The Qatar Financial Centre (QFC) is an onshore business and financial centre providing a platform for firms to do business in Qatar and the region. It offers its own legal, regulatory, tax and business environment, which allows 100% foreign ownership and 100% repatriation of profit. QFC charges a competitive 10% corporate tax on locally sourced profits. The QFC was established by the Government of Qatar in 2005 and is designed to attract international banking, insurance and other financial services.