QFC Law No. 7 of 2005

Regulation 2005

Qanun Markaz Qatar lil-Mal

Issued by Qatar Financial Centre Regulatory Authority

Effective: 1 May 2005

Last amended: 20 Oct 2014

Plain-English summary

The QFC Law No. 7 of 2005 is the fundamental piece of legislation which has set up the Qatar Financial Centre (QFC) in Doha as an attraction for international investments [QFC Law No. 7 of 2005]. Passed by the Amir and fully effective since May 1, 2005, the law has instituted an onshore independent business zone based on a separate system of English common law fully distinct from civil laws and Sharia laws of mainland Qatar [QFC Law No. 7 of 2005]. In order to stimulate international trade and commerce, 100% foreign corporate ownership, full capital and profit remittance, and total immunity from state expropriation are provided. The legislation distributes administrative jurisdiction among the commercial QFC Authority (QFCA) and the separate financial supervisor, QFC Regulatory Authority (QFCRA) [QFC Law No. 7 of 2005]. An exclusive offshore court system has been instituted under the framework–the QFC Civil and Commercial Court and the Regulatory Tribunal- whose verdicts are binding nationwide. The recent optimization of the legal structure was achieved through Law No. 16 of 2024 (passed on October 20, 2024).

Who it applies to

Banking · Insurance · Asset & Wealth Management

Topics

Prudential & Capital Conduct & Consumer Protection AML / CFT / Sanctions

Official source

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