LLC firms in QFC

The Qatar Financial Centre Authority (QFCA)has enlarged the scope of its companies' regulation and rules to include limited guarantee entities with a view to foster private sector development in the country.

This update aims to further diversify the QFC platform to welcome companies limited by guarantee LLC (G); a new legal entity that will broaden the QFC environment and facilitate a wider range of business activities.

The latest alteration to the QFC regulations will enable structures as social enterprises, non-profits and non-governmental organisations to set-up in Qatar's rapidly growing and diversifying economy.

The introduction of LLC (G) will also help broaden the QFC platform to facilitate private sector activities where a traditional company limited by shares would not be appropriate. The newest addition to the QFC 's companies regulations follow a 30-day public consultation period on the proposed amendments in which several QFC and non- QFC entities participated.

The expansion was later approved by the QFCA board and enacted by HE Ali Sherif al-Emadi, Minister of Finance, in accordance with QFC Law.

Tasked with ensuring the consistent diversification of the Qatari private sector, the QFC has endeavoured to enlarge its offering to best address the key private sectors needs of the Qatari economy, according to QFCA deputy CEO Yousuf Mohamed al-Jaida.

"We will continue to strategically explore new entities and structures that will positively impact Qatar's diverse economic plans and pursue their implementation in Qatar," he said.