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InCorp Global has made history by becoming the first company at GIFT IFSC to secure a BATF (Bookkeeping, Accounting, Taxation, and Financial Crime Compliance) licence. This authorisation allows the firm to provide essential financial services beyond the BFSI sector. The licence enhances GIFT City's potential as a global hub for financial services and aligns with international compliance standards, facilitating a vibrant financial ecosystem.
InCorp Global, a prominent provider of corporate solutions and professional services across the Asia Pacific, has achieved a significant milestone as the first firm at GIFT IFSC to obtain a BATF (Bookkeeping, Accounting, Taxation, and Financial Crime Compliance) licence. This licence, granted under the IFSCA (BATF Services) Regulations, 2024, empowers InCorp Global to provide BATF services to businesses beyond the BFSI sector. Advertisement
Mr. Tapan Ray, MD and Group CEO of GIFT City, remarked on this development, stating, "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. Furthermore, the inclusion of financial crime compliance services under these regulations opens avenues 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, classify these services as 'financial services' under Section 3 of the IFSCA Act, 2019. This regulation aims to foster the development of a vibrant financial market ecosystem in GIFT IFSC, providing a comprehensive framework for establishing and operating BATF service providers in the IFSC while ensuring adherence to international standards and protection against financial crime.
Mr. Manish Modi, India CEO at InCorp Global, commented, "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 offers advisory and consulting services to clients from various countries, including Australia, Belgium, Canada, France, Germany, New Zealand, Singapore, Switzerland, the UAE, the UK, and the USA.
InCorp Global also provides companies with setup and post-setup services at GIFT City. The team, comprising over 20 experts, possesses extensive expertise in navigating complex regulations, tax structures, and operational requirements across multiple regulatory frameworks, including aircraft leasing, ship leasing, fund management, capital markets, and higher education, among others.
In conclusion, the acquisition of the BATF licence marks a significant advancement for InCorp Global, positioning the company to leverage India's talent pool while expanding its international footprint. This development is set to bolster GIFT City's reputation as a premier destination for financial services globally.
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