IFSCA Official has issued a comprehensive framework for establishing and operating International Branch Campuses (IBCs) and Offshore Education Centres (OECs) within GIFT City IFSC. This initiative aims to position GIFT IFSC as a premier educational hub, attracting both Indian and international students, and promoting cutting-edge research and executive education in various fields.
Key Objectives
The framework's primary objectives include:
Enabling foreign universities to set up IBCs in GIFT IFSC, either independently or in other permissible forms.
Allowing foreign educational institutions, other than universities, to establish OECs.
Making GIFT IFSC an international education centre for Indian and foreign students in specified disciplines.
Encouraging research in areas like banking, insurance, capital market, funds management, fintech, longevity finance, sustainable finance, and quantum computing to develop high-end human resources.
Supporting executive education in specified disciplines.
Providing world-class education in GIFT IFSC.
Protecting the interests of students pursuing courses in GIFT IFSC.
Implementing an objective and transparent process for registering foreign universities and educational institutions to offer accredited courses and research programs.
Key Definitions
Foreign Educational Institution: An institution outside India, not a university, authorized to offer courses and research programs.
Foreign University: A university established outside India, accredited to award degrees in permissible subject areas.
International Branch Campus (IBC): A branch campus set up by a foreign university in GIFT IFSC to deliver accredited courses and research programs.
Offshore Education Centre (OEC): A branch set up by a foreign educational institution in GIFT IFSC to offer accredited courses and research programs.
Parent Entity or Applicant: The foreign university or educational institution establishing an IBC or OEC in GIFT IFSC.
QS World University Ranking: The annual ranking publication by QS Quacquarelli Symonds Ltd, considering global and subject rankings.
Permissible Subject Areas
Courses and research programs in financial management, fintech, science, technology, engineering, and mathematics are permitted in GIFT IFSC.
Eligible Entities
Foreign Universities: Must be ranked within the top 500 in the latest QS World University Rankings.
Foreign Educational Institutions: Must be reputed in their home jurisdiction.
Financial Capability: The applicant must demonstrate financial capability to sustain activities in GIFT IFSC.
Infrastructure and Facilities: The applicant must provide suitable infrastructure and facilities for conducting courses and research programs.
Non-Permissible Activities
IBCs and OECs cannot act as representative offices for their parent entities for promotional activities outside GIFT IFSC.
Conditions for Foreign Universities
Naming Consistency: IBCs and OECs must use the same or similar name as the parent entity, unless otherwise permitted.
Memorandum of Understanding: Submit a copy of the MoU between the parent entity and its IBC or OEC.
Selection Process: Student and faculty selection must mirror the parent entity's process, with deviations requiring approval.
Grievance Redressal: Adhere to the parent entity's approved student complaint and grievance policies.
Quality Assurance: Undergo specified quality assurance audits and submit reports at registration renewal.
Mission Alignment: Activities must align with the parent entity's mission, vision, and objectives.
Marketing Communications: Ensure factual marketing communications without exaggeration.
Dispute Resolution: Adhere to the Authority's dispute resolution policy.
Course Recognition
Courses offered in GIFT IFSC must be identical to those in the parent entity's home jurisdiction, with any modifications requiring prior approval. Degrees, diplomas, and certificates issued will have the same recognition as those offered by the parent entity.
Safeguarding Student Interests
IBCs and OECs cannot discontinue, suspend, or close approved courses without prior written approval from the Authority. In case of disruptions, the parent entity must provide alternatives for affected students.
Miscellaneous
Obligations Compliance: IBCs and OECs must comply with the parent entity's home jurisdiction obligations.
Profit Repatriation: The parent entity can repatriate profits without restriction.
Currency for Conducting Business
All transactions must be in freely convertible foreign currency. Administrative expenses can be defrayed in INR through a separate Special Non-Resident Rupee Account.
Fee Structure
Application Fee: USD 1,000 (one-time)
Initial Registration Fee: USD 25,000 (one-time)
Annual Fee: USD 10,000 (from the second year onwards)
Processing Fee for Relaxation Applications: USD 10,000
Tax Benefits
100% Tax Exemption: Business profits are fully exempt for 10 years out of the first 15 years of operation.
Minimum Alternate Tax (MAT): Reduced MAT rate of 9% for IFSC units.
For more details, visit: Tax Benefits of GIFT IFSC
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Disclaimer: This post is for informational purposes only and does not constitute professional advice. While efforts are made to ensure accuracy, we do not guarantee the completeness or reliability of the information provided. Any reliance is at your own risk. Consult professionals for specific advice.
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