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The International Financial Services Centres Authority establishes the fee structure for entities undertaking permissible activities under the IFSCA Book-keeping Accounting Taxation and Financial Crime Compliance Services Regulations 2024. All regulated entities and applicants in the international financial services centres pay the specified application registration recurring modification and relaxation fees. Existing ancillary service providers who communicate their willingness to operate under the new regulations are exempt from application fees for the same activity. Annual recurring fees for these existing entities undergo adjustment against fees already paid under the ancillary services framework. The circular comes into force with immediate effect.
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CIRCULAR
F. No.865/IFSCA/Banking/Fee Revision/2022-23
July 03, 2024
To
All Regulated Entities in International Financial Services Centres (IFSC) and all Applicants to the International Financial Services Centres Authority (IFSCA)
Sub: Fee structure for the entities undertaking or intending to undertake permissible activities under IFSCA (Book-keeping, Accounting, Taxation and Financial Crime Compliance Services) Regulations, 2024 in IFSC
This circular is issued in exercise of powers conferred by section 12 of the International Financial Services Centres Authority Act, 2019, and powers conferred under Regulation 17 of IFSCA (Book-keeping, Accounting, Taxation and Financial Crime Compliance Services) Regulations, 2024 (hereinafter referred as “BATF Regulations”) which have been notified in the Official Gazette on June 04, 2024.
The International Financial Services Centres Authority (“Authority”) makes the following amendments/additions to the Circular of even number dated May 17, 2023 on the subject cited above, as amended from time to time:
(i) The existing ancillary services providers, who are currently undertaking Bookkeeping, Accounting, Taxation or Financial Crime Compliance Services from IFSC and have communicated to IFSCA about their willingness to operate under BATF Regulations for the same activity, are not required to pay application fees for the same activity.
(ii) Further, for the above-mentioned entities, applicable Annual Fees/Recurring Fees under the BATF regulation will be adjusted to the extent of fees already paid by the entity under the ancillary services framework from the date of submission of willingness.
Yours faithfully
Denning K Babu General Manager Division of Treasury, Finance and Accounts
Annexure
SCHEDULE-I
Schedule of fees payable by applicants/Regulated Entities of the IFSCA (1)
| Sr. No. | Entities | Application Fees | License/ Registration/ Authorisation Fees | Recurring Fees | Activity based fees | Processing Fees | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Type of Fees | Amount | Type of Fees | Amount | Basis of Fees | Amount | Modification of terms and conditions of grant of registration of substantive nature | Relaxation /waiver of provisions of applicable regulations or removing difficulties | ||||
| Book-keeping, Accounting, Taxation and Financial Crime Compliance Services Providers (“BATF Service Providers”) | |||||||||||
| L | BATF Service Providers (per activity fees) | $1,000 | Registration Fees | $ 5,000 | Nil | NA | No. of Employees <500 500-1000 >1000 | Annual $5,000 $7,500 $10,000 | Nil | 20% of Registration fee | $1000 |
