A Comprehensive Guide to Setting Up a Unit in GIFT IFSC
A Comprehensive Guide to Setting Up a Unit in GIFT IFSC
Establishing a business presence in the Gujarat International Finance Tec-City (GIFT) International Financial Services Centre (IFSC) is a strategic move for entities looking to operate in a global financial hub. The process involves a structured sequence of regulatory and administrative steps.
This guide outlines the indicative process based on current regulatory requirements.
Phase 1: Preparation and Incorporation
The initial phase focuses on securing your physical footprint and legal status. Note that steps 1a and 1b can be executed simultaneously.
Identify Office Space: Coordinate with a co-developer to identify suitable office space and execute a Letter of Intent (LOI).
Name Reservation: Reserve your company name with the Ministry of Corporate Affairs (MCA).
Note: A branch or LLP is not required to incorporate a new company with the MCA.
Provisional Allotment: Obtain the Provisional Letter of Allotment (PLOA) and a No Objection Certificate (NOC) from the co-developer.
Incorporation: Complete the incorporation of the unit with the MCA to receive your PAN and TAN. (Again, a branch or LLP is not required to incorporate a new company.)
Phase 2: Application and Approval
Once incorporated, you must engage with the IFSCA and the Unit Approval Committee (UAC).
SWIT Portal Application: Submit a joint application to the Administrator (IFSCA) and the IFSC Authority via the SWIT portal.
UAC Approval: Address any deficiencies in your SEZ application via the SEZ Online portal and appear before the UAC for final approval. This occurs after your application is included in the UAC agenda.
Letter of Approval (LOA): * The Administrator (IFSCA) issues the LOA via the SEZ Online portal.
The applicant must submit this LOA to the IFSCA regulatory team via SWIT or email.
Simultaneously, the IFSC Authority provides in-principle approval via the SWIT portal where applicable.
Phase 3: Post-Approval Registrations
Steps 7a through 7e can be executed concurrently to expedite the process.
BLUT & Eligibility: Submit the Bond-cum-legal undertaking (BLUT) in Form-H to the Administrator (IFSCA) to receive the approved BLUT and an Eligibility Certificate. The approved BLUT must then be submitted to the SEZ portal.
Registrations: Complete your IEC registration and RCMC registration.
Banking: Open a Foreign Currency Account in an IBU and a Special Non-Resident Rupee (SNRR) account in a domestic bank branch.
GST: Apply for GST registration through the SWIT portal.
Phase 4: Finalizing Operations
After securing your approvals, finalize your legal and administrative requirements:
Lease Agreement: Execute the lease agreement with the co-developer and file a copy with the IFSCA via SWIT within 6 months of the LOA issuance.
Final Registration: Obtain the Certificate of Registration (CoR) from the IFSCA through the SWIT portal.
State Registrations: Simultaneously obtain Shop & Establishment registration and Professional Tax registration for employers and employees.
Employee ID Cards: Secure employee ID cards from the SEZ.
Commencement: Issue your first invoice or execute your first transaction, and submit the Date of Commencement of Production (DCP) request to the Administrator (IFSCA). Finally, provide intimation for the start of operations to the IFSCA regulatory team if applicable.
Disclaimer: This process is indicative and remains subject to applicable regulations.
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