The development strengthens GIFT City’s business ecosystem to meet the rising global demand for efficient and high-quality financial services
FinTech BizNews Service
Mumbai, 16 October, 2024: InCorp Global, a leading provider of corporate solutions and professional services across Asia Pacific, has become the first firm at GIFT IFSC to receive a BATF (Bookkeeping, Accounting, Taxation, and Financial Crime Compliance) licence. Under the IFSCA (BATF Services) Regulations, 2024, this licence authorises InCorp Global to offer BATF services to businesses beyond the BFSI sector.
Commenting on the development, Mr. Tapan Ray, MD and Group CEO, GIFT City, said, “GIFT IFSC is uniquely positioned to evolve as a global offshore hub for bookkeeping, accounting, taxation, and financial crime compliance services. By leveraging Gujarat’s rich talent pool and GIFT City’s world-class financial infrastructure, we are ready to meet the rising global demand for efficient and high-quality financial services.”
The service offerings under the BATF licence at GIFT IFSC have been standardised to align with globally benchmarked norms. Additionally, the inclusion of financial crime compliance services under these regulations paves the way for expanding Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Know Your Customer (KYC) compliance services.
The BATF Regulations were issued following the Government of India's notification on January 18, 2024. The IFSCA - Bookkeeping, Accounting, Taxation, and Financial Crime Compliance Services (BATF) Regulations, 2024, designate these services as 'financial services' under Section 3 of the IFSCA Act, 2019. This regulation is designed to contribute to the development of a vibrant financial market ecosystem in GIFT IFSC, offering a detailed framework for setting up and operating BATF service providers in the IFSC while ensuring compliance with international standards and protection against financial crime.
Mr. Manish Modi, India CEO at InCorp Global, said, “Securing the BATF licence is a pivotal moment for InCorp Global in India, affirming our leadership in shaping the financial services framework at GIFT IFSC. This licence empowers us to deploy India’s depth in talent and capabilities to offer tailored services to global clients, further strengthening our presence in the global market. We aim to facilitate a seamless entry for global clients into the Indian market, while actively contributing to GIFT City’s growth as a global financial hub.”
Currently, InCorp Global provides advisory and consulting services to clients based in Australia, Belgium, Canada, France, Germany, New Zealand, Singapore, Switzerland, the UAE, the UK, and the USA, among other countries.
InCorp Global already provides companies with setup and post-setup services at GIFT City. The team of over 20 experts possesses deep expertise in navigating complex regulations, tax structures, and operational requirements across multiple regulatory frameworks such as aircraft leasing, ship leasing, fund management, capital markets, and higher education, among others.
