“The QFC is looking towards developing existing partnerships in important markets such as Bangladesh; and today marks a significant stride taken towards the growth of this important partnership,” QFC Authority chief executive Yousuf Mohamed al-Jaida told Bangladesh Forum Qatar (BFQ) in the presence of Minister of State for Foreign Affairs of Bangladesh, Md Shariar Alam.
The BFQ is a non-profit business council founded by Bangladeshi professionals in Doha aimed at promoting the continued growth and development of trade and investment between Qatar and Bangladesh. It joins other business councils from around the world, already registered and licensed by the QFC, including the Canadian, Singaporean, Portuguese, and Spanish business councils, as well as many others.
Alam said Bangladesh, with a population of 165mn and a mobile penetration of 85%, offers “huge potential to Qatar, which has one of largest sovereign funds in the world, as well as many other private funds.”
“The QFC welcomes BFQ to our platform. We are confident that this is a great step that will help the continued development of long and fruitful relations between Bangladesh and Qatar,” al-Jaida said, expressing the hope that as a business council, BFQ will play a key role in facilitating bilateral investment between the two countries.
QFC, a hybrid onshore centre, has already put in place a five-year strategy through which it aims to triple FDI flows from its registered firms to more than QR200bn by 2022.
This is an initiative of BFQ, a professional think tank consisting of Bangladeshi expats working and doing business in Qatar with a view to promoting trade and investment between both the countries and help integrate Bangladeshis into Qatari society, said Iftekhar Ahmad, President of BFQ.
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 licence and offers support in matters related to operating a business in Qatar.
The 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.