Fund managers, family offices, corporate treasury teams, aircraft and ship lessors, banks and insurers that invest in, lend to or operate in India.

A regulated base that works in US dollars, a long tax holiday on eligible income, typically lower office and staff costs than Singapore or Dubai, and a direct link to Indian markets and companies.

Eligible business income is 100% deductible for 20 consecutive years out of 25, then taxed at a concessional 15%. Minimum alternate tax of 9% on book profit can apply during the holiday. Your investors, your staff and income outside approved activities are taxed under their own rules.

In our experience about 10 to 16 weeks for a typical set-up, and sometimes longer. Fund manager registration has two steps, in-principle and final.

GIFT is far smaller and less liquid than Singapore or Dubai. Indian law, Indian courts and Indian personal tax apply. Specialised staff are hard to find in Gandhinagar. Rules change often.

GreenwolfAdvisorsGlobal Advisory Firm

Global ↔ India · Financial centre

GIFT City IFSC Guide for Funds, Family Offices and Treasury

A decision guide for investors, fund managers, family offices and CFOs. Information as at 7 October 2026.

Download the PDF guideDownload the full guide (PDF, 13 pages)

The Short Answer

GIFT City (formally GIFT IFSC) is a zone in Gujarat where banks, funds, insurers and treasury teams can do international financial business, in foreign currency, under one regulator (IFSCA), from an address in India. For foreign-exchange purposes, the financial institutions there are treated as if they were outside India.

It exists to connect global money with India. It is not a general-purpose financial centre like Singapore or Dubai, and it should not be judged as one. Here is what a decision-maker needs to know:

Who this guide is for: Fund managers, family offices, CFOs and treasurers of groups with Indian operations, aircraft and ship lessors, and NRI and global investors deciding whether GIFT City should sit in their structure, and how it compares with Singapore and Dubai.

At a Glance

Who is it for?: Fund managers, family offices, corporate treasury teams, aircraft and ship lessors, banks and insurers that invest in, lend to or operate in India.
What do we get?: A regulated base that works in US dollars, a long tax holiday on eligible income, typically lower office and staff costs than Singapore or Dubai, and a direct link to Indian markets and companies.
What tax do we pay?: Eligible business income is 100% deductible for 20 consecutive years out of 25, then taxed at a concessional 15%. Minimum alternate tax of 9% on book profit can apply during the holiday. Your investors, your staff and income outside approved activities are taxed under their own rules.
What is the minimum to start?: Net worth from US$75,000 for a venture capital or family fund manager, US$500,000 for most private equity and credit managers, and US$200,000 owned funds for a treasury centre or aircraft lessor.
How fast?: In our experience about 10 to 16 weeks for a typical set-up, and sometimes longer. Fund manager registration has two steps, in-principle and final.
What are the limits?: GIFT is far smaller and less liquid than Singapore or Dubai. Indian law, Indian courts and Indian personal tax apply. Specialised staff are hard to find in Gandhinagar. Rules change often.
Our view: A strong choice when India is part of your business. A weak choice when it is not.

Is This Route Right for You?

It usually fits when

You invest in, lend to or lease assets into India.
You run several Indian subsidiaries and want one treasury centre for borrowing, cash and currency.
You want an India-focused fund or family investment vehicle in dollars, at lower cost.
You can place real decision-makers in GIFT.

Think twice when

You have no meaningful India link.
You need the deepest markets, the widest investor familiarity or an independent common-law court.
You plan to run the business from elsewhere and keep only a registered address in GIFT.
Your assets are too small to justify the regulatory and running cost.

How Greenwolf Helps

Getting an IFSCA licence is a process. Designing a GIFT entity that works for your investors, your Indian businesses and your home country's tax rules is the real decision.

01
First, we tell you whether GIFT is right for you at all.
We compare GIFT with Singapore, Dubai, Mauritius or your current base on your investors, assets and costs. If GIFT does not fit, we say so.
02
We identify the right vehicle and licence.
Fund manager (and which tier), family investment fund, treasury centre, leasing entity or banking unit? Company, LLP or branch? We match the licence to what you actually plan to do.
03
We map the money flows.
This is where most of the value sits. For every structure we check four flows: money into GIFT, from GIFT to overseas assets, from GIFT into India, and back out to investors or the parent. We model the tax holiday, the 9% minimum tax, investor tax and, for large groups, the global minimum tax.
04
We execute the setup through one coordinated team.
Entity formation, the IFSCA application, banking, office, tax and GST registrations, and hiring support for the key people who must sit in GIFT.
05
We run the compliance after launch.
Accounts, audit, tax returns, transfer pricing, and periodic reporting to IFSCA, on one calendar.
06
We help the platform grow.
New schemes, hosting third-party managers, more funds or transactions, and links to your structures in Singapore, Dubai or elsewhere.

Frequently Asked Questions

The full guide covers set-up routes, costs, tax on both sides, a timeline and the main risks.

Download the PDF guide

How much does it cost to set up a fund in GIFT City?

The capital floor runs from US$75,000 for a venture capital or family fund manager to US$500,000 for most private equity and credit managers. IFSCA's own fees are small, about US$3,000 a year for a fund manager. Staff, office, audit, custody and administration cost far more.

Is GIFT City better than Singapore for a family office?

It depends where the money goes. GIFT suits families investing mainly in India: a Family Investment Fund needs no net-worth test, only US$10 million invested within three years. Singapore's 13O needs S$10 million, rising to S$20 million, and gives wider reach and an independent court.

What are the tax benefits of GIFT City?

Eligible business income of a GIFT unit is 100% deductible for any 20 consecutive years out of 25, then taxed at a concessional 15%. A 9% minimum alternate tax on book profit can still apply. Services to overseas clients are zero-rated for GST.

Can NRIs invest through GIFT City?

Yes. NRIs can open US dollar accounts and deposits with GIFT banks, invest in GIFT funds and trade on GIFT exchanges. For non-residents, interest on these deposits and gains from eligible funds are generally free of Indian tax; the home country may still tax them.

Can resident Indians invest in GIFT City?

Yes, through the Liberalised Remittance Scheme, up to US$250,000 per person each year, using GIFT bank accounts, funds and approved broker platforms. Above ₹10 lakh a year, 20% tax is collected at source and can be claimed back.

What is a corporate treasury centre in GIFT City?

A group finance company in GIFT that borrows, lends, pools cash and manages currency risk for its group, in foreign currency. It needs at least US$200,000 of owned funds. Indian Oil, ONGC Videsh and ArcelorMittal Nippon Steel run one.

Start with an assessment

In one conversation we will tell you whether this route makes sense for your business, which setup fits, what it involves and how long it will take.

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GIFT City IFSC Guide for Funds, Family Offices and Treasury

The Short Answer

At a Glance

Is This Route Right for You?

It usually fits when

Think twice when

How Greenwolf Helps

First, we tell you whether GIFT is right for you at all.

We identify the right vehicle and licence.

We map the money flows.

We execute the setup through one coordinated team.

We run the compliance after launch.

We help the platform grow.