• The development strengthens GIFT City’s business ecosystem to meet the rising global demand for efficient and high-quality financial services
  • InCorp Global to offer Bookkeeping, Accounting, Taxation, and Financial Crime Compliance (BATF) Services to international clients from GIFT IFSC as per global norms and standards

Gandhinagar, 16th October 2024: InCorp Global, a leading provider of corporate solutions and professional services across Asia Pacific, has become the first firm at GIFT IFSC to receive a BATF (Bookkeeping, Accounting, Taxation, and Financial Crime Compliance) licence. Under the IFSCA (BATF Services) Regulations, 2024, this licence authorises InCorp Global to offer BATF services to businesses beyond the BFSI sector.

Commenting on the development, Mr. Tapan Ray, MD and Group CEO, GIFT City, said,

“GIFT IFSC is uniquely positioned to evolve as a global offshore hub for bookkeeping, accounting, taxation, and financial crime compliance services. By leveraging Gujarat’s rich talent pool and GIFT City’s world-class financial infrastructure, we are ready to meet the rising global demand for efficient and high-quality financial services.”

The service offerings under the BATF licence at GIFT IFSC have been standardised to align with globally benchmarked norms. Additionally, the inclusion of financial crime compliance services under these regulations paves the way for expanding Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Know Your Customer (KYC) compliance services.

The BATF Regulations were issued following the Government of India’s notification on January 18, 2024. The IFSCA – Bookkeeping, Accounting, Taxation, and Financial Crime Compliance Services (BATF) Regulations, 2024, designate these services as ‘financial services’ under Section 3 of the IFSCA Act, 2019. This regulation is designed to contribute to the development of a vibrant financial market ecosystem in GIFT IFSC, offering a detailed framework for setting up and operating BATF service providers in the IFSC while ensuring compliance with international standards and protection against financial crime.

Mr. Manish Modi, India CEO at InCorp Global, said,

“Securing the BATF licence is a pivotal moment for InCorp Global in India, affirming our leadership in shaping the financial services framework at GIFT IFSC. This licence empowers us to deploy India’s depth in talent and capabilities to offer tailored services to global clients, further strengthening our presence in the global market. We aim to facilitate a seamless entry for global clients into the Indian market, while actively contributing to GIFT City’s growth as a global financial hub.”

Currently, InCorp Global provides advisory and consulting services to clients based in Australia, Belgium, Canada, France, Germany, New Zealand, Singapore, Switzerland, the UAE, the UK, and the USA, among other countries.

InCorp Global already provides companies with setup and post-setup services at GIFT City. The team of over 20 experts possesses deep expertise in navigating complex regulations, tax structures, and operational requirements across multiple regulatory frameworks such as aircraft leasing, ship leasing, fund management, capital markets, and higher education, among others.

About GIFT City

GIFT City, India’s first operational smart city and maiden International Financial Services Centre (IFSC), is a global financial and IT services hub, a first of its kind in India, designed to be at or above par with globally benchmarked business districts. As a leading Central Business District (CBD), GIFT City offers significant advantages such as reduced operational costs, favourable tax policies, and a vibrant community, making it the top choice for global and domestic companies in BFSI, IT/ITeS, fintech, international education, and other service sectors.

A ‘Project of National Importance’, GIFT City encompasses office spaces, residential areas, school, hospital, hotels, clubs, retail outlets, and recreational facilities, creating a truly ‘walk-to-work’ environment. Pioneering innovations and sustainable solutions implemented in GIFT City, such as the District Cooling System, Automated Waste Collection System, and Utility Tunnel, have set new standards in urban development.

About InCorp Global

InCorp Global is a leading provider of comprehensive corporate solutions and professional services in the Asia Pacific region. Headquartered in Singapore, our strong regional presence spans nine markets, including Singapore, Australia, Hong Kong SAR, India, Indonesia, Mainland China, Malaysia, the Philippines, and Vietnam. With over 1,500 dedicated professionals, InCorp Global specialises in delivering a wide range of services, including corporate secretarial, regulatory compliance, accounting and tax, payroll and HR, and compliance solutions. Serving over 15,000 companies, our client base spans diverse industries and global origins, from startups and SMEs to large multinational corporations. We are committed to turning their vision into reality through our unwavering dedication to excellence and client success.