Gujarat International Finance Tec-City (GIFT City) is India’s first operational smart city and International Financial Services Centre (IFSC) located in Gandhinagar, Gujarat. It is a globally benchmarked city designed to cater to international and domestic financial services, including banking, insurance, and capital markets. GIFT City offers several benefits to businesses looking to set up operations in India, including access to a world-class infrastructure, favorable tax laws, and a skilled workforce.
Advantages of Starting a Business in the GIFT City of Gujarat
World-Class Infrastructure: GIFT City offers a world-class infrastructure that meets international standards. It has state-of-the-art facilities, including a 24×7 water supply, uninterrupted power supply, high-speed internet connectivity, and a reliable transportation system. The city is also equipped with modern surveillance systems, making it a safe and secure place to conduct business.
Favorable Tax Laws: One of the biggest advantages of setting up a business in GIFT City is the favorable tax laws. The city is designated as an IFSC, which means that businesses operating in GIFT City can enjoy tax benefits similar to those available in other international financial centers. The tax laws in GIFT City are designed to attract foreign investment, which makes it an ideal location for businesses looking to expand their global footprint.
Skilled Workforce: GIFT City is home to some of the best talent in the country. The city has a large pool of skilled professionals who are well-versed in the financial services sector. Businesses operating in GIFT City can benefit from this talent pool and hire employees who have the necessary skills and experience to help their business grow.
Easy Access to the Domestic Market: GIFT City is strategically located near major cities in India, including Mumbai and Delhi. This makes it easy for businesses operating in GIFT City to access the domestic market and tap into the country’s growing economy.
Legal Aspects of Starting a Business in GIFT City
To set up a business in GIFT City, businesses must comply with the legal requirements set forth by the government. Here are some of the legal aspects that businesses need to consider when setting up operations in GIFT City:
Company Registration: Businesses must register their company with the Registrar of Companies (ROC) to operate in GIFT City. The company must comply with the Companies Act, 2013, and the rules and regulations set forth by the ROC.
Obtaining a License: To operate in GIFT City, businesses must obtain a license from the International Financial Services Centre Authority (IFSCA). The IFSCA regulates the activities of businesses operating in GIFT City and ensures compliance with the applicable laws and regulations.
Compliance with Tax Laws: Businesses operating in GIFT City must comply with the tax laws set forth by the government. They must register for taxes such as GST, income tax, and customs duties, among others.
Labor Laws: Businesses must comply with the labor laws set forth by the government. This includes adhering to minimum wage laws, providing a safe working environment, and adhering to rules regarding working hours, leave, and other benefits.
In conclusion, GIFT City offers several advantages to businesses looking to set up operations in India. It has a world-class infrastructure, favorable tax laws, a skilled workforce, and easy access to the domestic market. However, businesses must also comply with the legal requirements set forth by the government to operate in GIFT City. By doing so, businesses can take advantage of the benefits offered by GIFT City and establish a successful operation in India’s first operational smart city.
Anbac Advisors is handholding corporations, Fund houses, Investors, Fund Managers, and startups in the process of setting up and maintaining operations in the GIFT City.
Key tags: GIFT City investment opportunities, GIFT City business opportunities, law firms in GIFT city
Team Anbac Advisors
Contact: office@anbacadvisors.com