SINGAPORE — The Qatar Financial Centre (QFC), one of the world’s leading and fastest growing onshore business and financial centres, successfully concluded its Singapore roadshow last week on 3 May 2017. Business leaders attended the event at the Marina Mandarin to learn how they can capitalise on the emergent business opportunities in Qatar and the Gulf region.
The event is a response to burgeoning interest in the Middle East among companies in Singapore. Qatar is investing heavily in infrastructure, transport, and tourism, with bilateral trade between both countries at S$45.1b in 2015.
Highlights included presentations from senior QFC representatives as well as case studies by Singapore companies that currently have operations in Qatar. These included BDO Singapore, a management-consulting firm and CrimsonLogic, an IT solutions firm. Participants also engaged in one-on-one consultation sessions with QFC’s leading experts, enabling them to gain a better understanding of the business landscape and advantages of operating businesses in Qatar.
As part of its ongoing collaboration with Qatar Tourism Authority (QTA), QFC representatives also invited attendees to explore the investment opportunities in Qatar’s tourism sector, and learn about the support provided to investors by QTA’s Tourism Investment Promotion Unit, which works to facilitate access among investors, local and international talent, and government authorities.
Yousuf Mohamed Al-Jaida, QFC Authority Chief Executive Officer, said: “Our roadshow provides the ideal opportunity for Singapore investors and businesses to discuss investment opportunities in Qatar, and get acquainted with the support we provide our firms to expand globally. Our discussions have been very productive and we are confident that they will contribute positively to further enhance the relations between Qatar and Singapore.”
His Excellency Abdullah Bin Ibrahim Abdulrahman Sultan Al-Hamer, Ambassador of the State of Qatar in Singapore, who was Guest of Honour at the event, added: “Singapore and Qatar have an outstanding bilateral relationship, reinforced by High-Level Joint Committee meetings and a free trade agreement with the Gulf Cooperation Council – the first country outside of the Middle East to be a signatory.
This bilateral cooperation is evidenced by a number of major infrastructure projects already underway in Doha and elsewhere in Qatar. As preparations for the 2022 FIFA World Cup pick up pace, I am confident that there will be many more opportunities for Singaporean businesses in Qatar, across urban planning, architecture, engineering, information communications technology and other areas in which Singapore excels.”
QFC endeavours to promote Qatar as a lucrative destination for Singapore companies. Once a company submits its application, a dedicated relationship manager from QFC guides the company through the process of registering, obtaining a license, and setting up operations in Qatar. Companies also enjoy benefits such as operating businesses within a legal environment based on English common law, the right to trade in any currency, 100% foreign ownership, 100% repatriation of profits, 10% corporate tax on locally sourced profits, and an extensive double tax treaty agreement network with 60+ countries, including Singapore.
The QFC Roadshow – Singapore is part of an initiative that seeks to strengthen the bilateral, economic, and commercial cooperation between the two countries and to explore opportunities for firms to expand in the Middle East through the QFC platform.