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Dubai Chamber has Announced Establishing New Zealand Business Council
  • Newsletter, U.A.E

Dubai Chamber has Announced Establishing New Zealand Business Council

Dubai Chamber of Commerce and Industry has recently announced forming of the New Zealand Business Council (NZBC) in Dubai for strengthening the relations between UAE and New Zealand and expanding their bilateral economic ties.

The New Zealand Business Council has become the 50th country-specific trade council to be formed in Dubai in the aegis of Dubai Chamber. About 100 New Zealand companies are members of this Council and they operate in an array of economic sectors like healthcare, trade, legal services, public relations, education, food and beverage, agriculture, aviation, hospitality and tourism.

This was announced during the inauguration ceremony held at Dubai Chamber’s head office and was attended by the Honorary Mr. Kevin Mckenna, who is New Zealand’s Consul General in Dubai & Trade Commissioner Gulf States; Mr. Clayton Kimpton, who is the Commissioner General for New Zealand Pavilion at Expo 2020; Mr. Hassan Al Hashemi, who is the Vice President of International Relations for Dubai Chamber; and several representatives from New Zealand companies established in Dubai.

Non-oil business between Dubai and New Zealand has been expanding in recent years and has reached AED 2 billion in 2018, and this was enhanced by the growing export of food products from New Zealand into the Emirate. The UAE ranks as one of New Zealand’s biggest trading partners, and this new council will augment bilateral cooperation especially in new economic areas, and both these business communities will reap benefits from New Zealand’s involvement in Expo 2020 in Dubai.

Mr. Al Hashemi talked about the importance of trade groups and councils in assisting Dubai’s economic development and competitive edge by offering their capabilities, expertise, and resources and valuable ideas on business and business setup in Dubai.

Dubai Chamber is a facilitator for trade groups and all the councils in Dubai and it aims to advance business between the trade communities of Dubai and improve ties between Dubai and several other countries globally.

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Is Singapore VCC Going to Change the Game for FDI in India
  • Newsletter, Singapore

Is Singapore VCC Going to Change the Game for FDI in India?

Singapore’s VCC (Variable Capital Company) framework has been a major development for investment fund industry looking for investing in India and also in whole of Asia-Pacific. Especially from India’s point view, the VCC regime can be a game-changer.

Singapore ranks as a significant global hub particularly for the asset management industry, due to its AUM (Assets under Management) shooting up to $2.4 trillion. It has also become one of the countries who are investing the most in India, with its cumulative FDI gong over$73 billion and its portfolio investment crossing $37 billion.

However, most of the funds handled by managers based out of Singapore are pooled or domiciled out of Singapore because of there is no flexible corporate vehicle available. To tackle this, Singapore is launching a corporate vehicle named the Variable Capital Company (VCC). The good news is that the VCC framework is cleared by the Singapore Parliament and would be operational early this year.

The corporate framework

The VCC framework is intended just for fund industry as it’s compulsory to appoint a Singapore-regulated fund manager along with an independent custodian.

A VCC is typically alike a conventional business in terms of a board of directors, share capital with limited liability, and other features. In addition, to aid investors’ entry and exit, the VCC framework offers additional flexibility:

  • It can distribute out of its capital to shareholders in case it makes no profits or has reserves;
  • Its shares are allowed to be redeemed regularly or even bought back without having to seek shareholder approval every time;
  • Its paid-up capital’s value is always considered equivalent to its NAV and its shares should be issued, redeemed and even repurchased at such NAV; and
  • Other than various classes of shares, VCCs are allowed to issue bonds and debentures listed on stock exchanges;


VCCs could be established either as a single standalone fund or it could be an umbrella fund. A standalone fund gets to enjoy all the features of the VCC framework, however, an umbrella fund has an advantage of making two or higher sub-funds where the assets and liabilities are totally segregated, that is, losses of a sub-fund would not impact other sub-fund’s NAV.

The structure of an umbrella fund helps a big fund manager gain through economies of scale as they save operational and other compliance costs connected to establishing multiple corporate vehicles.


The taxation framework

A VCC is treated as a single entity for tax purposes. If it’s an umbrella VCC, the sub-funds are not needed to assume different tax compliance. Also, a VCC should be made eligible to utilize Singapore’s tax treaty network wherever it is taken as a Singapore tax resident who has based the ‘control and management’ in Singapore.

Regarding incentives, a VCC is entitled to apply for all tax exemptions offered to other funds handled by a fund manager based in Singapore. The exempt VCCs would also be entitled for GST remissions thus decreasing the Singapore GST incidence particularly on management fees to a tiny fraction. Fund managers are qualified to request for 10% concession of tax rate in terms of their fees from VCCs.


Re-domiciliation of current overseas funds operating in Singapore

The current offshore funds which have a framework like VCC would be allowed to be re-domiciled in Singapore. In case the overseas fund is not similarly structured as a VCC, in that case, restructuring could be explored before re-domiciliation.

This is likely to provide enhancement to local domiciliation of the investment funds in Singapore.

VCCs in Indian context

India-Singapore tax treaty was recently revised to remove the tax exemption of capital gains particularly on Indian company’s sale of shares. The treaty continues to offer grandfathered exemption especially for cash equity investments that were made till March 31, 2017. It also still exempts the profits from other financial instruments like bonds, derivatives instruments, debentures, etc.

The VCC framework offers an efficient method to deal with so many challenges posed to investment funds. After the framework is successful, fund managers can pool funds in Singapore only. In addition, the VCC would also have an investment manager, administrator and custodian based in Singapore, which will majorly reinforce the commercial substance for investment funds and support the case for treaty entry in this post-BEPS age.

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  • Newsletter, U.A.E

The New DIFC Companies Regime is in Effect Now

Recently, the DIFC introduced the new companies’ regime under the Companies Law (DIFC Law No. 5 of 2018), and also as per the Operating Law (DIFC Law No. 7 of 2018), and Companies Regulations and Operating Regulations (together the ‘New Legislation’), which became applicable on 12th November 2018.

The New Legislation is a replacement of the earlier Companies Law (DIFC Law No. 2 of 2009) and the operating regulations and it revised several areas regarding registration and operation of businesses in the DIFC.

The New Legislation was awaited by various small and medium size private companies that are limited by shares, including their shareholders and directors, and legal and financial experts advising businesses considering DIFC as the area in which to function or those who are already functioning in the DIFC.

These changes are specifically aimed at:

  1. Providing more flexibility to firms functioning in the DIFC;
  2. Depending more on enterprise-level internal audits and balances;
  3. Ensuring the discretion of the board of directors; and
  4. Prescribing a strong sanctions’ regime in case businesses don’t conform to DIFC law.

Likewise, in some other jurisdictions internationally, the role of Registrar of Companies’ (‘ROC’) would be to oversee and monitor if companies are complying with DIFC law.


Major Changes in the Previous Companies Regime

The main changes to the previous regime that was introduced under the Companies Law and Regulations relate to the following areas:

  1. types of companies/classification;
  2. articles of association;
  3. duties; and
  4. that can be imposed by the DIFC ROC especially in case of non-compliance with the New Legislation.


Types of Companies and Classification
Earlier, there were two ways to incorporate a company in the DIFC- a limited liability company or a company limited by shares.

Now, limited liability companies are no longer there and the only firms that can function in the DIFC are the ones limited by shares: be it private and public.


What Happens to Current Limited Liability Companies (‘LLC’)?
The ROC will direct every LLC registered under the DIFC for conversion to either a private or to a public company limited by shares so as to be in compliance with the New Legislation.


Private Company Limited by Shares (‘Ltd.’)

Just as the earlier company limited by a shares vehicle, the name that is approved for a private firm limited by shares as per New Legislation should also have the word ‘Limited’ or ‘Ltd.’ In the end. But, there are major changes in this structure to the earlier Ltd. structure, which specify the below requirements:

  1. no requirement of minimum share capital;
  2. at least one director; and
  3. company secretary remains optional.


Public Company Limited by Shares (‘Plc’)

The approved name of a public company that is limited by shares should end in ‘Public Limited Company’ or ‘PLC’. A PLC as per the New Legislation has:

  • no limitation for the number of shareholders;
  • a requirement of the minimum share capital of USD 100,000;
  • at least two directors; and
  • at least one secretary.


Articles of Association

A new standard of DIFC Articles reflecting the provisions of the New Legislation is also introduced. The need for a legal opinion to be given along with modified Articles of Association is now replaced with incorporator’s statement (for preliminary Articles) or the director’s certification (in case of post-incorporation changes) of compliance with DIFC law concerning the projected amendments to the Articles.

Directors’ Duties

The New Legislation also introduces several duties by which the directors should abide. They are:

  • acting within the given powers;
  • promoting the success of the business;
  • exercising autonomous judgment;
  • exercising rational care, ability and diligence;
  • avoiding any conflicts of interest;
  • not accepting any benefits from third parties; and
  • declaring concern in a planned transaction or arrangement.


Fines

For ensuring that the companies follow the provisions of the New Legislation, some administrative fines have been introduced, which are levied and which range from USD 2,000 to 30,000.

To conclude, the New Legislation further improves the legislative regime of the DIFC, offering the current DIFC companies and the new investors more flexibility in running their businesses, with better and more options related to the regulation required. So if you are thinking of business setup in Dubai free zone or company formation in Dubai, this is the best time to do so.

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Bahrain is all set to fortify its trade ties with India; assures of vast investment opportunities
  • Bahrain, Newsletter

Bahrain is all set to fortify its trade ties with India; assures of vast investment opportunities

Simon Galpin, who is the Managing Director of Bahrain Economic Development Board (EDB), said Bahrain views the fourth industrial revolution (4IR) as one of the biggest opportunities which is going to help their economy to become more dynamic and responsive.

Providing an access to the Gulf region, Bahrain is all ready to make a big presentation at the WEF summit for attracting new investments and is also giving an assurance of opening up a wide array of opportunities specifically for the Indian investors.

Galphin said during an event in the annual meeting of the World Economic Forum (WEF) that they are in quest of capitalizing on the 4IR prospect by launching a reform series across the economy, specifically in the digitizing industries like finance, and also in the education sector and logistics.

He also mentioned that the Davos attendees think of Bahrain as very promising and also notice the huge potential for company formation in Bahrain and the opportunities the kingdom has to offer for all the global investors. Having said that, they are also very surprised by the effortlessness with which new businesses are able to set up their offices and run their operations.

On meeting some Indian leaders here, he was of the view that both these countries (India and Bahrain) go back with a long history of financial and cultural relations and both the parties are eager to advance their relations to a deeper level in the coming times.

Through this collaboration, both these nations are looking at building an India-Bahrain business corridor, which will be a mutually-advantageous affiliation that would ensure new trade opportunities, interchange of ideas and also advancement of new innovations.

The political leaders and business heads in India are equally excited as are the leaders in Bahrain as this collaboration will present shared opportunities because of the advancements happening in Bahrain.

He also said that one of the Indian investors he was talking to was surprised and excited because he could now establish his business or a joint venture in real estate in Bahrain without even having to go to any government department even once, as everything was available online in very simplified procedures.

Talking about the future plans that Bahrain EDB has in store for India, Galpin also said that they did a very successful road show in India recently, where they got a chance to meet with some government officials and companies, all of whom seemed quite keen on reinforcing the ties between these two nations.

Because of such successful examples, another EDB office is being opened in India, which is in addition to the current ones in Mumbai and Delhi.

He also mentioned that the Indian investors can gain because of the ‘Rules of Origin’ principle which applies in worldwide trade, which allows them to enter less open markets such as the United States and then they could assist build up emerging industries like the fintech, which is enormously promising in the kingdom.

Previously in a session on the event of ‘India 4.0: Making technology work for all’, Galpin had said that India has been leading the world when it comes to technology-enabled governance; for example, Aadhaar, the unique ID scheme of India, which changed the way the nation passes on the welfare benefits especially to the needy and how it accesses the required data for KYC and for other purposes of validation by using safe and secure means.

He also said that some cutting-edge and latest technologies of the future, such as AI, robotics, big data and analytics, have already been offering huge opportunities in India.

The public sector organizations and huge multinational companies and corporates operating in sectors like fintech, genome research, pharma, and bio similars, are also considering India as an incubator of these highly-developed technologies for large scale deployment in international markets.

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ICAI has Signed an MoU with Invest India for Endorsing Foreign Investments
  • India, Newsletter

ICAI has Signed an MoU with Invest India for Endorsing Foreign Investments

The Institute of Chartered Accountants of India or ICAI has recently collaborated with the Invest India. Both the parties signed a Memorandum of Understanding (MoU) on February 4, this year, which also happened to coincide with ICAI’s Platinum Jubilee Annual Function held in New Delhi under the guidance of the Committee for Export of CA Services & WTO of ICAI. CA. Naveen N. D. Gupta, who is the President, ICAI and Mr. Deepak Bagla, who is the Managing Director and CEO of Invest India signed the dotted line. Amongst the renowned personalities present there were, Mr. Rajiv Mehrishi, the Hon’ble Comptroller and Auditor General of India, CA. Prafulla P Chhajed, the Vice-President of ICAI, CA. Babu Abraham Kallivayalil, the Chairman and CA. Anil Bhandari, the Vice-Chairman of the Committee for Export of CA Services & WTO of ICAI.

The key purpose of the MoU is to bring together and also encourage global investment in India, foreign company registration in India and also foster Indian investments out of India. It also aims to offer required support and guidance to the probable investors, both inbound and outbound, and to encourage and promote India as an investment-friendly destination.

This collaboration of ICAI and Invest India is set to endorse international investment in India by offering the requisite guidance and aid to potential investors in terms of the regulatory compliances concerning investments in India. The ICAI has a wide network of its members spread across the globe; that would surely provide necessary support in this respect, especially in terms of taxation, accounting, legal and advisory services and also to aid in development of appropriate investment vehicle, etc.

In addition, this step would further help in fostering innovation and new technologies, start up India initiatives, facilitating investments across the world, creating more job opportunities especially in the field of Accounting and Finance Services, which are recognized by the Government of India under the Champion Sector.

ICAI also plans to assist Invest India in resolving their investment-related queries coming from both Indian and global organizations including financial investors and also start ups concerning information about applicable legislation and policies, procedure of filing applications and then assisting them in meeting other regulatory necessities to the extent possible.

Both parties would plan organizing investment promotional events such as road shows and investor outreach programs globally. They would also get together to organize training programs, webinars, events, seminars typically on investment-related subjects in different sectors of the Indian economy for encouraging investments and also to facilitate better connections between global investors and Indian business community.

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High Growth Recorded in UAE’s Education Sector
  • Newsletter, U.A.E

High Growth Recorded in UAE’s Education Sector

The UAE government has been operating methodically on the task of diversifying the economy and is also investing in a big way in further developing the education and science sectors. They are utilizing new innovations and latest and progressive technologies, which are introduced via several start-ups. The number of schools and other institutes spread across UAE is set to increase in the coming few years. The main cause for this development is the continuous rise of the nation’s population. Going by the statistics, the country’s population has exceeded the 10 million mark last year.

Constant population growth contributes to the fact that more than 1 million children and people below the 25 years of age reside here. This calls for an enhanced demand for setting up additional schools and educational and training institutions at all levels, starting from pre-school, secondary schools, to universities and colleges. Though the increasing population also gives new workforce, but fresh investments, particularly in the education sector, are required for its proper development.

The nation has witnessed stable growth of GDP per capita as its GDP growth rates rank among the top-most not only in this region but also worldwide. With a constant rise in income, people tend to do extra investment towards their personality development and education, which in turn fosters further development of the educational sector in the UAE. Besides that, the overall development of the economy has also enabled the expansion of the educational sector at a higher level like professional courses, seminars, trainings, and other similar events aimed in increasing the competence and enhancing the skill-sets of the workforce.

Various educational programs are developed and executed here; an example could be the Emirati school model, or the government strategy named “Education 2020”. There have been innovations in this sector such as the new codes made for teachers and their new evaluation process, the all-new licensing process and the latest curriculum. The government has been planning to spend almost 10.4 billion Dirhams (2.83 billion Dollars) from the central budget for achieving this objective.

The UAE boasts of a developed sector offering premium services, which also applies to the education sector. Both Abu Dhabi and Dubai open new educational institutes and private schools every year; for example, last year 13 new private schools were opened in Dubai and 3 were opened in Abu Dhabi.

The government is aware of the fact that profits they gain from petroleum products’ sale would support the nation’s economy for many decades. However, the potential is limited and now the government needs to take care of newly-introduced income sources for the local budget. Developing the education sector is imperative for the diversification of the economy as the country requires educated and trained people who could help to develop new technologies, science, work in high-tech industries, in the medicine field and similar areas where specific skill-set and know-how is needed.

The government has also begun executing various new integrated programs with an objective to develop the education system of the country. Therefore, the Ministry of Education gives its unwavering support to educational institutions and schools and also helps them in their constant modernization. For instance, the state program called Programmed for International Student Assessment (PISA) and Trends in International Mathematics and Science Study (TIMSS) are being executed here. These steps are being taken with an aim to bring up the standard of education in various schools, colleges, and its universities to match up to a global level or of the standard of some leading and top educational institutions located in Europe and the USA).

The authorities know that if they invest well in the education of younger generation today, they would reap the benefit of getting educated residents in the near future, who will, in turn work towards developing UAE’s economy.

The good news is that the education sector has been developing exponentially in the UAE in the last few years, and this rise is only expected to accelerate further in the next few years. So if you are wondering on how to open education institute in Dubai UAE, do get in touch with us, and our experts in this field would be happy to assist you.

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Government Plans to Take a Larger Chunk of Risk in its Attempt to Support SMEs
  • Newsletter, Singapore

Government Plans to Take a Larger Chunk of Risk in its Attempt to Support SMEs

The forthcoming Singapore Budget of 2019 is set to bring some good news for the SMEs. Yes, the Singapore government is planning to offer more help to their SMEs so that they could gain advantage from the policy assistance schemes and also help the businesses entering the Asean region, as per a report from DBS.

Irvin Seah, who is the DBS senior economist and has also authored the report, was of the view that there are some guidelines and policy measures that look like being “skewed in favour of bigger companies”. An example of this could be the schemes like the SME Working Capital Loan, which is being facilitated through various financial institutions (PFIs) which are participating, but the inclination for these PFIs are titled towards big businesses who have a sounder financial position.

Irvin Seah also mentioned that in spite of the fact that the government provides some risk coverage, the consequence is that small-size enterprises who require more financing assistance might not get the required assistance irrespective of their creative business ideas or product innovation.

The government is also thinking of taking on a larger share of the risk on itself, especially for small-size businesses who are asking for financial aid. This would also bring these assistance schemes within a closer reach, hence making company formation in Singapore easier.

Though this has been done for the Automation Support Package already, additional enhancements in the policy direction favoring smaller businesses can also be applicable to many of the current support schemes.

SMEs that are lower than a specific level of total sales turnover should be additionally provided with further attention in their grant applications; for instance by simplifying the requirements of documentation in the grant application procedure.

Seah was also of the opinion that the policy effectiveness should be sharpened by improving and quickening the grant approval process and lending better support to the trade associations (TACs).

A fast track scheme especially for getting grant approvals can be executed for some specific high-growth industries so as to encourage strengthening of investments in those particular clusters.

In addition, TACs would be given additional support in establishing new overseas offices so as to facilitate the local organizations that are getting into international markets, in a better manner.

Armed with an improved understanding of different types of enterprises and markets, the TACs will be able to pull in their resources and domestic contacts to assist their members in exploring the overseas markets. This can be probably more useful than Enterprise Singapore (ESG) overseas offices which are typically swarming with business-related and other bilateral relationship issues.

Seah was of the opinion that helping the businesses venture abroad, especially to Asean countries, might receive additional momentum in the Budget 2019.

With new trade and international investments expected to be diverted in this region in the coming few years, Singapore would be in a unique position provided its regional hub status, high level of enterprise sophistication and a wide free trade agreement network.

He also said that policy measures taken by the government to offer enhanced support for enterprises in enhancing their capabilities and offerings and in their attempt for internationalization is set to surely bring optimistic results in mid to long-term.

The government is expected to stay on track in its efforts of reformation to groom and prepare the economy for the future times, instead of using fiscal incentives as a counter-cyclical policy tool.

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RBI Simplifies the ECB Policy, and Lifts Sectoral Curbs
  • India, Newsletter

RBI Simplifies the ECB Policy, and Lifts Sectoral Curbs

RBI has recently announced a new regulation for all the foreign borrowings, thus permitting all the eligible companies to raise overseas funding under the regular route and remove the existing sectoral curbs. All the entitled borrowers would be now able to raise external commercial borrowings (ECB) up to the maximum limit of $750m per year under the regular route.

The “liberalization or rationalization” in the latest framework ECB and rupee-denominated bonds has been mainly done to simplify the process of doing any business, said the central bank. The RBI said that the Tracks I and II under the current framework have been combined as the ‘Foreign Currency denominated ECB’ and the Track III or the Rupee Denominated Bonds structure has been amalgamated as ‘Rupee Denominated ECB’ to replace the current four-tiered arrangement and the structure has now become instrument-neutral. Here, Track I, II, and III stands for the total amount and maturity of the funds that are raised.

In addition, all-in cost ceiling per year is quoted at ‘benchmark rate plus 450 bps spread’, where 100 basis points are equal to 1 percentage point. The minimum average maturity period (MAMP) is decided at three years, which is applicable for all the ECBs, whatever may be the borrowing amount in lieu of different layers of MAMPs currently, with an exception of the borrowers who are especially allowed in the circular to borrow only for a short period, the RBI norms said.

The list of qualified or eligible borrowers now includes all businesses eligible to get FDI. In addition, all the port trusts, businesses in SEZ, SIDBI, all registered companies involved in micro-finance activities, EXIM Bank, registered trusts, societies, cooperatives, and NGOs could also borrow as per the new framework. But, lending or borrowing as per the ECB framework conducted by Indian banks and their foreign branches would be subject to the prudential regulations, said the RBI.

ECBs are basically commercial loans that are raised by qualified resident organizations from recognized non-resident businesses or organizations and must comply with all the usual parameters like minimum maturity, permissible and not permissible end-uses, and also highest allowed all-in-cost ceiling.

However, there is also a negative list, where the ECB proceeds are not permitted to be utilized, and those include real-estate activities, equity, and capital market investment, purposes of working capital barring foreign equity holder, and repayments of Rupee loans barring foreign equity holder.

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Bahrain Announces the VAT Registration Launch in Three Phases
  • Bahrain, Newsletter

Bahrain Announces the VAT Registration Launch in Three Phases

The Bahrain Ministry of Finance or the MoF recently said that the VAT registration will be divided into three phases and launched separately, completely depending on the total value of the annual supplies of various businesses. The three registration phases are as follows:

 

Annual Supplies VAT Registration Deadline Effective Registration Date
Over and above BHD 5 million 20 Dec 2018 1 Jan 2019
Over and above BHD 500,000 but less than BHD 5 million 20 June 2019 1 July 2019
Over and above BHD 37,500 but less than BHD 500,000 20 Dec 2019 1 Jan 2020

This announcement has come after the MoF’s earlier announcement that the VAT registration’s first phase would be restricted to companies who have at least BHD 5 million annual sales.

Businesses which have an annual taxable turnover above the voluntary registration limit of BHD 18,750 could register for VAT but on a voluntary basis.

However, at a meeting conducted by the MoF with tax advisors regarding VAT implementation recently, the MoF has given its confirmation that the VAT regulations would be issued before the end of January. The MoF also provided additional details on the issues such as:

  • How frequently can be VAT returns filed;
  • How are the VAT groups divided;
  • What is the VAT treatment for the supply of buildings, food items, financial services, electricity, oil, gas and imports and also government entities;
  • What would be the content and prerequisites for tax invoices; and lastly
  • Who will be the tax representatives and agents.

Next steps

Companies should ideally consider the VAT treatment of their business transactions to establish if they are required to go for VAT registration or not. Though postponing the process of VAT registration for some firms would offer additional time to the businesses, the company should decide whether they should go for VAT registration so as to recover the VAT incurred on their procurement or not.

Need professional assistance?

If you are looking for professional VAT consultants in Bahrain who can advice you if you need to register for VAT or not and also need help for getting a VAT impact assessment done or conduct a second review to find out the VAT treatment of your business transactions, do get in touch with us.

Our team of experienced professionals at IMC will help you at every step in case you require any advice or assistance.

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$2.2tn Worth Indian Economy is Opening up Investment Opportunities for Qatar
  • Newsletter, Qatar

$2.2tn Worth Indian Economy is Opening up Investment Opportunities for Qatar

Do you know that the $2.2tn worth Indian economy has been growing at more than 7.5 percent? The Indian ambassador, P Kumaran shared the good news that India is now offering many investment opportunities to Qatar. He shared this at a recent annual networking event that was organized by the Qatar Financial Center (QFC) along with the Indian Business and Professional Council (IBPC).

Kumaran also said that India has a nominal gross domestic product of over $2tn (which is over $7tn on purchasing power parity basis) and a growth rate of over 7.5 percent, and it now ranks as one of the most rapidly-growing large economies of the world. India is now opening its doors and offering many opportunities to Qatar with regards to investment options, a highly-trained and educated workforce, and a market showing potential for business alliances.

He also said that the Indian embassy would continue to give its support to the QFC in promoting business and also form new commercial links. Yousuf Mohamed al-Jaida, who is the QFC chief executive, said that Qatar and India have always shared good and stable bilateral ties, and the QFC would continue to play its role in supporting the flourishing Indian business community located in Qatar, which influences further development of these relations.

There are about 24 fully-owned Indian companies based and operating in Qatar as of now. There is a forecasted 6,000 Qatar-India joint ventures functioning in the field of infrastructure, energy sector, ICT, and other areas, and the contribution that the Indian businesses play in the local economy is really huge and irrefutable.

QFC also houses 31 Indian businesses that include Tech Mahindra, a fintech firm named Goals101, and many others. K M Varghese, who is the President of IBPC said that IBPC feels that the QFC should be partnering with them in Qatar to fulfill their aim of attracting more and more Indian businesses and organizations into Qatar by using the very unique QFC platform.

Thinking of setting up your business, opening a branch office or company formation in Qatar? Just get in touch with our professionals and let us assist you in having a hassle-free experience.

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