To start a Special Economic Zone (SEZ) unit in GIFT City, Gujarat, you'll need

to submit a number of documents to the Office of the Development

Commissioner (ODC):
 Form F: A completed and signed application form
 Provisional Letter of Allotment (PLOA): A document that confirms the allocation of
office space
 Detailed project report: A report that includes projections for the next five years
 Entity ID documents: These include the company's license, PAN card, and IEC code
 Memorandum of Association and Articles of Association: Self-certified copies of
these documents
 Board resolution: A self-certified copy of the resolution for setting up the unit in SEZ
 Certificate of incorporation: A copy of the company's certificate of incorporation
 List of directors: A list of directors with their identity proofs
 Audited financial statements: The last three years' audited financial statements of the
company
 IT returns: The last three years' income tax returns of the company
 Brief presentation: A presentation that covers the entity profile and scope of activities
in GIFT SEZ
 Affidavit: An affidavit
 Undertaking for pollution control: An undertaking for pollution control
You'll also need to apply for the following: GST number, Registration in IFSC,
and Opening of a bank account with IFSC banking units.

1. Process for setting up IFSC Unit in GIFT

SEZ-IFSC
 Submission of Interest Letter/Mail by the organization for taking up space in incubation
facility at GIFT SEZ for setting up unit in GIFT SEZ-IFSC as per the prescribed format.
 GIFT SEZ will give the Proposal to the applying organization for taking up space in
incubation facility in GIFT SEZ.
 The organization to provide the confirmation/acceptance for the Proposal sent by GIFT
SEZ.
 Post confirmation, GIFT SEZ will issue Provisional Letter of Allotment (PLOA) to the
organization for providing office space for setting up IFSC Unit in GIFT SEZ.
 Organization to submit application (Form-F) to Development Commissioner, KASEZ for
taking approval for setting up IFSC Units in GIFT SEZ along with the relevant
documents including PLOA issued by GIFT SEZ.
 Simultaneously, application to the concerned Regulator (RBI/SEBI/IRDA) for required
license to operate as IFSC Unit in GIFT SEZ under the applicable regulations for
banking/capital market /insurance.
 On approvals from DC, KASEZ and Regulator, GIFT SEZ to issue Final Letter of
Allotment for allocation of space in GIFT SEZ for carrying out the approved operations.
 The approved Units shall have to execute lease deed/Leave and License with the
Developer or Co –developer as the case may be for the allotted space.

2. Process note for setting up IT/ITeS &

other Services Centre in GIFT SEZ
 Submission of Interest Letter/Mail by the organization for taking up space at GIFT SEZ
for setting up unit in GIFT SEZ as per the prescribed format.
 GIFT SEZ will give the Proposal to the applying organization for taking up space in
GIFT SEZ.
 The organization to provide the confirmation/acceptance for the Proposal sent by GIFT
SEZ.
 Post confirmation, GIFT SEZ to issue Provisional Letter of Allotment (PLOA) to the
organization for providing office space for setting up Unit in GIFT SEZ.
 Organization to submit application (Form-F) to Development Commissioner, KASEZ for
taking approval for setting up the Unit in GIFT SEZ along with the relevant documents
including PLOA issued by GIFT SEZ.
 On approvals from DC, KASEZ, GIFT SEZ to issue Final Letter of Allotment for
allocation of space in GIFT SEZ for carrying out the approved operations.
 The approved Units shall have to execute lease deed/Leave and License with the
Developer or Co–developer as the case may be for the allotted space.

Gift IFSC FAQ

What is GIFT?
GIFT is being developed as a global financial and IT Services hub, a first of its kind in
India, designed to be at or above par with globally benchmarked financial centres.
GIFT's Master Plan facilitates Multi Services SEZ with International Financial Services
Centre (IFSC) status, Domestic Finance Centre and the associated Social infrastructure.
"GIFT SEZ Limited" has been formed by Gujarat International Finance Tec-City Company
Limited (GIFTCL) for development of Multi Services SEZ at Gandhinagar with the prime
focus on development of IFSC and allied activities in SEZ.

What is the purpose of setting up of GIFT City?

The promoting entities of GIFT city are:
Gujarat Urban Development Company Limited (GUDCL)
GUDCL is the designated agency of Government of Gujarat to facilitate urban
development by assisting state government and other agencies in formulation of policy,
institutional capacity building, project implementation; to assist in raising funds from
multilateral agencies for various projects to facilitate sustainable development of urban
areas, both new and existing, in order to achieve high living standards and growth of
economic activities.

Infrastructure Leasing and Financial Services Ltd (IL&FS)

Incorporated in 1987, the business architecture of IL&FS focuses on providing services
in development of Core Infrastructure. Areas suitably complemented with an array of
Financial Services. The various businesses are conducted through subsidiaries with
IL&FS being a principal shareholder in each. IL&FS has been promoted by the Central
Bank of India (CBI), Housing Development Finance Corporation Limited (HDFC) and Unit
Trust of India (UTI). Over the years, IL&FS has broad-based its shareholding and
inducted Institutional shareholders including State Bank of India, Life Insurance
Corporation of India, ORIX Corporation, Japan and Abu Dhabi Investment Authority.

Can we do domestic transactions from GIFT City?

GIFT City has two Zones: 1. Domestic and 2. Special Economic Zone (SEZ). All the
domestic (Rupee denominated) transactions can be undertaken from GIFT domestic
area.

What is the existing infrastructure available in GIFT?

Presently, GIFT City houses two state-of-the-art towers which are one of the tallest
buildings in the state of Gujarat.
Following are some of the unique infrastructure available at GIFT City:
Data Centre: A state of the art certified TIER IV Green Data Centre by Tata
Communications with a capacity of 900 Racks is up and running

Automated Waste Collection System (AWCS): AWCS and Segregation Plant is one
of the unique next class infrastructure planned in GIFT City. It will maximise resource
recovery/Minimal emissions, Minimise impact on environment, human intervention,
space requirement, impact on health hazard and no waste visibility which will make city
clean, green and healthy.

Water: GIFT City is zero discharge city, water is drinkable from any tap.

Power: GIFT City ensures 99.999% power reliability.

ICT: GIFT City is connected with a fault tolerant optical fibre ring Infrastructure. The
connectivity in GIFT City is provided by four major telecommunication service providers.
GIFT uses advance of technology in form of unique IoT (Internet of Things) based C-4
(City & Command Control Centre) to monitor and manage city Infrastructure.
District Cooling System: District Cooling System is introduced first time in India for
any commercial use. The chilled water will be supplied till building level and it will
reduce energy and maintenance cost, reduce noise & vibrations, improve quality.

Utility Tunnel: All utility services except gas and sewerage from plants to various
buildings will be routed through utility tunnel only. GIFT is planned to develop Utility
Tunnel through city including DTA & SEZ areas

Which are the commercial buildings available in GIFT Domestic area and buildings under
constructions?
Currently, GIFT ONE and GIFT TWO each of 28 floors developed by IL&FS are ready and
available for use.

Following are the other Developers in Domestic area:

 Brigade Group
 Prestige Group
 B. U. Bhandari Landmarks
 Jannadhar Housing (Affordable housing)
 State Bank of India (for own use)
 LIC (for own use)
 BSE Brokers Forum
 Sterling Hospital

Type of companies operating in commercial buildings in GIFT domestic area

Banks, Insurance companies, stock brokers, IT companies, BPO, KPO etc are already
operating from GIFT ONE and GIFT TWO. Some of the names of companies operating
from Domestic area are Oracle, Maxim Integrated, Bank of India, Syndicate Bank, nCode
Solution, infibeam etc
Is there any internal transport facility for the use of general public?
GIFT city runs a Bus inside the GIFT City on regular interval. Everyone can use the bus
facility. Apart from internal bus facility, GIFT also runs a Bus from Visat BRTS station
(nearest BRTS stop) to GIFT at regular intervals for everyone to commute from and to
Ahmedabad.

How is the quality of life in GIFT?

GIFT City offers high quality of life with its state-of-the-art infrastructure. GIFT is
envisioned to be developed into a smart city that has world class commercial & real
estate development, smart IT-enabled business environment, technology enabled smart
infrastructure, strong transport network & proximity to an international airport, world
class social infrastructure (educational institutes, international schools, state of the art
hospitals and 5-Star rated hotels) and entertainment hubs.

Is there any School operational in the GIFT City?

Yes, Jamnabai Narsee Monjee School is operational in the GIFT City.

What are the other facilities planned in GIFT City?

  Business Club
 Hospital
 Hotels
 Shopping Mall

What are the social facilities available nearby GIFT City?

Currently, GIFT ONE and GIFT TWO each of 28 floors developed by IL&FS are ready and
available for use.
Colleges: DAICC, NIFT, NID, IIT-Gandhinagar, IIM-A (30 km), Gujarat National Law
University (10 km)
Schools: Podar International School, Delhi Public School (DPS) and many other
renowned schools with State, CBSE, ICSE and IB board. There are also many Clubs,
Hotels, Restaurants, Theatres, Malls etc nearby GIFT City.

What is an International Financial Services Centre (IFSC)?

An IFSC is a jurisdiction that provides financial services to non-residents and residents,
to the extent permissible under the current regulations, in any currency except Indian
Rupee.

Where in India IFSC has been permitted?

GIFT SEZ in Gandhinagar, Gujarat has been designated as International Financial
Services Centre. GIFT SEZ is the only place in India which is designated as IFSC.

What is the aim of setting up an IFSC in India?

The IFSC in GIFT seeks to bring to the Indian shores, those financial services
transactions that are currently carried on outside India by overseas financial institutions
and overseas branches/subsidiaries of Indian financial institutions to a center which has
been designated for all practical purposes as a location having the same eco system as
their present offshore location, which is physically on Indian soil.

Strategic objective of setting up the IFSC are:

 To create high value jobs by having production of financial services take place on
Indian soil
 To create an avenue into financial globalisation which would benefit the Indian
economy and give policy makers an enhanced set of instruments

Why Gujarat?
The State of Gujarat has emerged as the fastest growing region in the country with an
annual Gross State Domestic Product of over 14% per annum over the past 10 years. In
addition to housing one of the largest manufacturing bases in India, Gujarat also
accounts for a disproportionately large share of the investor and entrepreneurial
population in the country. A recently conducted talent study established that the
manpower pool available in Gujarat, including non-resident Gujarati's, is amongst the
largest pools available in the country.

Recognizing the potential of the State as a centre for the financial services industry,
GIFT Project has been formulated as mega project to realize this vision of setting up an
IFSC in India.
What are the benefits of setting up operations in GIFT-IFSC?
The IFSC in GIFT will provide numerous benefits to the entities setting up operations
there. Some of them are mentioned below:

 State-of-the-art infrastructure at par with other global financial centres

 Liberal tax regime for 10 years
 Strong regulatory & legal environment
 A wholly transparent operating environment, complying with global best
practices and internationally accepted laws and regulatory processes
 Pool of skilled professionals
 A modern transport, communications and internet infrastructure
 Only place in India which allows offshore transactions

Is IFSC similar to IT SEZ?

IT companies do not require approval from any regulator whereas Banking, Insurance
companies and capital market entities require approval from Regulator. At present the
units related to Banking, Insurance and Capital market are considered as IFSC Units and
regulated by International Financial Services Centres Authority (IFSCA)

Will IT units and IFSC units operate from same zone (SEZ) of GIFT City?
IT companies and IFSC units can operate from the same zone, GIFT SEZ. IT companies
can start operating after getting approval from Development Commissioner, KASEZ
whereas Banks, insurance companies and capital market players apart from
Development Commissioner approval also need to take approval from respective
Regulator.

What will be the currency in IFSC?

All the transactions should be in foreign currency (other than Rupee). IFSC units can
carry out administrative and statutory expenses in Indian Rupees.

Who can open IFSC unit in GIFT IFSC?

Following are the entities which can open IFSC unit:

Banking Sector

 Indian banks (viz. banks in the public sector and the private sector authorised to
deal in foreign exchange)
 Foreign banks already having presence in India

Insurance Sector

 Indian Insurer
 Indian Reinsurer
 Indian Broker
 Foreign Insurer
 Foreign Reinsurer
  Capital Market - Regulated by Securities & Exchange Board of India (SEBI)
 Stock Exchanges / Commodity Exchanges
 Clearing Corporation
 Depository
 Broker
 Investment Adviser
 Portfolio Manager
 Alternate Investment Fund
 Mutual Fund

Which are the entities that have started operations from GIFT IFSC?
Banks: IDBI Bank, ICICI Bank, Yes Bank, IndusInd Bank, Federal Bank, Kotak Mahindra
Bank, State Bank of India

Insurance: New India Assurance (Direct Insurance), GIC Re (Reinsurance) will

commence their operations shortly and Xperitus (Reinsurance Broker) will commence
operations soon.

Capital Market: Reliance AIF Management Ltd

IT/ITeS, Consultancy Units: Accvell Technologies, QX Corporate Advisors, iShip

Design, Exemplary Consultants Some of the biggest players in the financial services
have signed MoUs to set up their operations in the GIFT-IFSC. These include: National
Stock Exchange, Bombay Stock Exchange, MCX, NCDEX and DMCC.

What types of transactions are done by IFSC Units and approximate value of
transactions till date (June 30, 2016)?
IFSC Banking Units have done following type of transactions:

 Buyer's Credit
 Loan Syndication
 JV/WOS funding
 ECB

Can IFSC units open foreign currency account with the Banks operating in GIFT IFSC?
Yes, IFSC units can open foreign currency account with the banks operating in GIFT
IFSC.

Can IFSC units pay administrative expenses in Rupee?

Yes, IFSC units can carry out administrative and statutory expenses in Indian Rupees.

What is the procedure to establish an IFSC unit in GIFT SEZ?

The following points describe the procedure to establish a unit in GIFT- IFSC:

 Obtain Letter of Intent ("LOI") from GIFT SEZ Ltd. for securing the premises on
lease
  Application in the prescribed Form F to be filed with the jurisdictional
Development Commissioner, (Kandla SEZ) and GIFT SEZ along with copy of
project report and other details / information (in quintuplicate)
 The Development Commissioner, GIFT SEZ shall scrutinize the proposal of the
unit and shall place the same before Unit Approval Committee for their
consideration
 Unit Approval Committee shall approve or approve with modifications or reject
the proposal within 15 days of its receipt
 The Development Commissioner, GIFT SEZ shall issue "Letter of Approval" for
setting up unit subject to approval by the relevant regulator.
 SEZ unit will take approval from RBI, SEBI or IRDA for setting up IFSC unit for
carrying out banking, capital market or insurance related activities in GIFT SEZ-
IFSC
 SEZ unit shall be required to confirm its acceptance with the terms and
conditions of LOA to the Development Commissioner, GIFT SEZ within 45 days of
receipt of LOA
 SEZ unit shall be required to enter into a lease agreement with GIFT SEZ Limited
and copy of registered lease deed shall be required to be submitted with the
office of the Development Commissioner, GIFT SEZ within 6 months of receipt of
LOA
 The unit can then operate and avail all the benefits /exemptions/concessions as a
unit in GIFT SEZ

Please provide web link to submit Form F online to Development Commissioner (DC),
KASEZ. [Link]
What are the documents to be attached along with Form F to be submitted to DC,
KASEZ?
The application is to be filed in 5 Set and one copy is to be submitted to the Developer
i.e. GIFT SEZ.

 Bank Draft of Rs 5000/- payable to REGIONAL PAY AND ACCOUNTS OFFICER,

MUMBAI. (Payable at Gandhidham)
 Application in form "F" duly filled and signed by the Authorized Person.
 Self certified copy of incorporation, MOA,&AOA.
 Self certified copy of PAN of the company.
 Copy of Provisional Letter of Allotment issued by the Developer.
 List of Directors of the company.
 Certified copy of PAN card of the Directors.
 Passport size photographs of the Directors
 Copy of audited financial statement of the company for the last three financial
years.
 Certified copy of resolution for setting up the unit is SEZ and authorizing the
person to sign the application.
  Brief Project Report.

Please provide web link to submit Form F online to Development Commissioner (DC),
KASEZ. [Link]
What are the reporting requirements for the companies to set up in the GIFT-IFSC?
The reporting requirements for the entities that set up in the GIFT-IFSC are mentioned in
the regulations released by various regulating authorities.

Who are the regulatory bodies in GIFT-IFSC?

The regulating body for various financial services in GIFT-IFSC is International Financial
Services Centres Authority (IFSCA).

What is the typical time frame for obtaining a license in the GIFT-IFSC?
Generally, if all the submissions to regulators and Development Commissioner are
correct, company may get license within 45 days from the date of submission.

What is the overall tax framework in the GIFT-IFSC?

 Minimum Alternate Tax (MAT) - 9 % for IFSC units

 Security Transaction Tax (STT) - NIL
 Commodity Transaction Tax (STT) - NIL
 Commodity Transaction Tax (STT) - NIL
 Dividend Distribution Tax (DDT) - NIL
 Long Term Capital Gain (LTCG) - NIL
 Tax Holiday (10 years)
(GoG has also exempted stamp duty for entities having registered office in GIFT
for capital market activities).

Who are the developers in GIFT IFSC?

The following are the regulating bodies for various financial services:

 IL&FS Township and Urban Assets Ltd., Mumbai

 Hiranandani, Mumbai
 Brigade Group, Bangalore
 Savvy Group, Ahmedabad
Apart from above Reliance Capital is developing office and residential building in
GIFT SEZ.

What is the approximate Lease rent in GIFT Business Centre?

The lease rent in GIFT Business Centre is around Rs. 50 per sq. Ft. per month. These are
plug n play units.

Who is the primary contact for further information on IFSC?

The primary contact for queries related to the setting up operations in the GIFT-IFSC is
as follows: Mr. Sandip Shah, Manager (IFSC & Strategy), GIFT City Co.
Ltd.: [Link]@[Link]
With the rise of globalization and the growing importance of international finance,
setting up a business in a well-established and business-friendly environment
has become crucial. The Gujarat International Finance Tec-City (GIFT City),
located in Gujarat, India, has emerged as a prime destination for businesses
looking to tap into the country’s financial markets.

In order to capitalise on India’s potential in the international financial services

sector, the entity may undertake following steps to incorporate their business in
GIFT City.

Brief Process
The procedure for establishing IFSC Unit in GIFT City is as follow:
Steps To Incorporate Your Business In GIFT City
IFSC
If you are considering establishing an IFSC unit in GIFT City, this guide will walk
you through the process step-by-step.

Step 1: Identification Of Suitable Office Space In GIFT

SEZ
The initial step involves identifying and selecting office space within the GIFT
SEZ. This includes entering into an agreement with the developer or co-
developer of GIFT SEZ. The chosen office space will serve as the location for
establishing your business operations within the SEZ.

Step 2: Obtain Provisional Letter of Allotment (PLOA)

After finalizing the agreement with the developer, it is necessary to obtain a
Provisional Letter of Allotment (PLOA). This letter officially confirms the allocation
of the chosen office space within the GIFT SEZ for your entity. The PLOA serves
as a crucial document for initiating the establishment of your business operations
in the SEZ.

Step 3: Application In FORM F To SEZ Authorities

The entity needs to prepare and submit FORM F along with the following
annexures:

 Demand Draft of Rs 5,000/-

 Provisional Letter of Allotment issued by the Co-Developer.
 Detailed Project Report, including projections for the next five years.
 Entity ID documents such as License, PAN Card, IEC Code, etc.
 Self-certified copies of Memorandum of Association and Articles of
Association.
 Self-certified copies of Board Resolution for setting up an office in GIFT
IFSC.
 Certificate of Incorporation.
 List of Directors with their identity proofs.
 Last 3 years’ audited financial statements and IT returns of the entity or
directors.
 Brief presentation covering the entity profile and scope of activities in GIFT
IFSC.
 AFFIDAVIT
Prepare three sets of the above documents and submit them as follows:

 Original set to the Office of the Development Commissioner.

 Second set to the developer (GIFT SEZ) to facilitate the submission of NOC
from the developer to the Office of the Development Commissioner.
 Third set for the entity itself.
Step 4: Unit Approval Committee (UAC) Meeting
The Development Commissioner will contact the entity for a meeting with the Unit
Approval Committee (UAC) after receiving the FORM F. During the hearing, the
entity’s authorised representative will present the case on their behalf.

Related Read: Benefits Of Setting Up A Business Entity At

GIFT City

Step 5: Letter of Permission / Approval (LOA)

The Development Commissioner will give the entity a Letter of Permission /
Approval (LOA) if the UAC is pleased with the entity’s presentation.

Step 6: Letter Of Acceptance

Within 45 days of the LOA’s issuance, the entity must deliver a Letter of
Acceptance to the Development Commissioner expressing acceptance of the
LOA’s terms and conditions.

Step 7: Execution of Lease Deed

The entity must sign a lease deed with the co-developer of GIFT SEZ within six
months of getting the LOA and submit it to the Development Commissioner.

Step 8: SEZ License and Registration with NSDL Portal

After the issuance of the SEZ License, the entity needs to obtain registration with
the NSDL portal for SEZ Online Registration. This registration allows for reporting
and other services related to import, procurement, and services.

Step 9: Bond Cum Legal Undertaking

The organisation must prepare and sign a Bond Cum Legal Undertaking with the
Development Commissioner and GIFT SEZ’s Specified Officer before submitting
it.
Step 10: Obtain Registration Certificates and Exemption
Eligibility
The entity must proceed to obtain various registration certificates such as GST,
RCMC, IEC, etc. Additionally, it should apply for eligibility certificates for
exemption from various taxes from the Central and State Government.

Step 11: Registration with IFSCA

Before commencing business operations, the entity must obtain a Certificate of
Registration from the International Financial Services Centres Authorities
(IFSCA). The entity should prepare and submit an application along with the
required fees to the IFSCA.

Step 12: Commencement of Business Operations

After completing all the necessary steps, the entity becomes eligible to
commence its business operations (export of services). It is mandatory to inform
the Office of the Development Commissioner about the date of the first export of
services through an application titled “Commencement of business operations”
and provide supporting evidence such as a tax invoice. A copy of the application
should also be marked to the GIFT SEZ developer.

Related Read: GIFT City: An Overview and Tax Benefits

Conclusion
In conclusion, thorough adherence to the recommended measures and
compliance with regulatory criteria are required when opening an office in the
GIFT SEZ. Businesses may successfully navigate the procedure and take
advantage of the opportunities and benefits offered within the GIFT SEZ by
following this thorough guidance. This strategic step lays the way for success
and development in a dynamic corporate ecosystem and aids India’s expansion
in the field of international financial services.

Why Choose InCorp?

At Incorp, we understand the complexities of setting up an Insurance
Intermediary Office in GIFT City IFSC. That’s why we offer specialized advisory
services to guide you through the process, from initial planning to ongoing
compliance. Our expertise can help your organization navigate international
regulations and leverage the significant opportunities of GIFT City IFSC, such as
access to global markets and a business-friendly environment.

Contact us today to learn how Incorp can assist in successfully establishing your
Insurance Intermediary Office in this prestigious international financial center.

Setting up your business in GIFT City: A detailed step-by-

step process
Establishing a business in GIFT City entails navigating a well-defined incorporation
process. Below, we outline the step-by-step process of setting up a business in GIFT
City:

Step 1: Market research and feasibility analysis

Before venturing into GIFT City, conduct thorough market research and feasibility
analysis to assess the viability of your business idea. Identify target markets, analyze
competition, and evaluate regulatory requirements to ensure alignment with your
business objectives.

Step 2: Choose the right business structure

Selecting the appropriate business structure is crucial for establishing your presence
in GIFT City. Whether it’s a company, partnership, or branch office, consider factors
such as liability, taxation, and regulatory compliance before making a decision.

Step 3: Obtain the necessary approvals and clearances

Once you’ve decided on the business structure, obtain necessary approvals and
clearances from regulatory authorities. This may include approvals from the IFSCA,
Registrar of Companies (ROC), and other relevant bodies. Ensure compliance with
regulatory requirements and documentation procedures to avoid any delays in the
incorporation process.

Step 4: Office space selection

Identify suitable office space within the GIFT SEZ based on your business requirements
and budget. GIFT City offers a wide range of office spaces, including plug-and-play
offices, co-working spaces, and custom-built facilities, to accommodate diverse
business needs.

Step 5: Obtain the Provisional Letter of Allotment (PLOA)

Upon finalizing the office space agreement with the SEZ developer, obtain a Provisional
Letter of Allotment (PLOA) to secure your chosen premises within the GIFT SEZ. The
PLOA serves as official confirmation of the allocated office space for your business.

Step 6: Application submission to SEZ authorities

Prepare and submit Form F along with the requisite annexures to the Office of the
Development Commissioner (ODC) for approval. Annexures typically include the PLOA,
detailed project report, entity ID documents, board resolution, certificate of
incorporation, and financial statements.

Step 7: Unit Approval Committee (UAC) meeting

The ODC convenes a meeting with the Unit Approval Committee (UAC) to review your
application and business proposal. Your authorized representative presents the case on
your behalf, highlighting the merits of your business venture.

Step 8: Receipt of the Letter of Permission (LOP)

If the UAC approves your application, you will receive a Letter of Permission (LOP) from
the ODC, granting you permission to establish and operate your business in GIFT City.

Step 9: Lease deed execution

Sign a lease deed with the SEZ developer to formalize your occupancy of the chosen
office space within the GIFT SEZ. The lease deed outlines the terms and conditions of
the lease agreement, including rent, tenure, and other relevant clauses.

Step 10: SEZ license and NSDL portal registration

After obtaining the LOP, apply for the SEZ license from the ODC and register with the
NSDL portal for SEZ online registration. This registration facilitates compliance with
SEZ regulations and enables access to various services related to import, procurement,
and taxation.

Step 11: Acquisition of registration certificates and

exemption eligibility
The entity must obtain a Goods and Services Tax (GST) registration certificate for sales
tax purposes. Additionally, it should apply for a Registration-Cum Membership
Certificate (RCMC) certificate for import-export activities and an Import Export Code
(IEC) code for international trade. It may also qualify for exemptions from income tax,
customs duty, and other taxes based on specific government schemes.
Step 12: Registration with IFSCA
Prior to commencing operations, it’s imperative to register formally with the International
Financial Services Centres Authorities (IFSCA). Submit your application along with the
requisite fees to obtain your Certificate of Registration, which authorizes your business
to operate within GIFT City’s regulatory framework.

IFSC Business
 Submission of Interest Letter/Mail to Co-developer by the organization for taking up space in
GIFT SEZ for setting up unit in GIFT SEZ-IFSC.
 Co-developer will give the Proposal to the applying organization for taking up space in incubation
facility in GIFT SEZ.
 The organization to provide the confirmation/acceptance for the Proposal sent by Co-developer.
 Post confirmation, Co-developer will issue Provisional Letter of Allotment (PLOA) to the
organization for providing office space for setting up IFSC Unit in GIFT SEZ.
 Organization to submit application on line through NSDL PORTAL in (Form-F) to Development
Commissioner, KASEZ for taking approval for setting up IFSC Units in GIFT SEZ and submit the
hard copy of the documents in one set. The one set of the Documents needs to be submitted to
the Developer.
 On approvals from DC, KASEZ, the SEZ units have to complete SEZ compliances as per the
SEZ rules 2006 and the conditions mentioned in the respective LOA issued by the office of the
Development Commissioner, KASEZ & apply for issuance of Eligibility Certificate for availing
exemption.
 Simultaneously, application to the concerned Regulator IFSCA for required license to operate as
IFSC Unit in GIFT SEZ under the applicable regulations for banking/capital market /insurance.
 SEZ units have to obtain the Import Export Code (IEC code)
 Approved units have to complete the necessary Registration formalities with the concerned
authorities like GST, EPCES, NSDL etc. for availing exemptions of taxes and Duties.
 The approved Units shall have to execute lease deed with the Co –developer as the case may be
for the allotted space and submit a copy to DC office within six months from issuance of LOA.

Other Business in GIFT

SEZ
 Submission of Interest Letter/Mail to co-developer by the organization for taking up space at GIFT
SEZ for setting up unit in GIFT SEZ as per the prescribed format.
 Co-developer will give the Proposal to the applying organization for taking up space in GIFT SEZ.
 The organization to provide the confirmation/acceptance for the Proposal sent by Co developer of
GIFT SEZ.
 Post confirmation, Co-developer to issue Provisional Letter of Allotment (PLOA) to the
organization for providing office space for setting up Unit in GIFT SEZ.
  Organization to submit application on line through NSDL PORTAL in (Form-F) to Development
Commissioner, KASEZ for taking approval for setting up SEZ Units in GIFT SEZ along with
required documents and submit the hard copy of the documents in one set to DC office, KASEZ,
Ahmedabad City office. One set of documents needs to be submitted to the Developer.
 Approved units must complete the necessary Registration formalities with the concerned offices
like GST, EPCES, NSDL etc. for availing exemptions of taxes and Duties.
 On approvals from DC, KASEZ, the SEZ units must complete SEZ compliances as per the SEZ
rules 2006 and the conditions mentioned in the respective LOA issued by the office of the
Development Commissioner, KASEZ & apply for issuance of Eligibility Certificate for availing
exemption.
 SEZ units have to obtain the Import Export Code (IEC code)
 The approved Units shall have to execute lease deed with the Co –developer as the case may be
for the allotted space and submit a copy to DC office within six months from issuance of LOA.

Company Incorporation
Name Application & Company Incorporation
Process
This has reference to incorporating Companies for capital market activities in GIFT, please note we
are requesting you to follow below checklist:
 DIN of 2 directors, At least one Director should be resident in India;
 Number of the Promoters/ Shareholders: Minimum 2 Promoters need to be there. (However, we
are advising clients to form a 100% subsidiary of Holding company which is already a registered
SEBI member in India)
 Valid Digital Signature of at least one director and shall have DIN or PAN
 MCA has introduced a one roof and speedy solution for incorporation of the limited Companies by
introducing SPICe+ form which is applicable to all new company incorporations from Feb 2020

SEZ Approval
Process for application to Development
Commissioner, KASEZ
Organization has to apply online at [Link] and submit the print out of the online
filled in Form F, duly signed along with the following documents:

List of Documents to be submitted to Development

Commissioner, KASEZ
1. Provisional Letter of Allotment provided by Co-developer GIFT SEZ.
 2. Detailed Project Report – inclusive of Projections for 5 years
o Background of the organization
o Description of services offered in India & Abroad
o Description of proposed Project (Project for setting up Unit in SEZ)
o Revenue Projections i.e. Net Foreign Exchange Earnings projection for forthcoming Five
Financial years
o Description of Foreign Technical Collaboration, Marketing Collaboration (If Any, Nature of
agreement, Duration of agreement, Payment to consultant)
o Existing and proposed financing structure over a period of 5 years

Complete Project Report incorporating all relevant information on the project & giving therein
feasibility report, promoters/directors details, cost of the project and means of finance with break
up details, projected profitability statement. Details of present activities of the applicant
company/firm.

3. Company IDs such as License, PAN Card, IEC Code

4. Copy of Incorporation Certificate, Articles and Memorandum of Association of the Company
5. Copy of Company’s profile, Directors Profile.
6. Copy of Board Resolution
7. List of Imported and Indigenous capital goods
8. List of directors with details such as address, contact details etc
9. Copy of residential proof and identity proof of directors
10. Letter mentioning web and email address
11. Last three years Income tax returns of the company
12. Copy of Audited financials
13. Copy of IEC Code of the company
14. PAN Card Copy of the company
15. AFFIDAVIT
16. Undertaking for Pollution control

 Copies to be submitted to the DC (Development Commissioner), KASEZ, Ahmedabad along with

a Demand Draft of Rs 5000/- in Favor of REGIONAL PAY AND ACCOUNT OFFICER MUMBAI
payable at GANDHIDHAM and 1 copy of application to GIFT SEZ Limited Authority.
 Approval Committee meeting will be organized to process the application. Proposals are placed
before the Approval Committee, in terms of Rule 17 & 18 of the SEZ Rules, 2006. In case the
project is approved, the applicant is issued Letter of approval (LOA).
Once the DC issues the Letter of Approval, the same is to be acknowledged with an Acceptance
within 45 days of issuance and take further action as per terms & conditions mentioned in the said
LOA for implementation of the project.
For implementation of the LOA, the unit has to execute Bond cum legal undertaking in form- H of
SEZ Rules on a non-judicial stamp paper of Rs. 100/- bought from within the state i.e Gujarat where
the SEZ/unit is located and also get the same notarized by a Notary Public registered from the same
State i.e Gujarat.
Before doing any activities of export/import in the SEZ, an SEZ unit must obtain acceptance of BLUT
and Import Export Code.
As per SEZ Rules it is mandatory to obtain Registration-cum-Membership-Certificate (RCMC) from
Export Promotion Council (EPCES)for SEZ units (including co-developer) for availing exemptions,
drawbacks and concessions under Rule 22 of SEZ Rules.
As per Rule 18 (2)(ii) of SEZ Rules, an SEZ unit is required to submit copy of registered lease deed
to Development Commissioner concerned within six months from the issuance of LOA.