Part 10: Part 10: Branches
Article 45 - Requirement for registered Branch(1) A
Non-QFC Limited Liability Partnershipshall not engage in or carry or purport to carry on any trade or Businessactivity in or from the QFCunless it is registered as a Branchwith the CROin accordance with Article 46 of these Regulationsand shall comply with these Regulationsin all other respects.(2) A Branchshall:(A) appoint and retain at all times a Principal Representativein the QFCwho is authorised to accept service of any Documentor notice on behalf of the Branchand to undertake any other function as may be prescribed by these Regulationsor any subsequent Regulations;(B) have a principal place of business in the QFCto which all communications and notices may be addressed; and(C) file with the CROa notice of any change in the details of the:(i) persons authorised to accept service;(ii) Principal Representativeof the Branch;(iii) address of the principal place of business in the QFC;(iii) restrictions or revocations in the power of attorney, in favour of the person referred to in Article 45(2)(A);(iv) constitutional documents of the Non-QFC Limited Liability Partnership; and(v) members of the Non-QFC Limited Liability Partnership.(3) All documentation required to be submitted to the CROshall be in the English language, or accompanied by an appropriate translation into the English language. Amended by QFCA RM2012-1 (as from 11th April 2012)
Article 46 - Application to register a Branch(1) A
Non-QFC Limited Liability Partnershipwishing to establish a Branchin the QFCshall apply to the CROfor prior approval to establish a Branchin the QFC.(2) An application by a Non-QFC Limited Liability Partnershipfor approval to establish a Branchin the QFCshall:(A) be made to the CROin such form and manner as the CROmay require from time to time;(B) describe the type of Businessactivity to be carried on from the Branch;(C) state the full address of the principal place of business in the QFC;(D) state the full name and address of the person authorised to accept service on behalf of the Branch;(E) be accompanied by the following Documents, verified in such manner as the CROmay require:(i) a copy of the incorporation documents of the Non-QFC Limited Liability Partnership(including any Limited Liability Partnership Agreement);(ii) a copy of the audited accounts of the Non-QFC Limited Liability Partnershipfor the preceding two years, save where the applicant Non-QFC Limited Liability Partnershiphas been in existence for less than two years in which case a copy of the most recent audited accounts;(iii) a copy of the resolution of the members of the Non-QFC Limited Liability Partnershipto establish a Branchin the QFC;(iv) a power of attorney in favour of the person referred to in Article 45(2)(A)(v) a list of the full name, address, date of birth, nationality and business occupation of each member of the Non-QFC Limited Liability Partnership;(vi) a copy of any written approval for the establishment of a branch in the QFCrequired to be obtained under laws applicable outside of the QFCto the Limited Liability Partnership; and(vii) such other Documentsor information as the CROor QFC Authoritymay in their absolute discretion require from time to time;(F) contain or be accompanied by such further particulars, verified in such manner, as the CROor QFC Authoritymay require; and(G) be accompanied by any Prescribed Fee. Amended by QFCA RM2012-1 (as from 11th April 2012)
Article 47 - Acceptance or refusal of application to register a Branch(1) The
CROmay on an application duly made in accordance with Article 46 accept or refuse the application.(2) Where the CROaccepts an application under this Article 47, it shall issue to the applicant a certificate of registration of the Branchin the QFCand such certificate shall be admissible in evidence in proceedings under these Regulationswithout further proof and shall be evidence of the facts certified or specified therein. A certificate of registration shall be conclusive evidence that the Non-QFC Limited Liability Partnershipis registered with the name and number specified in it and that the requirements of these Regulationshave been complied with in respect of the registration of the Non-QFC Limited Liability Partnershipand thereafter no defect in the process prior to the registration thereof shall affect the validity of its registration.(3) A decision of the CROrefusing to accept an application to establish a Branchmay be reviewed consistent with any applicable standards and procedures issued by the QFC Authorityfor such purpose.
Article 48 - Prohibition of Branch with an undesirable name(1) No
Branchshall be registered with a name which is the same as or, in the opinion of the CRO, too like a name appearing in the index of names maintained by the CROor which in the opinion of the CROis offensive or otherwise undesirable.(2) If, in the opinion of the CRO, the name by which a Branchis registered gives so misleading an indication of the nature of its activities as to be likely to cause harm to the public, it may in writing direct the Branchto change its name within such period (being not less than one month) as the CROmay specify.(3) Such direction shall be complied with within the period specified in the direction or such longer period as the CROmay allow.
Article 49 - Principal Representatives
Branchshall give notice in writing to the CROof such particulars of its Principal Representativeas the CROmay determine.
Article 50 - Register of Branches(1) The
CROshall maintain a register of Brancheswhich shall include:(A) the name of the Branchand, if different, the name of the Non-QFC Limited Liability Partnership;(B) the principal place in the QFCfrom which the Branchengages in or carries on any Businessin the QFCand the address of the registered office of the Non-QFC Limited Liability Partnership;(C) the Principal Representativeof the Branch;(D) the persons authorised to accept service;(E) the date and place of incorporation of its Non-QFC Limited Liability Partnership;(F) the date of registration of the Branch;(G) the registered number of the Branch; and(H) such other information as the CROshall determine.(2) If any particulars required by Article 50(1) are altered, the Branchshall give notice in writing to the CROof the particulars of the alteration within 21 days after the alteration is made on the Prescribed Formtogether with any Prescribed Fee. Amended by QFCA RM2012-1 (as from 11th April 2012)
Article 51 - Records to be kept by Branches(1) Every
Branchshall keep proper accounting Recordswith respect to all sums of money received and expended by the Branchand all sales and purchases of goods and services and other transactions by the Branchand the assets and Liabilitiesof the Branch. Such Recordsshall be sufficient to show and explain all transactions by the Branchand must be such as to:(A) disclose with reasonable accuracy the financial position of the Branchat any time; and(B) enable the Membersto ensure that any accounts prepared by the Branchcomply with the requirements of these Regulations.(2) The Branch'saccounting Recordsshall be:(A) kept at the Branch'sprincipal place of business;(B) preserved by the Branchfor at least six years from the date to which they relate; and(C) at all reasonable times open to inspection by Membersand the auditor of the relevant Non-QFC Limited Liability Partnership. Amended by QFCA RM2012-1 (as from 11th April 2012)
Article 52 - Letterheads
Branchshall have the following particulars on all Businessletters, written orders for goods or services, invoices and receipts, written demands for payment and other such similar documentation:(1) its name which shall include the words " QFC Branch" or "Qatar Financial Centre Branch"; or(2) where the Branchname is different to the parent Non-QFC Limited Liability Partnership, the name shall include the words " QFC Branch of [the name of the parent Non-QFC Limited Liability Partnership]";(3) the place of incorporation of the parent Non-QFC Limited Liability Partnership; and(4) the principal place in the QFCfrom which the Branchengages in or carries on any Business.
Article 53 - Name to appear outside place of Business(1) Every
Branchshall paint or affix, and keep painted or affixed, its name on the outside of every office or place in which its Businessis carried on, in a conspicuous position and in letters easily legible.(2) If a Branchdoes not paint or affix, and keep painted or affixed, its name as required as above, then the Non-QFC Limited Liability Partnershipconcerned and every Memberof it who is in default is in contravention of these Regulations.
Article 54 - Financial Penalties
Non-QFC Limited Liability Partnershipfails to comply with any provision of this Part 10 and no other financial penalty is provided in these Regulations, the Non-QFC Limited Liability Partnership, its Membersand any person who appears to the Regulatory Tribunalto be in charge of its affairs in the QFCshall be liable if so ordered by the Regulatory Tribunalto pay the financial penalties prescribed by the CRO. Amended by QFCA RM2012-1 (as from 11th April 2012)