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 cross fertilisation 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.

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: QNA

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Binu Cherian

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