"Building long-term sustainable relationships with clients founded upon partnership and understanding" - Shaun Brook, Practice Leader, Indurance Management
"Building long-term sustainable relationships with clients founded upon partnership and understanding" - Shaun Brook, Practice Leader, Indurance Management
Qatar is an Arab emirate located in the Middle East, occupying the small Qatar Peninsula on the northeasterly coast of the much larger Arabian Peninsula. The population of Qatar is approximately 1.7 million according to the 2010 census.
Qatar, once a British protectorate, became independent in 1971 and is known as one of the region's wealthiest states due to its large oil and natural gas revenues. In 2009, Qatar was the United States' 5th largest export market in the region.
Qatar is emerging as one of the most dynamic economies in the Middle East. It has the highest per capita income in the world and enjoys one of the fastest growing GDPs, reaching 13.3% real GDP, and valued in 2008 at over US$80 billion. Reliance on crude oil exports in the past has been replaced by a two pronged approach to management of the Qatar economy. This focuses not only on developing the country's huge natural gas reserves and its expansion of liquefied natural gas, petrochemicals and condensates production, but also on a programme creating a more broadly based Qatar economy through economic liberalisation and diversification.
Interested in Setting Up a Captive in Qatar?Call Shaun Brook +971 4434 3642 or email Shaun on shaun.brook@kane-group.com |
Government
Emirate.
Legal
Qatar is a civil law jurisdiction, Shari'a (Islamic) law is also practiced and Qatar has legislation for Takaful insurance products.
Time Zone
GMT +3.
Taxation
Tax rate of 0%, VAT of 0% and premium tax of 10% (of profits).
Regulatory Environment
All insurance companies in Qatar are regulated by the Qatar Financial Centre Regulatory Authority and are subject to the following regulations: Employment regulations, Contract regulations, Companies regulations, Employment law-Immigration regulations, Arbitration regulations, Insolvency regulations and Data Protection regulations.
Minimum Paid Up Capital
|
|
Class 1 Captive |
USD 150,000 |
Class 2 Captive |
USD $1million |
Class 3 Captive |
USD 250,000 |
PCC |
USD 50,000 |
Captive Costs
These will vary according to the size and complexity of the company and the following are intended as guidelines only:
Range |
Low |
High |
Application Costs (non recurring regulatory and legal) |
USD 10,000 |
|
Annual Operating Costs(regulatory) |
USD 10,000 |
|
In addition to the costs specified above, there will be annual management fees, directors' fees, annual auditors' charges as well as investment management and consultants' fees.
The information in this document is intended as a general overview of jurisdictional requirements at the time of publication. It is not to be construed as legal advice or opinion and persons reading this publication are advised to obtain independent legal, accounting or tax advice on this regard.