The Qatar Financial Centre Authority (“QFCA”) is pleased to announce that on the 31st March 2011 the first phase in the transition of the Companies Registration Office (“CRO”) from the QFC Regulatory Authority to the QFC Authority took place.
CRO customers and users should note that the changes are internal only and all notification forms and submission details will remain the same. However, please note that the QFCA will now be invoicing customers direct in respect of all CRO related fees and customers must ensure that payments are made direct to the QFCA. For information or enquiries relating to the CRO please contact either Neil Travell, CRO Manager on +974 4496 7776 or Sona Wavde, CRO Administrator on +974 4496 7767 or alternatively please email CRO@qfc.com.qa
CRO Q& A
Q. What is the CRO?
A. The CRO was created pursuant to Article 7 of Law no. 7 of 2005 (“QFC Law”) for the purposes of “…performing such duties and functions in relation to companies and other entities which may be incorporated or established to carry on business in the QFC and such other duties and functions as the QFC Authority shall think fit.”
Q. What does the CRO do?
A. Although the CRO has a number of functions, it is primarily responsible for incorporation or registration of entities within the QFC, administering the CRO register, and to receive CRO filings.
Q. What is the purpose of the change?
A. Although pursuant to Article 7 of the Companies Regulations 2005 the CRO is intended to be supervised by the QFC Authority, in order to ensure that the CRO functions could be undertaken efficiently during the early development of the QFC, the QFC Authority delegated the operation of the CRO to the QFC Regulatory Authority. However, the CRO function will now revert to the QFCA to reflect the original intention of QFC Law.
Q. How will this change affect me?
A. Users of the CRO will not notice any change or difference to the way the CRO operates. All the existing CRO Forms and submission arrangements will remain the same so it should be a seamless transition for users of the CRO.
Q. Who should I pay any applicable CRO fees to?
A. Any prescribed fees due as a result of a request, application, filing, delivery of a document, registration of any particulars, search or any other requirement sent to the CRO will now be invoiced by and fall due to the QFCA. Any Firms that previously sent fees direct to the QFCRA should now arrange for fees to be submitted to the QFCA.
Q. Who will be responsible for the CRO?
A. The CRO will sit within the Legal Environment of the QFC Authority under the Group Chief Legal Officer David Dhanoo. Day to day the CRO will be run by Neil Travell, CRO Manager who will be assisted by the CRO team.
Q. How can I contact the CRO to discuss CRO matters or to obtain more information?
A. The CRO can be contacted by telephone and email. Telephone enquiries can be made on +974 4496 7777, with email enquiries or submissions addressed to:CRO@qfc.com.qa.