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Are you looking to structure and manage your family wealth through a regulated and tax-efficient investment vehicle? Enterslice provides timely assistance for Family Investment Funds (FIFs) registration in GIFT City, ensuring end-to-end regulatory compliance under the IFSCA framework.
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Do you want to diversify your investments domestically in India? To promote global financial activities, the Government of India has established GIFT City, which stands for Gujarat International Finance Tec-City. With its strategic location and world-class infrastructure, GIFT City has emerged as an ideal destination for High Net-Worth Individuals (โHNIsโ) and family offices seeking access to a wide range of financial services in India. Family investment funds (FIFs) registration in Gift City with Enterslice.
To set up a Family Investment Fund (FIF), it is mandatory to obtain Family Investment Funds (FIFs) Registration in GIFT City in accordance with the International Financial Services Centres Authority (Fund Management) Regulations, 2022, commonly known as the FME Regulations.
A Family Investment Fund refers to a self-managed fund that pools investments exclusively from a single family and is established under the FME Regulations. Upon obtaining an FIFs Certificate in GIFT City, families can enjoy several attractive tax benefits, including a tax holiday where business income is tax-free for up to 10 years within a 15-year period, Nil Minimum Alternate Tax (โMATโ), and a 10% tax rate on dividends.
A Family Investment Fund refers to a self-managed fund that pools investments exclusively from a single family and is established under the FME Regulations. Upon obtaining an FIFs Certificate in GIFT City, families can enjoy several attractive tax benefits, including a tax holiday where business income is tax-free for up to 10 years within a 15-year period, Nil Minimum Alternate Tax (โMATโ), and a 10% tax rate on dividends.We at Enterslice assist families at every stage of obtaining FIFs Registration in GIFT City, ensuring seamless compliance with IFSCA regulations and a smooth fund setup process.
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Set up a Family Investment Fund (FIF) in GIFT City to manage your familyโs investments through a regulated, tax-efficient, and globally connected financial hub. Enterslice helps you understand the IFSCA framework with end-to-end support in online FIFs registration in GIFT City, ensuring smooth registration and ongoing compliance.
The prerequisites for online FIFs registration in GIFT City are as follows:
PO must be appointed by the applicant, who shall be responsible for fund and risk management, along with compliance. It should be based in IFSC and have a relevant professional qualification or postgraduate degree or diploma, and at least 5 years of experience in securities markets or financial products (up to 2 years of consultancy experience allowed). While any change in PO must be intimated to IFSCA.
The FIF must appoint an adequate staff, commensurate with the scale and nature of its operations.
The applicantโs PO, directors or partners, key managerial personnel and controlling shareholders must be fit and proper with integrity, good reputation and honesty and must not suffer from disqualifications such as criminal convictions, regulatory restrictions, insolvency, wilful default or other IFSCA-specified disqualifications.
The applicant FIF must have adequate, dedicated and secure office infrastructure, equipment, and communication facilities, and manpower, proportionate to its IFSC operations, while accessible to only authorized personnel.
The FIFs Certificate in GIFT City remains valid for the period as specified by IFSCA unless suspended, cancelled, or surrendered and accepted by IFSCA.
The list of benefits of Online FIFs Registration in GIFT City is as follows:
A GIFT city facilitates with a modern and transparent regulatory framework, streamlining business operations and safeguarding investor interests. Unlike traditional regulations, IFSCA allows family offices in GIFT city to make overseas direct investments without the prerequisite of a profitable track record spanning three years. It is one of the merits of family investment funds (FIFs) registration in Gift City.
FIFS license in GIFT City offers the Indian High Net Worth Individuals (HNIs) an unprecedented access to diverse domestic financial services, reducing reliance on international transactions. Its strategic location, sharing a close proximity with cities like Ahmedabad and Mumbai, ensures a seamless connectivity to global markets with significantly lower administrative and operational costs, unlike foreign jurisdictions.
A GIFT city is within the Special Economic Zone (SEZ), thus providing substantial tax benefits and exemptions, such as 100% income tax exemption for up to ten consecutive years within a 15-year period, depending upon the nature of investments meeting the requisite business criteria. Additionally, GST exemptions make it more attractive, especially for investments like global PE/VC funds that have longer exit timelines.
FIFs Registration in GIFT City helps to build a diversified portfolio, reaching beyond domestic assets to include a variety of international options like listed and unlisted securities and even tangible assets like real estate, bullion and art. Overall, FIF in Gift City can leverage investments.
The step-by-step process of Family Investment Funds (FIFs) Registration in GIFT City is as follows:
Firstly, if the applicant FIF is in the form of a company or LLP, then such a company or LLP shall first apply for name approval with the Ministry of Corporate Affairs (MCA). Provided the proposed name must include the โIFSCโ word as part of the same.
In this stage, the applicant needs to identify the office space in GIFT for the Provisional Letter of Allotment (PLOA) for office space.
For obtaining Provisional Letter of Allotment (PLOA) from Co-Developer in GIFT SEZ, information like name, brief profile of existing entity, company postal address, company website, point of contact name, designation, IFSC activity details, and name approval letter needs to be submitted.
After obtaining the Provisional Letter of Allotment (PLOA), an application needs to be made to the ROC for incorporation of the proposed entity (in case the FIF is set up as a company or LLP).
An application needs to be filed with the office of D.C.in Form F for the SEZ approval. The form needs to be prepared and submitted online via the official website. Along with the printout of the online submitted Form F, the entity is required to submit documents like a Demand Draft of Rs. 5,000/- in favour of the REGIONAL PAY AND ACCOUNTS OFFICER MUMBAI payable at Gandhidham, a copy of the Provisional letter of allotment issued by the Co-developer, a brief project report, etc.
To set up a Family Investment Fund (FIF) as an Authorized FME, an application is emailed to IFSCA with incorporation documents, audited financials, net-worth certificate, key personnel details, KYC documents, SEZ approval (if any), declaration, and proof of USD 2,500 application fee. The Certificate of Registration (CoR) is typically issued within 45 days.
Still confused about the process of family investment funds (FIFs) registration in GIFT City?
The list of documents needed for Family Investment Funds (FIFs) registration in GIFT City is as follows:
The eligibility criteria for the FIFS license in GIFT City are as follows:
The regulatory framework for Family Investment Funds (FIFs) Registration in GIFT City is as follows:
The permissible activities of FIFs license in GIFT city are as follows:
Structure over Rs 500 crore family capital smartly with an expert-led FIFs certificate in GIFT City.
With years of experience in IFSCA regulatory frameworks, Enterslice offers end-to-end expertise for setting up Family Investment Funds (FIFs) in GIFT City. We simplify the complex regulatory and compliance process, enabling family offices and HNIs to focus on strategic wealth management. Hereโs why Enterslice should be your preferred partner for Family Investment Funds (FIFs) registration in GIFT City:
A regular family office is a broader type of entity managing wealth for a single or multiple families. On the other hand, a Family Investment Fund (FIF)within the IFSC is a self-managed fund that pools money only from a single family and is registered with the IFSCA as an Authorized Fund Management Entity (FME) in order to invest in various asset classes globally.
Some of the primary benefits for a wealthy Indian family to set up a FIF in the IFSC, particularly in GIFT city, are a favourable tax regime, a liberal regulatory environment overseen by IFSCA and the ability to manage wealth and invest globally from the Indian jurisdiction that is treated as non-resident under FEMA.
The eligibility criteria for a family to establish a FIF in the IFSC are that the entity must pool money only from a single family, register with IFSCA as an authorized FME, maintain a minimum corpus of USD 10 million within 3 years and designate a Principal Officer based out of the IFSC with relevant qualifications and experience.
A resident individual can invest in a FIF under the Liberalised Remittance Scheme (LRS), which currently has a limit of USD 250,000 per person per financial year. On the other hand, Indian entities (unlisted companies, LLPs, firms) can invest up to 50% of their net worth under Overseas Portfolio Investment (OPI) guidelines. Further units in an IFSC are treated as non-resident under FEMA.
No, FIF cannot raise funds from outside the single family; however, it can share economic interest (up to an aggregate of 20% of FIFโs profits) with its employees, directors, the FME or other service providers to reward them or align their interests with the FIF, provided these external persons are informed of the investment risks.
The tax benefits for Family Investment Funds (FIFs) Registration in GIFT City are a tax holiday, where business income is tax-free for up to 10 years within a 15-year period, domestic companies opting for a concessional tax regime pay no MAT, and non-residents receive dividends at a favourable tax rate.
The process of setting up FIF in IFSC comprises: firstly, identifying the office space and accordingly obtaining a letter of approval, followed by approaching SEZ approval, entering into a lease agreement, and a registered deed shall be submitted accordingly, lastly Approach IFSC for approval for setting up FIF as an Authorized Fund Management Entity (FME).
The features of Family Investment Funds (FIFs) registration in GIFT City are as follows:
An FIF should have and maintain at least corpus of USD 10 million within 3 years from the date of obtaining the Certificate of Registration. Also, the FIF could be open-ended (does not have a specified maturity period) or closed-ended (period of maturity of the scheme is specified), depending upon the requirements of the family.
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