The Business Bytes
TBB BUREAU
NEW DELHI, MAY 12, 2021
The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved signing of Memorandum of Understanding (MoU) between Institute of Chartered Accountants of India (ICAI) and Qatar Financial Centre Authority (QFCA).
The MoU would enhance cooperation between the Institutes to work together to strengthen the Accounting profession and entrepreneurship base in Qatar.
ICAI has a strong membership base of over 6000 members in Middle East and Qatar (Doha) Chapter is amongst the most vibrant Chapters of ICAI. ICAI members hold key positions in various private and public companies and are actively involved in support and development of the accounting profession in Qatar.
The signing of this MoU would provide an additional impetus to prospects of the ICAI Members in the entire Middle Eastern Region to have better recognition, together with working to support Indian businesses desirous of doing business in Qatar and thus supporting the growth of Qatar and India’s economies.
As per the MoU, both sides would endeavour to increase opportunities for members of ICAI to provide professional services through setting up practice for providing professional services in the State of Qatar in the areas of assurance and auditing, advisory, taxation, financial services and allied areas.
ICAI shall also nurture and develop local Qatar professionals, entrepreneurs and students through a specialized training programme, in collaboration with QFCA.
ICAI and QFCA will work together to explore the opportunities for Indian businesses in Qatar by organizing roundtables, networking events etc., as the case may be mutually agreed.
The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament of India, The Chartered Accountants Act, 1949′, to regulate the profession of Chartered Accountancy in India. Qatar Financial Centre Authority (QFCA) an independent legal entity established pursuant to Law No. (7) of 2005,is responsible for the development and promotion of the QFC as a world-class on-shore financial and business centre in the State of Qatar.
