1. The QFC Authority shall have an independent budget and the laws of the State regarding the general budget of the government of the State and its ministries shall not apply to it. In respect of the first financial year of the QFC Authority, the budget shall be set by the Minister and, in all subsequent financial years, the budget of the QFC Authority shall be approved by the Board and submitted to the Minister for approval. The QFC Authority shall be responsible for providing adequate funding out of its budget to enable the QFC Institutions to carry out their respective functions and duties and to achieve their respective objectives under this Law and under Regulations.
2. In addition to funding granted by the State
to the QFC Authority
, the QFC Authority
shall be permitted to raise revenue to fund and finance its activities and those of any QFC Institutions
, and where directed pursuant to Article 8
, those of the Regulatory Authority
or the Appeals Body and any other activities carried out pursuant to or contemplated by this Law in such ways as it deems appropriate including (without limitation) by:
2.1. charges levied for services provided in or in relation to the QFC and the QFC Institutions; and
2.2. licence, registration and incorporation fees charged by the QFC Authority or QFC Institutions pursuant to this Law or Regulations; and
2.3. rent for premises within the QFC; and
2.4. such other sources of revenue as may be provided for in this Law or in Regulations.
Subject to the approval of the Council of Ministers for any borrowings that can lead the aggregate borrowings incurred by the QFC Authority to exceed 500 million US dollars or equivalent, the QFC Authority may borrow money (including money in a currency other than the currency of the State) for the purpose of achieving its objectives. Any monies borrowed by the QFC Authority under this paragraph and any interest accruing thereon may be secured on the revenue, funds or property of the QFC Authority and of the QFC Institutions as appropriate.
Without prejudice to Article 14, the funds of the QFC Authority not immediately required for the purposes of expenditure may be invested by the QFC Authority in such investments as shall be authorised by the Board.