How to Set up IFSC Unit in GIFT SEZ

Learn the step-by-step process of setting up an International Financial Services Centre (IFSC) Unit in GIFT SEZ. Understand the required documentation, approvals, and compliance for establishing your entity in the Special Economic Zone.

Any Entity which is desirous of setting up an International Financial Services Centre (IFSC) Unit in Special Economic Zone (SEZ) may set it up and get it approved in accordance with International Financial Services Centres Authority Regulations and Special Economic Zones Rules, 2016.

The procedure for establishing a Unit in SEZ is as Follows:

1. Provisional Letter of Allotment : A Request letter has to be submitted to the Developer i.e GIFT SEZ for allotment of Co-working office space for setting up IFSC unit in GIFT SEZ.

2. Letter of Approval: The Application along with annexure shall be verified by the Development Commissioner (DC) before forwarding the same to Unit Approval Committee (UAC) for consideration. The DC would call the entity to attend meeting of UAC where an authorised representative of the entity will present himself in the meeting for hearing.

Upon Satisfaction of UAC, A Letter of Approval shall be issued by the DC.

The Application along with Annexure includes the following:

A. The Entity has to submit Form F online through NSDL SEZ Portal (https://sezonline-ndml.co.in/). This Form F shall be accompanied by following annexure:

1. Demand draft of Rs. 5000/- (Rupees five thousand) in favour of REGIONAL PAY and ACCOUNT OFFICER Mumbai payable at Gandhidham.

2. Provisional letter of Allotment along with NOC obtained from GIFT SEZ Limited

3. Detailed Project Report of the Entity – inclusive of projections for 5 years :

-Background of the organization

-Proposed Cost of the Project and means of finance

-Proposed Profit and Loss for next 5 years

-Proposed Balance sheet for next 5 years

-Proposed employment for next 5 years

-Description of services offered in India & Abroad

-Description of Proposed Project

-Revenue Projections (i.e Net Foreign Exchange Earnings Projection for 5 years)

-Description of Foreign Technical Collaboration, Market Collaboration

-Existing and proposed financing structure over a period of 5 years

4. Entity ID like Registration certificate, PAN

5. Memorandum of Association and Article of Association (in case of company) and LLP Agreement (in case of LLP)

6. Resolution for setting up unit in GIFT IFSC

7. List of Directors/ Partners along with their identity proof

8. Last three years Audited Financial Statement and IT Return of the Entity and its Directors/ Partners

9. Entity Profile including details about the entity and its directors/partners

10. Scope of activities to be carried from GIFT SEZ

11. Affidavit of signatory duly notarized on Rs. 100 Stamp Paper

12. List of Imported and Indigenous Capital Goods

13. Undertaking for pollution control

14. Letter mentioning Web address and Email id

The above mentioned documents (in original set) shall be submitted to the Development Commissioner and one copy of the Application along with annexure shall be submitted to the Developer i.e GIFT SEZ.

(Note: NOC from International Financial Services Centres Authority shall be obtained before commencement of business operation in GIFT SEZ.)