# Guide to Setting Up Business in GIFT City Author: Ankur Choudhary Author URL: https://getbelong.com/blog/author/ankur-choudhary/ Published: 2025-02-10 Category: GIFT City Guide Category URL: https://getbelong.com/blog/category/gift-city-guide/ Meta Title: Top Corporate Companies in GIFT City - Belong Meta Description: Explore leading companies in GIFT City, key investors, and a quick look at the business setup process in GIFT City’s SEZ. Tags: Gift City Guide, GIFT City Tag URLs: Gift City Guide (https://getbelong.com/blog/tag/gift-city-guide/), GIFT City (https://getbelong.com/blog/tag/gift-city/) URL: https://getbelong.com/blog/gift-city-companies/ ![Setting Up Business in GIFT City](https://prod.superblogcdn.com/site_cuid_clx4a3rx6000caheo10zipfw1/images/setting-up-business-in-gift-city-1751476712255-compressed.jpg) GIFT City, India’s first International Financial Services Centre (IFSC), offers good business opportunities for entities looking for exposure to the global market. This smart city with green initiative is developed on 886 acres of land. The GIFT City’s unique infrastructure, strategic location, and single window clearance attract businesses across the globe. A unified regulatory framework and wide-ranging tax incentives offered by multi-service special economic zones facilitate easy business operation. Integrated development, walk-to-work concepts, and quality of life make the city attractive to innovative talents for the entities in the GIFT City. ## The Process to Set Up Business in GIFT City GIFT City is emerging as a top global destination for various industries, mainly financial services and information technology. Setting up a company or IFSC unit in GIFT City requires certain regulatory and operational compliance to be fulfilled. While detailed regulatory requirements, eligibility and capital requirements vary from industry to industry, there are some common processes to follow for setting up an IFSC unit in GIFT City. Here is a step-by-step registration process: ### Step 1 - Choosing the Right Base Location: Choosing the right base location for the business is pivotal. Businesses can consider factors like infrastructure compatibility, possibilities of expansion in the future transportation etc., to choose a suitable office location. ### Step 2 - Applying for PLOA Apply for a Provisional Letter of Allotment (PLOA) in a specified format with the developer to reserve the chosen space. ### Step 3: Submitting Application for Name Availability Submit an application for name availability to the Ministry of Corporate Affairs. It is mandatory to include the ‘IFSC’ word in the name and then apply for incorporation of the proposed IFSC unit. ### Step 4: Applying for Unit in GIFT SEZ Submit an application to the office of the District Commissioner for setting up the unit in GIFT SEZ ### **Step 5: Register with IFSC** Register with the IFSC Authority by submitting an application. ### Step 6: Apply for GST Number Apply for a GST number with CBIC (Central Board of Indirect Taxes and Customs) and open a bank account with the IFSC banking unit. Upon completing the registration process and legal and compliance formalities, companies can start their operation in the GIFT City and avail of the following tax incentives available under GIFT SEZ: **\| Also Read:** [WTC Gift City](https://getbelong.com/blog/world-trade-center-gift-city/) ## Tax Incentives & Operational Benefits for GIFT City Companies Corporate Tax 100% tax exemption for 10 consecutive years out of the first 15 years of operation. Minimum Alternate Tax Reduced rate of 9% of book profits (applicable for certain companies only who have not opted for the new tax regime). Goods and Services Tax (GST) GST exemptions on services received by IFSC SEZ units. However, GST is applicable for companies operating in GIFT City Domestic Tariff Area (DTA) Dividend Distribution Tax No tax on dividend income distributed State subsidies Applicable for IT/ITeS companies – incentives for operational and capital expenditure, PF contribution and upskilling of employees. Exemption from FEMA regulations IFSC unit is considered as non-resident and gets the benefits under exchange control provisions. _Find out which [Top University in GIFT City](https://getbelong.com/blog/universities-in-gift-city/) is setting new standards in education and innovation._ ### Which Companies Have Invested in GIFT City? Here are the primary industries operating in GIFT City with a list of notable companies: Primary Sectors Brief on Activities Notable Companies ​ [Banking](https://getbelong.com/blog/gift-city-banks/) ​ GIFT City is considered to be the number one global financial services hub, including banking. The activities include commercial banking, retail banking, custodian and underwriting services, international bullion exchange, capital markets and more. A total of 29 banking units (including domestic and foreign banks) are operating in GIFT City. - HDFC Bank - State Bank of India - Axis Bank - ICICI Bank - Yes Bank - Standard Chartered Bank - HSBC - Barclays - Deutsche Bank - New Development Bank - HSBC - MJUFG Insurance companies and intermediaries Offshore direct and reinsurance businesses are permitted in GIFT City for both Indian and foreign insurers and reinsurers. There are more than 20 insurance and reinsurance companies licensed to operate in GIFT City. - General Insurance Corporation of India - HDFC International Life and Re Co. Ltd - Life Insurance Corporation of India - ICICI Lombard General Insurance Co. Ltd - Berkley Insurance Company - Star Health and Allied Insurance Co. Ltd. Bullion Exchange Bullion and international stock exchanges in GIFT City are open for long-hour trading in dollar-denominated products - IIBX - India INX Fund Management GIFT City offers fund management solutions to global investors through Alternative Investment Funds and Portfolio Management Services. There are 100+ AIFs and PMS available in GIFT City. - DSP Investment managers - ASK Investment Managers - Avendus - Motilal Oswal Investment Services - True Beacon Ancillary services Includes consulting, legal, accounting, trustee and fund administration services - KPMG - CAMS - Catalyst - Nishith Desai Associates - IC Universal Legal FinTech and IT companies GIFT City is becoming a global hub for innovation and attracting many IT and FinTech companies. - IBM - Infibeam Avenues Ltd - Zenkins - Tech Mahindra ## Latest Developments in GIFT City - Many financial services and IT companies are applying for IFSC licenses to start operations in GIFT City. Wipro, Infosys, and Cognizant are planning to start their operations in the first quarter of 2025. - IFSCA chairman has stated that the process has already begun for the direct listing of stocks under IFSCA (listing) Regulations, 2024. _Explore how **[GIFT City Gandhinagar](https://getbelong.com/blog/gift-city-india/)** is transforming into India’s global financial hub._ To conclude, GIFT City is rapidly becoming a global hub for various businesses. Businesses can leverage the various benefits offered by the ecosystem, such as international regulatory and SEZ incentives, to participate in the global business market. Innovative businesses in the GIFT City can create more jobs and contribute to the thriving Indian economy. ### GIFT City Other Blogs: 1. ​ [Things To Do In GIFT City Gandhinagar](https://getbelong.com/blog/best-things-to-do-in-gift-city-top-attractions-and-experiences/) 2. ​ [GIFT City Gujarat Tax Benefits](https://getbelong.com/blog/gift-city-tax-benefits/) * * * Compare top GIFT City FD rates with [Belong's NRI FD Comparison Tool](https://getbelong.com/tools/nri-fd-rates/) to invest in GIFT City FD smartly [![Top GIFT City FD Rates](https://prod.superblogcdn.com/site_cuid_clx4a3rx6000caheo10zipfw1/images/b64-1751477256466-compressed.png)](https://getbelong.com/tools/nri-fd-rates/) ## FAQs Q: What big 4 companies are in the GIFT city? A: All of the big four companies (Deloitte, Price Waterhouse Coopers, Ernst & Young and KPMG) are operating in GIFT City. Apart from them other multinational companies like Citi Bank (US), JP Morgan (US), Standard Chartered, HSBC and Barclays have set up operations in GIFT City. Q: Which IT companies are coming to GIFT City? A: Infosys, Cognizant and Wipro will be setting up their TechFin centres in the GIFT City. --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---