Fast-Tracking Business in GIFT City: A Professional Guide to the Streamlined Company Incorporation Process for IFSC Companies

INTRODUCTION India's emergence as a global financial powerhouse is embodied in GIFT City’s International Financial Services Centre (IFSC), Gujarat. To match the world-class ambitions of this smart city, the Ministry of Corporate Affairs (MCA) and IFSCA have taken significant steps to make the process of company incorporation faster, simpler, and more business-friendly for entities setting up shop in the IFSC.

This blog unpacks the key provisions, operational benefits, and step-by-step advantages of the new guidelines issued in June 2025.

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Why Were New Guidelines Needed?

Global institutions and investors increasingly look to GIFT City as a launching pad for international and cross-border business. However, procedural bottlenecks and process delays were seen as constraints, especially when global corporations expected the same ease-of-doing-business they find in other hubs like Singapore or Dubai. The latest government directives address these hurdles head-on, prioritizing transparency, speed, and operational flexibility.

What Are the Highlights of the New Incorporation Rules?

1. Priority Processing for IFSC Company Applications

· IFSC companies now enjoy "priority" status for every application—whether for name reservation or full incorporation.

· Companies (or their advisors) only need to email the Registrar of Companies (ROC), CRC office to request this, ensuring their filing gets fast-tracked.

2. Clarity on Industrial Codes

· IFSC companies are required to use industrial codes 65, 66, or 67 in their application forms.

· The Registrar's office is instructed not to raise objections to these codes, which are specially recognized for IFSC purposes.

3. Ease in Naming IFSC Subsidiaries

· If a parent company wants to establish an IFSC subsidiary (for example, "ABC Ltd." becomes "ABC IFSC Ltd."), the process is simplified.

· A simple No Objection Certificate (NOC) from the parent, provided at the time of application, ensures seamless approval by the authorities.

4. Beneficial Shareholding Disclosure Made Simple

· For wholly-owned subsidiaries where nominee shareholders are required (to meet minimum shareholder norms for private companies), the system now accepts the holding company’s CIN once, with the nominee as the second subscriber.

· All beneficial interest must be transparently declared in compliance with Section 89 of the Companies Act, 2013.

Registered Office & Address: More Flexibility

1. Extended Time for Office Address Filing

· Companies have up to 60 days (instead of the usual 30) post-incorporation to notify their registered office.

· Only the correspondence address is needed at the time of incorporation; the registered office address can be notified later through Form INC-22.

2. Easier Proof of Address Requirements

· If rent receipts are not available immediately, IFSC companies can submit a provisional letter of allotment and a NOC from the premises' co-developer.

· These documents suffice as address proof as per Rule 25 of the Companies (Incorporation) Rules, 2014.

3. Photographic Evidence: Clear Rules and Timelines

· A photograph of the registered office is required when filing Form INC-20A (declaration of commencement of business), within 180 days of incorporation.

· The same requirement applies for the initial or any subsequent notification of the registered office using Form INC-22.

Technical Improvements and User Experience

· PIN code glitches for GIFT City IFSC locations in forms have been rectified, facilitating smooth electronic filings.

· The government emphasizes “straight through processing” for address verification, minimizing manual intervention for INC-22 filings.

Step-by-Step Guide to Quick IFSC Company Incorporation

Step 1:Prepare incorporation documents, choosing the right industrial code (65/66/67).

Step 2:Submit your application—add a request for priority processing via email.

Step 3:If setting up a subsidiary, procure a parent company NOC for name approval.

Step 4:If nominee shareholding is used, ensure transparent disclosure per Section 89.

Step 5:Provide correspondence address initially. You have 60 days to finalize and file registered office details.

Step 6:Use provisional office allotment and co-developer NOC if rent receipts aren’t yet available.

Step 7:File required photographs when commencing business or finalizing address.

Key Advantages Summarized

Feature	Standard Companies	IFSC Companies (New Rules)
Priority Incorporation	-	Yes; on email request
Industrial Codes Flexibility	Limited	Special codes (65/66/67) accepted
Registered Office Timeline	30 days	60 days
Proof of Address Flexibility	Strict	Provisional documents accepted
Name Approval for Subsidiaries	Routine	NOC from parent allows "IFSC" name
Technical Filing (PIN codes)	Usual fixes	Resolved for IFSC specifically

Who Benefits Most?

· Global financial institutions setting up holding or treasury operations.

· Indian corporates seeking to leverage GIFT City’s fiscal and regulatory benefits.

· Startups and fintech's that want simpler regulatory navigation with global aspirations.

Contact and Support

For more information or to clarify any queries:

·       Ministry of Corporate Affairs (MCA)

·       ROC-CRC office (Manesar)

·       IFSCA at GIFT City, Gujarat

Emails and contact details are provided in the official circular for direct communication.

Conclusion: India’s IFSC Readies for Global Growth

By making company incorporation in GIFT City’s IFSC faster, clearer, and operationally easier, the Indian government signals strong intent to global investors and businesses. With tailored rules, digital processes, and real-time support, IFSC companies gain an edge previously reserved for only the fastest global jurisdictions. For anyone considering launching, relocating, or expanding financial and allied business in India, now is the right time to discover what GIFT City can offer—starting with the ease of getting started.