Hong Kong businesses drawn to Qatar

 29 Oct 2017 - 10:12

Hong Kong businesses drawn to Qatar

The Peninsula

Key representatives from the Qatar Financial Centre (QFC) Authority recently met with Hong Kong based investors and businesses looking to expand to Qatar.

Meetings also occurred with trade entities, including the Chinese General Chamber of Commerce Hong Kong, Hong Kong Trade Development Council, Hong Kong General Chamber of Commerce and Invest Hong Kong.

The meetings, led by HE Sheikha Alanoud bint Hamad Al Thani, Managing Director, Business Development at the QFC Authority, follow the successful QFC Asia Roadshows, which were held earlier this year in Hong Kong and Singapore.

“We’ve seen a lot of interest from companies in Hong Kong and our discussions were very productive in showcasing why the QFC is the perfect platform to expand from east to west and west to east,” explained Sheikha Alanoud.

“It also gave us the opportunity to discuss how to further collaborate and build a working relationship between the QFC and governmental business and investment trade entities,” she added.

Sheikha Alanoud stated: “Hong Kong and Qatar have a historical friendly relationship and we are committed to continue working with our friends and partners in Hong Kong to further develop and diversify our economy and strengthen the growing ties between the two regions.” 

She concluded: “We are confident that we will be welcoming a host of companies from the Chinese market in the near future.”

Qatar is experiencing a flourishing relationship with Hong Kong and China as trade relations continue to grow, and Chinese companies look to expand their businesses to the Middle East. 

Bilateral trade between Qatar and Hong Kong stood at $196m in 2016, and the ‘One Belt, One Road’ initiative is further helping to strengthen the relations between both regions.

The recent Hong Kong meetings are part of the QFC’s international programme to promote Qatar as a lucrative destination for companies looking to expand their operations to the Middle East.

Once a company submits its application, a dedicated QFC relationship manager is appointed to provide guidance on the registration process, obtaining a license and setting up operations.  

QFC firms enjoy competitive benefits, such as operating within a legal environment based on English common law, the right to trade in any currency, 100 percent foreign ownership, 100 percent repatriation of profits, 10 percent corporate tax on locally sourced profits, and an extensive double tax treaty agreement network with 60+ countries, including Hong Kong.