The Gujarat International Finance Tec-City (GIFT City) exemplifies India’s desire to play a larger role in the global financial industry. The city’s design focuses on becoming India’s first International Financial hub. For that reason, when you setup a business in GIFT City, you get access to top-notch infrastructure and resources.
The goal of GIFT City is to create India’s ‘model city,’ characterized by quality and growth. GIFT City, located strategically, is a perfect atmosphere for company upscaling and seamless operation, founded on world-class training, solid regulations, and boundless connectivity.
All these enhance business competitiveness and profitability for a company willing to setup a business in GIFT City.
Business Setup in Different Gift City Zones
There are two different zones in GIFT City: Special Economic Zone (SEZ) and DTA (Domestic Tariff Area). The process for setting up business in both areas and benefits obtained are completely different.
Let’s check the business setup for these zones in detail.
IFSC/SEZ Unit Setup
Businesses in International Financial Services Center (IFSC), also known as SEZ in GIFT City, benefit from a variety of advantages and tax exemptions because of their IFSC/SEZ-designated units that create an environment conducive to technology.
Furthermore, IFSC/SEZ units in GIFT City facilitate easy access to global financial markets, allowing firms to benefit from broad regulatory relaxations, a tolerant business climate, and a supportive setting for their ongoing growth and development. Setup a business in GIFT City to get all the benefits provided by the IFSC/SEZ unit.
DTA Unit Setup
A unit established inside a nation’s domestic tariff area for the purpose of producing, processing, or assembling products is referred to as the domestic tariff area (DTA).
The purpose of this type of agreement is to shield businesses operating in the home market from import tariffs and other limitations that may be imposed on goods originating from beyond the domestic tariff area. The government’s strategic decision to expedite economic growth, attract investment, and improve the flow of goods for domestic consumption and exports is reflected in the DTA Unit Setup.
Setup process for IFSC/SEZ and DTA Unit in GIFT City
- Company formation on Ministry of Corporate Affairs Portal
- Identification of office space in GIFT City
- Obtain Provisional Letter of Allotment (PLOA)
- Submit SEZ application (FORM-F) and parallelly submit application to IFSCA
- Obtain Letter of Approval and Certificate of Registration (COR)
- Start the business operations
Conclusion
GIFT City is appealing not just because of its updated infrastructure but also because of its highly regarded regulatory system, which fosters innovation, growth, and healthy competition.
The establishment of the units in GIFT City suggests that India is making significant strides toward becoming recognized as a major player in the global financial sector.
In addition to being integrated into the SEZ/IFSC and DTA, GIFT City offers a compelling opportunity for companies looking to expand both nationally and internationally. Setup a business in GIFT City and ensure long-term success.
How GCC can help you Setup your business in GIFT City?
If you are looking to set up or grow your business network in Gujarat International Tec-City (GIFT City), GIFT City Consultants provides the perfect solution.
We are a top professional consulting company focused on assisting businesses in negotiating the best opportunities in this blended smart city and international finance hub. Whether you are a large multinational corporation or a small and innovative startup, we will ensure you successfully navigate all stages.
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