Latest News | Shipping Firms Set Up Subsidiaries at IFSC
Get latest articles and stories on Latest News at LatestLY. 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.
Mumbai, Oct 6 (PTI) 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.
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"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 Deepesh 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 here.
"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.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)