(MENAFN- The Peninsula) The Qatar Financial Centre (QFC) Authority has introduced legislative expansions to its Companies Regulations and Rules.
The 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 companies regulations and rules will enable structures such as social enterprises, non-profits and non-governmental organisations to set up in Qatar's rapidly growing and diversifying economy. The introduction of Companies Limited by Guarantee (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 QFC Authority Board and enacted by H E Ali Shareef Al Emadi, Minister of Finance, in accordance with QFC Law.
Yousuf Mohammed Al Jaida, Deputy Chief Executive Officer of the QFC Authority, welcomed the expanded QFC mandate, saying: "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.
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".
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