Special Purpose Companies Factsheet

FACTSHEET
SPECIAL PURPOSE COMPANIES
SPECIAL PURPOSE COMPANIES // FACTSHEET
THE QFC ADVANTAGE FOR
SPECIAL PURPOSE COMPANIES
Qatar Financial Centre (QFC) is an onshore business and
financial centre located in Doha, providing an excellent
platform for firms to incorporate and do business in Qatar
and the region. The QFC environment offers its own legal,
regulatory, tax and business infrastructure, which allows
100% foreign ownership, 100% repatriation of profits, and
charges a competitive rate of 10% corporate tax on locally
sourced profits.
These foundations have helped to foster Doha’s first-class
business environment. Indeed, Qatar is currently ranked as the
16th most business-friendly country in the World Economic
Forum Global Competitiveness Report 2014-2015. The
opportunities in Qatar for domestic, regional and international
business are considerable; as an integral part of Qatar’s
economy, the QFC is enabling firms to make the most of them.
SPECIAL PURPOSE COMPANIES (SPCs)
SPCs in the QFC are incorporated companies set up to execute
transactions. Firms can use SPCs to obtain financing for a specific
purpose while limiting shareholders’ risk or to place assets in a
structure where they can be easily managed.
SPCs in the QFC enjoy highly attractive tax rates, assistance
with setting up as well as extensive ongoing benefits. They also
enjoy the flexibility of carrying out a wide range of activities to
support the execution of different types of transactions.
SPECIAL PURPOSE COMPANIES // FACTSHEET
SPECIAL PURPOSE COMPANIES // FACTSHEET
ADVANTAGES
ACTIVITIES
• Protect and secure business interests: Business assets and
• Acquiring, holding or disposing of assets (tangible or intangible)
activities are protected under the QFC’s best-in-class legal
• Obtaining or providing financing
environment, based on English common law and including an
• Granting any type of security interest over its assets
independent judiciary.
• Entering into hedging arrangements
• Execute transactions flexibly and easily via an SPC: There
• Acting as a trust administrator for participants in a transaction
is no minimum share capital requirement for SPCs, which
can be structured in both conventional and Sharia compliant
• Providing indemnity to shareholders
forms. SPCs may also hold assets on behalf of third parties.
• Facilitating Islamic finance transactions such as Sukuk.
• Focus on core business activities: There is no need to have an
An SPC is required to appoint and retain a QFC Authority approved
audit or file financial statements and there is no requirement to
Support Services Provider to perform corporate and administrative
hold Annual General Meetings (AGMs).
services. A Support Services Provider can provide one or more of
• Fully onshore: Most SPCs are not subject to tax and advance
the following:
rulings are available on SPC tax exempt status. There is also
no withholding tax on outbound payments. Firms can deal in
• Management and administrative services
the currency of their choice and leverage Qatar’s 60+ Double
• Services as a registered agent, director, company secretary or
similar officer
Tax Treaties to their advantage.
• A registered office, place of business or address.
• Mobilise quickly: Register and launch a business efficiently
via QFC’s one-stop-shop for licensing, commercial registration,
immigration and related services. Choose from a range of office
SETTING UP AT THE QFC
locations across Doha and access a dedicated Facilities Team
to support office setup.
Setting up an SPC at the QFC is a very simple process:
• Access world-class services: A wide range of services and
advisers, legal advisers and other professionals both in the QFC
0 DAYS
advisory talent is available, including bankers, insurers, financial
and across the region.
1 CONTACT THE QFC
2 SUBMIT BUSINESS CASE
• Learn about the process and discuss your plans and needs.
• Following guidelines, describe your business and plans for
entering the market, so we can ensure that your activities
are permissible and fit within the QFC strategy.
• Receive recommendation to begin application.
3 SUBMIT APPLICATION
FOR LICENCE
30 DAYS*
4 RECEIVE LICENCE &
BEGIN OPERATION
• Supply all forms and required documentation.
• Pay application fee of US$ 5,000.
• Pay pro-rated annual fee of US$ 500 for the first year
and full fees thereafter.
• Set up in one of QFC’s 45+ designated premises.
• Receive support with immigration, IT and other set up issues.
*Subject to the timely provision of all required documentation and fees.
SPECIAL PURPOSE COMPANIES // FACTSHEET
WHERE CAN I GET
MORE INFORMATION?
Further information on activities permitted in the QFC, including
application procedures, can be obtained from the following
documents available on our website at www.qfc.qa:
• Non-Regulated Activities – Application Guidelines and
Frequently Asked Questions (FAQs)
• The QFC Law No. (7) of 2005
• QFC Authority Regulations 2006
• QFC Authority Rules 2005
• Special Company Regulations 2013
• Special Company Rules 2013.
WHO CAN I CONTACT?
The Business Development Team at the QFC Authority will be
happy to provide further information and answer any questions:
T: +974 4496 7800
E: [email protected]
While the QFC Authority makes all reasonable efforts to ensure that the information contained in this document
is accurate, complete and not misleading, no warranty, representation or undertaking of any kind whatsoever is
given by the QFC Authority. The contents of the QFC Authority Regulations and Rules may change over time.
FACTSHEET
QATAR FINANCIAL CENTRE (QFC)
PO Box 23245, Doha, Qatar • T: +974 4496 7777 • F: +974 4496 7676 • [email protected] qfc.qa • www.qfc.qa