IFSC in GIFT City attracts shipping giants from Dubai and Singapore

Shipping companies, once headquartered in Dubai or Singapore, have expanded their operations to subsidiaries located in the International Financial Services Centre (IFSC) in GIFT City, India. According to a senior official, the IFSC, headquartered in GIFT City, has received eight applications for ship leasing activities. He highlighted that the International Financial Services Centre (IFSC) offers a favourable business environment, a competitive tax structure, and efficient dispute resolution mechanisms. Deepesh Shah, Executive Director for Development at IFSCA, emphasised the IFSC's role in facilitating on shoring of offshore financial services. He stated, The ship leasing framework of IFSC enables businesses to onshore their ship leasing activities, attracting companies from locations such as Dubai and Singapore. Shah made these remarks during a panel discussion on the final day of the 13th edition of the INMEX SMM India 2023 conference. Shah revealed, We have received eight applications for ship leasing activities, with four approvals and four in-principal approvals. Companies, previously based in Dubai or Singapore, have established subsidiaries in the IFSC. This development has already led to the leasing of six assets into India from the IFSC Zone. He concluded by expressing optimism about the significant potential the IFSC initiative holds for the growth and development of the industry.