Mr. Yousef Mohammed Al-Jaidah, CEO of the Qatar Financial Center, said that the Center is committed to keeping pace with the latest developments in the field of commercial registration systems, regulations, legislation and operations, in addition to its commitment to facilitating the free exchange of information and expertise with the aim of providing new visions that contribute to the development of this industry by adopting best practices.
This came in his opening speech at the activities of the twentieth conference of the Commercial Registration Forum for the year 2024, which continues for four days in the capital, Doha, under the slogan “Innovative Records: Tools for Enabling Future Businesses.”
The conference sessions focus on topics related to commercial records, including the resettlement of companies, the importance of oversight, implementation, and application of deterrent and effective sanctions systems, and stock coding. The agenda will include regional discussion sessions that will be held separately in Europe, Asia, the Middle East and Africa, in addition to a review of the latest developments of partner organizations and visual presentations on the latest visions and trends in the field of commercial registration.
The conference will also include a main discussion session on “Beneficial Ownership,” which will be held the day after tomorrow, Wednesday, and will address the topics: “Promoting the Concept of Beneficial Ownership Globally,” “Legal Frameworks to Combat Money Laundering Globally,” “Global Visions on Beneficial Ownership,” and “FATF Recommendations ( FATF)”.
The fourth and final day of the conference will witness the annual meeting of the General Assembly of the members of the Commercial Registration Forum for the year 2024, after the conclusion of the conference.
Al Jaidah said that the State of Qatar’s hosting of the 20th Conference of the Commercial Registration Forum in 2024 strengthens its position as a distinguished business destination, indicating its continued pursuit of adopting high standards that enhance economic diversification and sustainability in the country.
He added: “With the rapid development we are witnessing in commercial registration technology and modern regulatory practices, we aspire to develop a local market that maintains the country’s position as a preferred choice for investment and doing business.”
He added that the state has invested huge sums in digitizing its commercial registration services, which has contributed to reducing administrative burdens and increasing transparency significantly, as the digital services portal allows companies to manage their licenses, records, and files electronically with ease and smoothness, which supports the national goal of facilitating the procedures for exercising Commercial business in the country.
He pointed out that the Ministry of Commerce and Industry and the Qatar Financial Center supervise commercial registration in Qatar, and both are committed to applying international standards for beneficial ownership and anti-money laundering regulations, which is consistent with the recommendations of the Financial Action Task Force (FATF).
The CEO of the Qatar Financial Center continued: “The authorities responsible for commercial registration are facing increasing demands to raise their level of transparency, in addition to the need to combat financial crimes effectively and efficiently, and ensure compliance with advanced regulatory standards, including those related to combating money laundering and the financing of terrorism.”
Al-Jaidah concluded his speech by saying that through effective frameworks for beneficial ownership, commercial registration departments will be helped to reduce the risks associated with bad financial behaviors, and enhance investor confidence, which is why we devoted an entire day to researching and discussing this topic.
For her part, Ms. Louise Smith, President of the Commercial Registration Forum, said: “The global commercial registration community is meeting this week in Doha to hold our annual conference, in which prominent speakers and experts in the field of commercial registration will participate to discuss important professional issues including the future of commercial registrations, and the most important obstacles facing the implementation of laws. Anti-money laundering, beneficial ownership and international cooperation. We are honored to extend our sincere thanks to the QFC team for their warm reception and good organization and for their tireless efforts over the past fifteen months to host this conference, and we are confident that this edition will achieve a resounding success.”
For his part, Mr. Martin Fidler-Jones, Secretary General of the Commercial Registration Forum, said: “The current conference represents a prominent event for the Commercial Registration Forum. In fact, the preparations of the QFC team have exceeded all expectations in preparing to host an exceptional edition of it in which more than 40 international experts will participate. various parts of the world to speak in the conference’s 18 sessions, which will be held over four days and will discuss vital and important topics in the field of commercial registration.”
In turn, Mr. Nasser Al-Taweel, Executive Vice President and Chief Legal Officer at the QFC, said: “We are proud to host the annual conference of the Commercial Registration Forum 2024 for the first time in Qatar and welcome commercial registration experts from all over the world. Hosting this event confirms the QFC’s commitment to enhancing A vibrant and transparent business environment that is an essential driver of development and economic diversification.”
The sessions on the first day of the conference addressed important topics, including cooperation between commercial registries across borders and delisting companies without liquidation, in addition to regulating the activities of company service providers and reducing registration fees.