International Financial Services Centre

The launch of the IFSC at GIFT City is the first step towards bringing financial services transactions relatable to India, back to Indian shores

GIFT IFSC

ifsc-image-treelife

In India, an IFSC is approved and regulated by the Government of India under the Special Economic Zones Act, 2005

Government of India has approved GIFT City as a Multi Services Special Economic Zone (‘GIFT SEZ’) and has also notified this zone as India’s IFSC

The launch of the IFSC at GIFT City is the first step towards bringing financial services transactions relatable to India, back to Indian shores

GIFT City ranks 67th on the Global Financial Centres Index (GFCI) and houses 545+ registered entities as of July 2023

What is IFSCA?

International Financial Services Centre Authority (IFSCA) has been established as a unified regulatory authority in April 2020, consolidating the regulatory powers of RBI, SEBI, PFRDA, and IRDAI, to oversee the development and regulation of financial products, services, and institutions within India’s International Financial Services Centre in GIFT.

Setting up Process

01

In-person/virtual meeting with IFSCA & GIFT officials to demonstrate the business use case for GIFT IFSC

02

Identify office space within GIFT SEZ, finalize agreement with developer and obtain Provisional Letter of Allotment (PLOA)

03

Submit the SEZ application to the Development Commissioner (DC) and a separate IFSCA application for setting up the unit

04

Post SEZ application, DC will invite the company for a Unit Approval Committee hearing to discuss business propostion

05

If approval comes as per point 4, the DC will then issue the 'Letter of Approval'and IFSCA will seperately give 'provisional approval

06

Submit Bond cum LUT, obtain Eligibility Certificate and necessary registrations such as RCMC, IEC and GST

07

Open Foreign Currency and SNRR bank accounts and obtain final IFSCA approval

08

Kickstart your business operations

Are you looking to experience GIFT City?

Frequently Asked Questions

From an Income-tax perspective, entities in GIFT IFSC are “resident” in India while from an exchange control perspective, entities in GIFT IFSC are “non-resident”.
From an Income-tax perspective, entities in GIFT IFSC are “resident” in India while from an exchange control perspective, entities in GIFT IFSC are “non-resident”.
As of now, approval is needed from the SEZ authorities and the IFSCA authorities for operating in GIFT IFSC. A proposal to make a single window clearance in underway.
Unlike SEBI’s domestic AIF regulations where the fund (AIF) seeks registration with SEBI, under the IFSCA regulations, the fund management entity (FME) seeks registration with the IFSCA and can launch funds (schemes) with only prior intimation to IFSCA.

Fintech: This refers to emerging financial technologies and innovations that drive new business models, applications, processes, or products in areas connected to financial services. These are typically B2C in nature.
𝘍𝘰𝘳 𝘦𝘹𝘢𝘮𝘱𝘭𝘦 – 𝘗𝘢𝘺𝘵𝘮, 𝘊𝘳𝘦𝘥, 𝘙𝘢𝘻𝘰𝘳𝘱𝘢𝘺, 𝘗𝘰𝘭𝘪𝘤𝘺𝘣𝘢𝘻𝘢𝘢𝘳, 𝘗𝘪𝘯𝘦𝘭𝘢𝘣𝘴, 𝘚𝘭𝘪𝘤𝘦, 𝘦𝘵𝘤

Techfin: These are advanced or innovative technological solutions primarily designed to support, aid, and enhance activities related to financial products, services, and institutions. These are typically B2B in nature where they have tech products which can be used by financial institutions for their operations.
𝘍𝘰𝘳 𝘦𝘹𝘢𝘮𝘱𝘭𝘦 – 𝘍𝘪𝘯𝘢𝘤𝘭𝘦 (𝘣𝘺 𝘐𝘯𝘧𝘰𝘴𝘺𝘴), 𝘔𝘢𝘮𝘣𝘶, 𝘉𝘳𝘰𝘬𝘦𝘳𝘌𝘥𝘨𝘦, 𝘐𝘯𝘴𝘶𝘳𝘦𝘊𝘙𝘔, 𝘖𝘋𝘐𝘕, 𝘦𝘵𝘤

There are multiple real estate developers offering office space in GIFT City. There are also a few Plug N Play service providers in GIFT City. Refer here for more details – https://www.giftgujarat.in/business/ifsc
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