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Corporate Laws Central Ministry of Finance International Financial Services Centres Authority Act, 2019

Recommendations for streamlining the incorporation process of IFSC Companies

24-Jun-2025 | NA

IFCSA has issued an office memorandum regarding Recommendations for streamlining the incorporation process of IFSC Companies. Pursuant to this memorandum, the following key points have been outlined: 1. IFSC companies are required to select industrial codes 65, 66, or 67 during the incorporation process. 2.If a parent company wishes to incorporate a subsidiary in the IFSC area, and the only difference in the name is the addition of the word "IFSC", then the name approval/incorporation application must be accompanied by a No Objection Certificate (NOC) from the parent company. 3. In case of difficulty in obtaining rent receipt, companies may submit a provisional letter of allotment for the space, along with a NOC from the Co-developer, while filing Form INC-22. This will be considered sufficient compliance with Rule 25 of the Companies (Incorporation) Rules, 2014. 4. The requirement to attach a photograph of the registered office in Form INC-20A is a one-time obligation that must be fulfilled within 180 days from the date of incorporation. IFSC companies have 60 days to comply with the filing of Form INC-22, as opposed to the standard 30 days applicable to other companies. This requirement has not been waived but has been granted an extended timeline for compliance. Kindly refer to the attached document for more information.

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