There is no doubt that the Qatar Financial Centre has broad appeal: it has one of the most competitive tax environments in the world with a tax rate of just 10% on profits that are sourced locally, a first-class legal system based on English common law, and one of the region's most robust regulatory regimes.

Recognised as one of the leading and fastest growing business and financial centres in the world, winning international recognition with the Best Financial Centre Award in the Middle East from Global Investor magazine, as well as being the highest ranked financial centre in the GCC in the Global Financial Centres Index (March 2014), the QFC is neither an offshore centre nor a free trade zone.

It is an onshore jurisdiction, which allows QFC firms to operate in Qatar and elsewhere under one of the most favourable tax environments in the world. These foundations are the reason the QFC is one of the leading business and financial centres in the world, with a bluechip licensee base that includes many global names like Citibank, Goldman Sachs and Barclays Bank.

The QFC was established by the QFC Law N. (7) of 2005. This legislative framework provides firms based in the QFC with a range of statutory guarantees, including their ability to repatriate profits, realise investments and be owned 100% by individuals or legal persons that are not nationals or resident in the State of Qatar.

Furthermore, this particular piece of legislation clearly defines the interaction between the laws of the State of Qatar and the QFC Law, Regulations and Rules. For example, only criminal laws and sanctions of the State of Qatar apply in the QFC: all other aspects of conducting business in or from the QFC are exclusively subject to 2005 law that set up the QFC.

Indeed, once a firm has obtained its QFC licence authorisation if conducting regulated and incorporation documents, there is no need to obtain any other licences or documents from any other authority or ministry in the State.

Last year the QFC expanded the scope of firms that it can licence, which included the licensing of professional and business service companies that are not necessarily connected to the financial services industry, as part of the country's efforts to diversify its economy.

Qatar has taken a pragmatic approach to attracting business, realising that companies want transparency about how the regulatory environment works, and certainty on how these regulations are implemented in practice. The QFC Regulations and Rules – which establish the legal framework for companies and firms to operate in the centre – are notable for being business-friendly.

For example, they are issued in English and cover an entire onshore legal system based upon English common law, including employment, data protection, financial services regulations, contract law, trusts, insolvency, single family offices, companies and special companies.

Furthermore, the enactment process of the Regulations and the Rules is streamlined so that any legislative changes needed to benefit the financial and advisory services sector can be done quickly.

The QFC also adopts a transparent consultation process prior to the amendments or enactment of new regulations and rules as it allows QFC-based firms and other stakeholders to comment on any new or amended legislation prior to enactment.

An integral part of the QFC legal system is the Qatar International Court and Dispute Resolution Centre (QICDRC). The QICDRC is a modern specialist civil and commercial court that specialises in resolving disputes between institutions and other bodies in Qatar and between international entities outside of the country.

Operating under procedures similar to those found in common law systems, its judges are fully independent lawyers with considerable experience in resolving disputes on an international scale.

Added to that, the QFC has one of the region's most robust regulatory environments, which is in line with local business requirements and meets international standards. The QFC Regulatory Authority (QFCRA) is completely aligned and works harmoniously with Qatar's other established regulating institutions, such as the Qatar Central Bank (QCB) and the Qatar Financial Markets Authority (QFMA).

Most recently, the QCB, QFMA and the QFCRA collaboratively launched a Strategic Priorities Plan for 2014-2016, which establishes a framework to unify policy under a Financial Stability and Risk Control Committee.

The QFC Authority's mission (as the centre's commercial and strategic arm) has always been to support Qatar's development by facilitating further growth and helping diversify its economy. One of the major drivers of the country's diversification policy is the substantial public infrastructure investment programme.

Qatar has also made a number of legal and structural changes to attract more professional and business services firms to set up offices there. For example, in 2014, it introduced new tax regulations that would help Qatari-owned entities investing in Qatar by allowing them to opt for the zero-tax rate on their operations conducted from the QFC.

These amendments also introduced beneficial changes to the taxation of structures, such as holding companies and special purpose companies established in the QFC. As Qatar's major human development and diversification programmes move forward, the QFC's key role in attracting and providing the necessary skills and expertise to support the country's pursuits becomes even more vital.

QFC-licensed firms are essential support industries that facilitate Qatar's push to diversify economically for the future. Currently, around 30% of active QFC firms are local, and they include Qatar Holding, Qatar Insurance Company, Al-Rayyan, Qatar National Bank and Ooredoo.

Qatar also intends to speed up the application process for licensing firms. The changes are already making a significant impact: during 2014, there was a 30% increase in non-regulated firms setting up in the QFC, as well as a 129% increase in the number of new licensed firms as compared to 2013. QFC expects these trends to continue in 2015.

When a firm decides to expand its operations to the Middle East, it has to consider three main issues: the intended market's stability, its growth rate, and its competitiveness and attractiveness. In all these fields, the QFC and the wider Qatari economy provide tremendous opportunities.

Not only is the economy one of the fastest-growing in the region, it is also one of the most stable and competitive. According to Qatar's Ministry of Development Planning and Statistics, the nation's GDP is set to grow by 7.8% in 2015, (despite the fact that oil prices are presently declining), which demonstrates the country's depth and maturity relative to other regional markets.

In fact, Qatar's economic fortunes are not as reliant on oil since the economy became more diversified: Qatar's Ministry of Development Planning and Statistics Economic Outlook for 2014 and 2015 shows that the non-hydrocarbon sector has accounted for most of Qatar's economic expansion in recent years, and this is set to continue.

The QFC welcomes businesses across a wide range of sectors. And, with economic diversification being a priority for Qatar in the years ahead, companies that set up at the QFC can be confident that they will benefit from a vibrant economic environment, with a clear blueprint for sustained success.