­ca­tion af­ter which busi­nesses can re­ceive their li­cence and be­gin op­er­a­tions.

Hoogen­doorn said, “Isda’s recog­ni­tion of the QFC as an ef­fec­tive net­ting regime ear­lier this year was a sig­nif­i­cant mile­stone and recog­ni­tion for Qatar’s fi­nan­cial mar­ket in­fra­struc­ture and the world-class le­gal frame­work es­tab­lished by the QFC.”

He added: “We are com­mit­ted to en­sur­ing that es­tab­lish­ing spe­cial pur­pose com­pa­nies on the Qatar Fi­nan­cial Cen­tre plat­form is a seam­less ex­pe­ri­ence and look for­ward to work­ing closely with all busi­nesses in­ter­ested in util­is­ing our unique and highly-ben­e­fi­cial struc­ture.”

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 li­cense 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 more than 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 Or­gan­i­sa­tion (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.

From left: QFC gen­eral coun­sel Ishaq Bur­ney; Clif­ford Chance Lon­don part­ner Habib Motani; Isda se­nior coun­sel Dr Peter Werner, and QFC Fi­nan­cial Sec­tor Of­fice man­ag­ing di­rec­tor Henk Jan Hoogen­doorn dur­ing the event.

Newspapers in English

Newspapers from Qatar

© PressReader. All rights reserved.