Shipping firms establishes subsidiaries at IFSC

GANDHINAGAR : Shipping firms, formerly based in Dubai or Singapore, have established subsidiaries in the GIFT City headquartered IFSC, which has received as many as eight applications for ship leasing activities, a senior official said on Friday. He also said that the International Financial Services Centre (IFSC) provides a conducive business environment, a competitive tax regime and effective dispute resolution.

“International Financial Services Centre in India enables onshoring offshore financial services. The ship leasing framework of IFSC enables onshoring the ship leasing activities, attracting businesses from places like Dubai and Singapore,” said Dipesh Shah, Executive Director for Development at IFSCA.

He was speaking at a panel discussion on the concluding day of the 13th edition of the INMEX SMM India 2023 conference.

“We have received eight applications for ship leasing activities, with four approvals and four in-principal (approvals). Entities, formerly based in Dubai or Singapore, have established subsidiaries in the IFSC. This has already resulted in the leasing of six assets into India from the IFSC Zone,” said Shah.

“The IFSC initiative holds significant potential for industry growth and development,” he added.