GIFT City has two parts: a multi-service special economic zone (SEZ), in which GIFT IFSC sits, and a domestic tariff area (DTA) for businesses serving the Indian market (GIFT City Funds Booklet; Invest India). IFSCA licensing applies to units in the IFSC, not to businesses in the DTA. A GIFT City company in the IFSC sense is, in law, a “unit” in GIFT IFSC: an entity holding an SEZ Letter of Approval and an IFSCA licence or registration for a defined activity. The activity decides the rulebook. The rulebook decides the entity forms allowed (company, LLP or branch), the minimum capital and the fees. This article covers that choice for non-fund businesses, and the SWIT process common to all.

For background, see the 2025 overview of the IFSC in India; for the rulebooks as law, the IFSCA regime page. This article covers what they leave out: the choice of licence and vehicle, and the cost.

Table of Contents

Choosing a GIFT City company structure and IFSCA licence

Fees are in USD under IFSCA Circular IFSCA-DTFA/1/2026 (2 March 2026, corrected 13 March 2026), which applies “for FY 2026-27 and onwards” (para 16), that is, from 1 April 2026. Format: application / registration or licence (one-time) / annual.

Activity	Rulebook	Legal form allowed	Minimum capital / net worth	Fees (USD)
Capital market intermediary	CMI Regulations 2025	Company, LLP, body corporate, or branch (reg. 6)	USD 25,000 to 1.5m by activity (Sch. I)	By activity (below)
TechFin or ancillary services	TechFin and Ancillary Services (TAS) Regulations 2025	Company or LLP in IFSC; branch of a company or LLP; professional partnership firm (reg. 5(1))	None stated	1,000 / 2,500 / 2,500, plus turnover fee from USD 1m
Trust and company services for leasing (TCSP)	TAS Regulations, Chapter VA (May 2026)	Company or LLP in IFSC (reg. 10C)	None stated; professional indemnity cover (reg. 10K)	No separate row; a TCSP registers as a TAS provider (reg. 10A), so the TAS row appears to apply
Payment services	Payment Services Regulations 2024	Company with registered office in IFSC only (reg. 5)	USD 100,000, rising to 200,000 by end of third FY (Sch. V)	1,000 per activity / 25,000 / 5,000 per activity
Global In-House Centre (GIC)	GIC Regulations 2025	Company or LLP in IFSC; branch of a company or LLP (reg. 5(1))	None stated	1,000 / 2,500 / 2,500, plus turnover fee from USD 1m
Insurer or reinsurer (IIO)	Registration of Insurance Business Regulations 2021	Branch of an insurer, reinsurer or Lloyd’s; Indian company; co-operative; foreign body corporate (reg. 5)	Branch: assigned capital USD 1.5m, held in home country (reg. 17(2))	1,000 / 5,000 / higher of 12,500 or 1/20th of 1% of gross premium
Insurance intermediary	Insurance Intermediary Regulations 2021	Company, LLP, co-operative or branch, by category (regs. 4(2)–(5))	E.g. direct broker USD 100,000; corporate agent USD 75,000 (Sch. I, Part A)	Broker 500 / 1,000 / 2,200
Finance company (lending, factoring, investment, derivatives)	Finance Company Regulations 2021	Company; branch (“Finance Unit”) for core activities only if the parent is a regulated financial-services firm (reg. 3(2)–(3))	Higher of USD 3m or other specified amounts (Schedule, item 2)	1,000 / 12,500 / 12,500 per core activity
Aircraft or ship operating lease	Same, plus leasing Frameworks	As above; LLP or trust also possible (reg. 3(4) proviso)	USD 200,000 (Frameworks, para F)	1,000 / 12,500 / 5,000
Aircraft or ship financial lease	Same	Company or Finance Unit	USD 3m (Frameworks, para I)	1,000 / 12,500 / 12,500
Banking: see IBUs in GIFT City	Banking Regulations 2020	IBU (branch) or IBC (subsidiary)	USD 20m (IBU); USD 50m (IBC)	IBU 1,000 / 25,000 / turnover-based, from 50,000
Fund management: see GIFT City AIF setup	Fund Management Regulations 2025	Covered there	Covered there	Covered there
Treasury: see Corporate Treasury Centres in GIFT City	Finance Company Regulations; GRCTC Framework 2025	Company or branch of a company (cl. 5). Branch route: reg. 3(3), second proviso, FC Regulations lifts the financial-services-parent condition for treasury centres	USD 0.2m (cl. 6)	1,000 / 12,500 / 25,000

Each licence is a separate application and fee (para 2.3, fee circular). For capital market activities, a unified registration changes the filing, not the fees (see below).

Capital market intermediaries

A unit needs registration for any of 11 activities, from broker dealer to research entity (reg. 4(1), CMI Regulations 2025, consolidated to 5 September 2026). Since the 2026 amendment, one unit may obtain “a unified registration” for several, “in such manner as may be specified by the Authority” (reg. 4(1) proviso). IFSCA’s circular of 13 February 2026 (“Master Key”) sets that manner. One SWIT application and one certificate can cover several CMI activities. Fees stay per activity (para 2.3, fee circular).

CMI activity	Net worth (Sch. I)	Fees (USD)
Investment adviser; research entity	25,000	750 / 1,500 / 1,500
ESG ratings and data products	25,000	1,000 / 3,500 / 3,500
Distributor	50,000	750 / 2,000 / 2,000
Investment banker	100,000	1,000 / 3,500 / 3,500
Credit rating agency	200,000	1,000 / 3,500 / 3,500
Custodian	1 million	1,000 / 3,500 / 3,500
Debenture trustee	1.5 million	500 / 3,500 / 1,500
Broker dealer	As specified by the exchange	500 / 1,000 / monthly 0.00010% of turnover

A branch may keep its net worth “at the parent level in the home jurisdiction”, earmarked for the branch (reg. 7(2)). The CMI net worth is “separate and in addition” to other requirements (reg. 7(3)). A multi-activity CMI keeps the highest applicable figure (reg. 7(4)).

TechFin, ancillary services and TCSPs

The TAS Regulations 2025 (in force 10 July 2025) cover technology or ancillary services that “aid, help or assist” IFSC financial services (reg. 3(1)(xiii)). The schedules list 28 ancillary services (including legal, secretarial, fund administration and family office support) and 24 TechFin services. Registered providers “shall not undertake any of the services specified in the Third Schedule” (Explanation to reg. 3(1)(xiii)). That schedule covers activities regulated under another IFSCA framework (item (ii)), so a TAS registration does not authorise them. Promoters must not be from a FATF “High-Risk Jurisdictions subject to call for action” (reg. 5(2)).

The TAS (Amendment) Regulations 2026 (5 May 2026) added Trust and Company Services Providers for “leasing activities permitted by the Authority”. A TCSP forms companies and trusts and provides directors, trustees, nominee shareholders and registered offices (Fifth Schedule).

Payment services

Only a company “with its registered office in IFSC” may apply (reg. 5, Payment Services Regulations 2024). A PSP designated as significant needs USD 250,000 within 90 days, rising to USD 500,000 (Sch. V, para 2). The September 2024 SWIT circular listed payment services among activities not yet on SWIT (para 6); whether that has changed is not confirmed.

Insurance offices and intermediaries

The IIO route is open only to insurers, reinsurers and Lloyd’s (reg. 3(1)(b), Registration of Insurance Business Regulations 2021, consolidated to 12 June 2026). A foreign insurer’s branch needs, among other things, a home-regulator NOC and a credit rating of at least “good financial security characteristics” from an internationally renowned agency for the last three years (reg. 5(2)). An IIO must start business within 12 months of registration (reg. 17(6)(i)).

Insurance intermediaries register under the Insurance Intermediary Regulations 2021. Schedule I, Part A also sets USD 550,000 for a reinsurance broker and USD 675,000 for a composite broker. A branch holds lower capital in its home country (reg. 13(1); Part B).

Global In-House Centres

The GIC Regulations 2025 (Gazette, 29 December 2025) replaced the 2020 regulations. Only an entity “exclusively falling under the definition of ‘Financial Institution Group’” may apply (reg. 4(1)). A GIC unit:

serves non-resident group entities outside FATF high-risk jurisdictions; India group entities are capped at “10% of total revenue” (reg. 8(2)), although an entity outside India that already serves Indian group entities may move those activities to the IFSC with IFSCA’s prior approval (reg. 8(3));
“shall not be set up … by way of transferring of existing contracts or work arrangements” from Indian group entities (reg. 8(4)); and
operates in a specified foreign currency, with an INR account for expenses (reg. 11).

Other groups cannot use this route.

Finance companies and aircraft and ship leasing

The Finance Company Regulations 2021 (consolidated to 7 May 2026) cover “core” activities (lending including financial lease, factoring, investment, derivatives, treasury) and “non-core” activities such as operating lease (reg. 5(1)). A finance company may not take public deposits (reg. 2(1)(e)).

Company: a subsidiary, JV or new company under the Companies Act 2013; a regulated parent needs a home-regulator NOC (reg. 3(2)).
Finance Unit (branch): for core activities, the parent must be a regulated financial-services firm with a home NOC (reg. 3(3)).
LLP or trust: only for non-core activities (reg. 3(4) proviso).

Hence USD 200,000 for an operating lessor and USD 3 million for a financial lessor (Aircraft Lease Framework, updated 26 February 2025, and Ship Leasing Framework, updated 20 May 2026, paras F and I).

From 7 May 2026, an SPV route exists: a finance company “incorporated or administered or both, by a Trust and Company Service Provider” (reg. 2(1)). Its owned fund is the Companies Act amount unless IFSCA specifies otherwise (Schedule, item 4). Since 15 October 2026, a lessor that IFSCA allows not to keep its own office may use the office space or manpower of another aircraft or ship leasing unit or of a TCSP (rule 21B(1), SEZ Rules 2006, as substituted). A proviso to that rule says the use of office space or manpower “shall be allowed only with Trust and Company Service Provider” serving the lessor, so sharing with another lessor is unclear on the text read. Resource sharing costs a one-time USD 2,500 (para 7.3, fee circular). The circular has no row for SPVs.

Setting up a business in GIFT City, step by step

Since 1 October 2024, applications for IFSCA licences, SEZ approval, GST registration and regulator NOCs go through the Single Window IT System (SWIT), except listed activities (IFSCA circular, 30 September 2024, paras 4, 6). IFSCA’s indicative workflow (v1.0, July 2026):

Sign a letter of intent for office space with a co-developer; reserve the company or LLP name (not for a branch).
Receive the co-developer’s provisional letter of allotment and NOC.
Incorporate; obtain PAN and TAN (not for a branch).
File one joint SWIT application to the Administrator (IFSCA) and to IFSCA as regulator.
Cure SEZ deficiencies and appear before the Unit Approval Committee.
Receive the Letter of Approval (LoA) and, “wherever concerned regulation provides for it”, IFSCA in-principle approval.
In parallel, as applicable to the applicant: bond-cum-legal undertaking (Form H) and eligibility certificate; IEC and RCMC; an IBU foreign currency account and an onshore SNRR account; capital infusion (overseas direct investment only “when required”); GST registration.
Sign the lease and file it on SWIT within six months of the LoA.
Receive the certificate of registration.
Complete state registrations, SEZ ID cards, the first transaction and the commencement request, and intimate the start of operations to IFSCA where applicable (steps 10–13 of the workflow).

The workflow is “indicative” and “subject to applicable regulations”; not every step applies to every applicant.

The LoA. Since 28 February 2024, the Administrator (IFSCA) exercises the Development Commissioner’s powers under s. 12 of the SEZ Act 2005, other than those in sub-section (3), for IFSCA-regulated units (s. 12(7)). The LoA is in Form GA (rule 19(1A), SEZ Rules, inserted by G.S.R. 114(E) of 3 February 2026). Conditions include five years’ export of financial services, commencement within one year and acceptance within 45 days. It takes effect “only after all approvals from International Financial Services Centre Authority or Regulatory authorities are received”. Since 15 October 2026, the date of the first final IFSCA licence is the commencement date, and LoA renewal turns on IFSCA’s view of employment, violations and statutory defaults (rule 19(4), 19(6B) provisos).

Fees. The application fee goes with the application (para 2.2). The registration fee is due within 15 days of in-principle approval (para 3.1). The first annual fee is pro-rated and due within 15 days of grant; later years are payable by 30 April (paras 4.2–4.3). Fees are payable in USD to IFSCA’s USD account (para 13.1). An applicant from India that is not already registered with IFSCA has the option to remit only the application fee and the registration fee in equivalent INR, at the FBIL USD-INR reference rate on the date of remittance (paras 13.2–13.3). That option does not extend to the annual fee.

IFSCA’s fees are only the regulatory part of the cost. Licence fees and minimum capital are not the cost of entry: office space, staff, technology, professional fees and recurring compliance usually outweigh them.

Office, people and substance

Rulebook	Stated requirement
All units	Office space with a co-developer, and a lease (SWIT workflow, steps 1, 8)
GIC	Principal Officer and Compliance Officer full-time and “based out of” IFSC (reg. 10(3))
TCSP	As GIC; Principal Officer with “at least five years of post-qualification experience” (reg. 10G)
TAS	“adequate manpower and infrastructure in the IFSC” (Fourth Schedule)
Treasury centre	At least five qualified IFSC-based staff, including Head of Treasury and Compliance Officer (cl. 3(2)(ii)); on request, the Chairperson may relax this for up to one year from commencement (circular of 9 June 2025)
IBU	CEO and Compliance Officer as Approved Individuals (GEN Module 3)

GIFT City benefits and limits: company law, FEMA and tax

Companies Act. IFSCA lists Ministry of Corporate Affairs notifications dated 4 January 2017 on exceptions and modifications for specified IFSC private and public companies. Their current text has not been verified here.

FEMA. An IFSC financial institution or branch, if permitted or recognised as such by the Government of India or a Regulatory Authority, “shall be treated as a person resident outside India” (reg. 3, FEM (IFSC) Regulations 2015). Indian parents and group companies dealing with it follow cross-border rules; see the FEMA page. Founders moving a holding company home may refer to Reverse Flipping to India, and Where GIFT City Fits.

Tax. A “unit of an International Financial Services Centre” may deduct 100% of income from “approved business activities” for any 20 consecutive tax years out of 25 (s. 147(1)(b), (2)(b), (3)(c), Income-tax Act 2025). The claim needs an accountant’s report and the IFSCA registration (s. 147(4)). Units commencing on or after 1 April 2026 qualify only if not formed by “splitting up or reconstruction or reorganisation or transfer of a business already in existence in India” (s. 147(5)). The Finance Bill 2026 Memorandum states that business income of IFSC units “after the expiry of period of deduction will be taxed at rate of 15%” (p. 48; also Budget Speech 2026-27, Annexure to Part B, item 4(vi)). Section 218 itself does not use those words, and how MAT/AMT at 9% (s. 206) applies during the deduction years is not addressed in the guidance found. See GIFT City tax benefits and GIFT City tax. Supplies to an SEZ unit “for authorised operations” are zero-rated (s. 16(1)(b), IGST Act 2017).

Common questions

What is a GIFT City company? A company, LLP or branch set up in GIFT IFSC as an SEZ “unit”, with an LoA and an IFSCA licence for its activity. Businesses in GIFT City’s domestic tariff area are not IFSC units and do not need an IFSCA licence for that reason.

Can a foreign company open a branch in GIFT City? Often. Payment services need a company, and a TCSP a company or LLP. The other rulebooks above allow branches, except that a branch (Finance Unit) for core finance-company activities is open only to a parent regulated as a financial-services firm at home (reg. 3(3), FC Regulations).

How much does IFSCA registration cost? It depends on the activity; see the decision table. A GIC, for example, pays USD 1,000, then 2,500, then 2,500 a year, plus a turnover fee once turnover reaches USD 1 million.

Is there a minimum capital? None is stated for GIC, TAS or TCSP units, or for surveyors and loss assessors. Elsewhere figures range widely, from USD 7,500 for a corporate agent branch (Part B of Schedule I) to USD 50 million for an IBC.

Is there a list of GIFT City companies? IFSCA publishes some registers, such as a list of GRCTCs on its treasury centre page. Check its website.

Can an existing Indian business move into a GIFT City unit? With limits. A GIC may not take over Indian group contracts (reg. 8(4)). A new unit formed by transferring an Indian business loses the s. 147 deduction (s. 147(5)).

Sources

IFSCA (Capital Market Intermediaries) Regulations, 2025, as amended up to 5 September 2026 (IFSCA/GN/2025/003). IFSCA, 11 April 2025. ifsca.gov.in
IFSCA (TechFin and Ancillary Services) Regulations, 2025 (IFSCA/GN/2025/005). IFSCA, 8 July 2025. ifsca.gov.in
IFSCA (TechFin and Ancillary Services) (Amendment) Regulations, 2026 (IFSCA/GN/2026/008). IFSCA, 5 May 2026. ifsca.gov.in
IFSCA (Payment Services) Regulations, 2024, as amended up to 2 April 2024 (IFSCA/GN/2024/001). IFSCA, 29 January 2024. ifsca.gov.in
IFSCA (Registration of Insurance Business) Regulations, 2021, as amended up to 12 June 2026. IFSCA, 18 October 2021. ifsca.gov.in
IFSCA (Insurance Intermediary) Regulations, 2021, as amended up to 4 January 2022. IFSCA, 18 October 2021. ifsca.gov.in
IFSCA (Global In-House Centres) Regulations, 2025 (IFSCA/GN/2025/012). IFSCA, 24 December 2025 (Gazette 29 December 2025). ifsca.gov.in
IFSCA (Finance Company) Regulations, 2021, as amended up to 7 May 2026. IFSCA, 25 March 2021. ifsca.gov.in
Framework for Aircraft Lease (updated 26 February 2025) and Framework for Ship Leasing (updated 20 May 2026). IFSCA. ifsca.gov.in ; ifsca.gov.in
Framework for Finance Company / Finance Unit undertaking the activity of Global / Regional Corporate Treasury Centres (F. No. IFSCA/24/2024-Banking-FC/01). IFSCA, 4 April 2025. ifsca.gov.in
IFSCA (Banking) Regulations, 2020, as amended up to 14 July 2023. IFSCA. ifsca.gov.in
Fee structure for the entities undertaking or intending to undertake permissible activities in IFSC (IFSCA-DTFA/1/2026). IFSCA, 2 March 2026, applicable from FY 2026-27. ifsca.gov.in
Single Window IT System circular (e-F.No. IFSCA-ITIn0WEB/1/2023). IFSCA, 30 September 2024. ifsca.gov.in
Workflow for Setting up in IFSC on the SWIT portal (v1.0). IFSCA, July 2026. ifsca.gov.in
Public Notice on designation of Administrator (IFSCA) under s. 12(7), SEZ Act 2005 (F.No. 15256/2024/EPA). Office of Administrator (IFSCA), 7 March 2024. ifsca.gov.in
Special Economic Zones Rules, 2026 (G.S.R. 114(E)), Form GA. Ministry of Commerce and Industry, 3 February 2026. sezindia.gov.in
Special Economic Zones (Fourth Amendment) Rules, 2026. Ministry of Commerce and Industry, 15 October 2026. sezindia.gov.in
Foreign Exchange Management (International Financial Services Centre) Regulations, 2015 (FEMA 339/2015-RB). RBI, 2 March 2015. rbi.org.in
Income-tax Act, 2025, s. 147 (as amended by the Finance Act, 2026). Income Tax Department. incometaxindia.gov.in
Integrated Goods and Services Tax Act, 2017, s. 16. CBIC. taxinformation.cbic.gov.in
Corrigendum to fee circular (IFSCA-DTFA/2/2026). IFSCA, 13 March 2026. Official URL not located
Unified Registration for multiple Capital Market Activities under the IFSCA (Capital Market Intermediaries) Regulations, 2025 (Master Key) (F. No. IFSCA-PLNP/80/2024-Capital Markets). IFSCA, 13 February 2026. Listed at ifsca.gov.in; text read from a third-party copy
Amendment to the Framework for Finance Company/Finance Unit undertaking the activity of Global/Regional Corporate Treasury Centres (F. No. IFSCA/24/2024-Banking-FC/02). IFSCA, 9 June 2025. ifsca.gov.in
Memorandum explaining the provisions in the Finance Bill, 2026. Ministry of Finance, 1 February 2026. indiabudget.gov.in
Budget Speech 2026-27, Annexure to Part B. Ministry of Finance, 1 February 2026. indiabudget.gov.in
GiftCity Funds Booklet. GIFT City (Gujarat). api.giftgujarat.in
Unlocking opportunities: exploring the potential of GIFT City. Invest India, Government of India. investindia.gov.in

GIFT City Company Setup: Entity Types and IFSCA Licences