Incorporating your business in GIFT City is a step-by-step process following procedures and regulatory norms as listed below:
• Name reservation application (for new entity – Company / LLP)
• Identification of office space in GIFT SEZ
• Obtain Provisional Letter of Allotment (PLOA)
• Incorporation of Entity – LLP, Private Limited Company, Trust
• Application submission to SEZ Authorities / IFSCA (Admin) for SEZ registration
• Application submission to IFSCA officials for IFSCA registration
• Attend Unit Approval Committee (UAC) Meeting
• Obtain Letter of Permission/Approval (LOA) from SEZ officials
• Attend queries for IFSCA team on application for registration
• Obtain Registration / Approval from IFSCA
• Execution of Lease Deed
• SEZ License and Registration with NSDL Portal
• Obtaining ancillary registrations like GST

Both international and domestic entities can set up businesses in GIFT City. Banks, insurance houses, fund houses, broking houses, etc., technology-related companies like fintech, TechFin, etc., and all other service sectors, including ancillary services providers, foreign universities, etc, can be considered as potential business entities at GIFT City. These entities are required to comply with prescribed regulations set by the International Financial Services Centres Authority (IFSCA). The businesses are expected to have a growth plan and sound financial base for each set of regulations before operation commencement.

The International Financial Services Centres Authority (IFSCA) looks into the regulatory matters within GIFT IFSC as per the IFSCA Act, 2019. Representatives from RBI, SEBI, IRDA, and PFRDA are on the board of the IFSCA. The IFSCA has been established as a unified regulator with a vision to promote ease of doing business at GIFT. Its main objective is to develop deep global ties and focus on the rising needs of the Indian economy.

Yes, non-Indian entities can establish operations within IFSCs regulated by the IFSCA. These entities can benefit from the regulatory framework and incentives provided by the IFSCA to conduct various financial services activities within the IFSC ecosystem.

GIFT City offers various tax benefits, operational ease, simplified regulations, a pool of talent and a business-friendly environment for entities planning to set up their business at the SEZ. Some of the tax advantages include a 10-year income tax holiday, no levy of Goods and Services Tax (GST) and a lower Minimum Alternate Tax (MAT)/ (AMT). GIFT City also offers businesses an exemption from capital gains tax when they sell units within the zone subject to conditions.

There are three primary types of IFSC banking units which include Wholesale Banking Units (WBUs) catering to large corporates and institutional investors, Banking Units Including Dealing Rooms (BUDRs) offering a wider range of services, and International Banking Units (IBUs) focused on offshore banking activities.

Gujarat International Finance Tec-City Company which houses the country’s first International Financial Services Centre (IFSC) has entered an agreement with the Singapore International Arbitration Centre (SIAC) to resolve international commercial disputes.

Fintech/TechFin entities need to obtain specific licenses from IFSCA based on their proposed activities. These licenses typically focus on areas like payment systems, crowdfunding platforms, or P2P lending.

IFSCA framework allows a wider range of insurance products compared to mainland India. This includes specialized products like captive insurance for risk management, marine insurance, and aviation insurance.

GIFT City offers a competitive tax regime with benefits like a 10-year tax holiday on profits, exemption from GST and exemption from Security Transaction Tax (STT) and Commodity Transaction Tax (CTT).