23 July 2019
QATAR: Hong Kong and Qatar Sign MoU on Investment Promotion
Invest Hong Kong (InvestHK) and the Qatar Financial Centre Authority have signed a Memorandum of Understanding (MoU) to boost mutual co-operation on investment promotion exchanges and support.
The MoU provides a framework to develop the existing relationship between the Hong Kong Special Administrative Region and Qatar by increasing co-operation in promoting inward and outward investment in the two jurisdictions. According to the MoU, both parties will now share information and their experiences in investment promotion, encourage interested local companies to set up or expand their business within the area of the other jurisdiction, and support each other's promotional events.
There is already a Comprehensive Double Taxation Agreement between the two jurisdictions dating back to 2013. The agreement also allows for profits arising in Qatar from international shipping transport earned by Hong Kong residents, which are subject to tax there, to not be taxed in Qatar.
The MoU was signed on 9 July 2019 by Stephen Phillips, Director-General of Investment Promotion at InvestHK, and Sheikha Alanoud Bint Hamad Al-Thani, Managing Director of Business Development for the Qatar Financial Centre Authority.
Phillips said: “The signing of the MoU today signifies an important milestone for Hong Kong and Qatar in terms of mutual investment promotion co-operation. The MoU offers a basis for both parties to enhance the existing ties beneficial to attracting foreign direct investment to each other's jurisdictions. Towards this end, InvestHK will continue to work closely with the Qatar Financial Centre over future investment promotion work."
Al-Thani said: “This agreement is yet another indication of our commitment to the Asian market, and will undoubtedly enable the Qatar Financial Centre to further broaden its capacity to create even more business opportunities for organisations in Qatar and Hong Kong, while paving the way for more avenues for collaboration."
The Qatar Financial Centre is an onshore business and financial centre located in Doha, which provides a location for foreign firms to do business in Qatar. It has its own legal, regulatory, tax and business environment, which includes allowing 100% foreign ownership and repatriation of profits.