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QFC Signs MoU With Indian Reserve Bank

by Lorys Charalambous, Tax-News.com, Cyprus

11 August 2011


On August 4 the Reserve Bank of India (RBI) and the Qatar Financial Centre (QFC) Regulatory Authority signed a Memorandum of Understanding (MoU) to promote greater co-operation and the sharing of supervisory information between the two regulators.

The QFC Authority provides a sustainable platform for regional growth in financial services, focusing in particular on reinsurance, captives and asset management.

It is currently spearheading the expansion of the financial services sector in Qatar, building on the country’s existing assets and playing a central role in Qatar’s long-term diversification strategy.

The MoU was signed at RBI’s Central Office Building in Mumbai by P. Vijaya Bhaskar, RBI Executive Director, and Michael Ryan, QFC Regulatory Authority Deputy Chief Executive Officer.

Ryan said: “We are very pleased to enter into this agreement with the RBI. It establishes an important framework for greater economic activity between Qatar and India, and it provides us, as regulators, with the level of information and cooperation that we need to ensure the safety and soundness of our institutions and to facilitate greater economic ties between our countries.”

The QFC Authority is the commercial arm of the QFC. Set up by the government of Qatar in 2005, the QFC consists of an independent financial regulator, the QFC Regulatory Authority, and an independent judiciary comprising a Civil and Commercial Court and a Regulatory Tribunal.

The favourable business environment created by the QFC and the QFC Authority enables firms to quickly establish a physical presence in Qatar and the region. Business can be carried out inside or outside Qatar, in local or foreign currency. The QFC allows 100% ownership by foreign companies, and all profits can be remitted outside of Qatar. There is a low flat rate of income tax on business profits of 10% for QFC firms.

TAGS: tax | India | banking | financial services | insurance | Qatar | agreements | memorandum of understanding (MOU) | services

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