The Qatar Financial Center (QFC) is expecting more special purpose companies (SPCs) under its fold to offer whole range of business support.
"We are proud to be home to 65-plus SPCs and expect this number to continue to grow," the QFC Authority chief executive Yousuf Mohamed al-Jaida told Gulf Times.
The SPCs' permitted activities include granting any type of security interest over its assets; to acquire, hold or dispose of assets (tangible or intangible); to obtain or provide financing; to enter into hedging arrangements; to act as a trust administrator for participants in a transaction; to provide indemnity to shareholders; and to facilitate Islamic finance transactions such as sukuk.
The SPCs operating in the QFC already enjoy highly attractive tax rates and assistance with setting up and other benefits, including the flexibility of carrying out a wide range of activities to support the execution of different types of transactions, he said, adding "this will continue to be the case post Covid-19."
According to Pinsent Masons, a global law firm, said SPCs have been used extensively by businesses in Qatar for a variety of purposes including asset financing transactions, securitisations, sukuk issues and leasing, but a vast majority of these entities were earlier established in overseas jurisdictions, remote from Qatar.
Most special purpose companies are not subject to tax and advance rulings are available on their tax-exempt status, the QFC said.
Qatar’s value proposition in its mission to attract foreign investors has been its multi-faceted business environment that enables firms to do business through different structures, in a complementary thriving ecosystem that caters to businesses in different fields, according to al-Jaida.
"Given the current circumstances, it is vital that we continue to work closely with our stakeholders and continuously evaluate incentives and initiatives that could attract foreign direct investment in Qatar in line with the evolving situation in Qatar and globally, " he said.
The QFC, in its 2017-22 roadmap, had outlined strategies to triple FDI and hence held many roadshows the capitals across the world.
The QFC is currently in the process of planning a virtual roadshow to connect with prospective clients in key markets abroad.
"This is one such example where our stakeholders will play a crucial role in offering potential investors a holistic view of market opportunities in Qatar along with the QFC," he said.
The QFC’s unique platform has allowed it to attract a vibrant business community of firms from all over the world across a variety of financial and non-financial sectors.
This has created a community of over 3500 people, with combined total assets under management of over $20bn.
The SPCs' permitted activities include granting any type of security interest over its assets; to acquire, hold or dispose of assets (tangible or intangible); to obtain or provide financing; to enter into hedging arrangements; to act as a trust administrator for participants in a transaction; to provide indemnity to shareholders; and to facilitate Islamic finance transactions such as sukuk.
The SPCs operating in the QFC already enjoy highly attractive tax rates and assistance with setting up and other benefits, including the flexibility of carrying out a wide range of activities to support the execution of different types of transactions, he said, adding "this will continue to be the case post Covid-19."
According to Pinsent Masons, a global law firm, said SPCs have been used extensively by businesses in Qatar for a variety of purposes including asset financing transactions, securitisations, sukuk issues and leasing, but a vast majority of these entities were earlier established in overseas jurisdictions, remote from Qatar.
Most special purpose companies are not subject to tax and advance rulings are available on their tax-exempt status, the QFC said.
Qatar’s value proposition in its mission to attract foreign investors has been its multi-faceted business environment that enables firms to do business through different structures, in a complementary thriving ecosystem that caters to businesses in different fields, according to al-Jaida.
"Given the current circumstances, it is vital that we continue to work closely with our stakeholders and continuously evaluate incentives and initiatives that could attract foreign direct investment in Qatar in line with the evolving situation in Qatar and globally, " he said.
The QFC, in its 2017-22 roadmap, had outlined strategies to triple FDI and hence held many roadshows the capitals across the world.
The QFC is currently in the process of planning a virtual roadshow to connect with prospective clients in key markets abroad.
"This is one such example where our stakeholders will play a crucial role in offering potential investors a holistic view of market opportunities in Qatar along with the QFC," he said.
The QFC’s unique platform has allowed it to attract a vibrant business community of firms from all over the world across a variety of financial and non-financial sectors.
This has created a community of over 3500 people, with combined total assets under management of over $20bn.
