QFC 0010/202, [2021] QIC (F) 6

Qatar Financial Centre Authority v Awan Media International LLC

This case involved a summary judgment where a QFC licensed firm had failed to pay its annual licensing fees for two years. Also considered was interest and costs.

Background

The Applicant claimed against the Respondent USD10,000, which was an unpaid annual fee plus interest at the rate of 1 per cent per month for each month the sum due remained outstanding after the due date, and further post-judgment interest at a rate of 1 per cent per month from the date of this judgment.

The Applicant was the Qatar Financial Centre Authority (QFCA) of the Qatar Financial Centre (QFC) which supervised licensed firms operating in or from

the QFC and charged an annual fee which (in the Respondent's case) was USD 5,000 per annum. The Respondent was licensed by the Applicant on 19 April

2018 to undertake the permitted, non-regulated activities of professional services.

According to the QFCA Rules “Subsequent annual fees must be paid in full to the QFCA on or before 1 January of every calendar year” (Rule 10.5.2 of Part2).