Special Economic Zone

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Grant Thornton offers integrated solutions to maximise value in Special Economic Zones (SEZs) and Software Technology Parks of India (STPI) operations, guiding companies through the establishment/ transformation process, ensuring compliance, and leveraging incentives. Supported by our experienced team of consultants, we provide SEZ and STPI advisory services, aiding clients in establishing and effectively managing SEZs, Free Trade and Warehousing Zones (FTWZ), and International Financial Services Centers (IFSC) units.

Special Economic Zone

An SEZ is a designated geographical region governed by the SEZ Act 2006. It is specifically designed to stimulate exports, generate employment opportunities, and attract foreign direct investment to create an environment conducive to economic growth and development by providing various incentives and facilitation measures. SEZs are established as duty-free enclaves that operate as territories outside the customs territory of India.

SEZ at a glance

Source: http://sezindia.nic.in/

The proposed DESH Bill: Boosting India's economic competitiveness

The new Development of Enterprise and Service Hubs (DESH) legislation aims to optimise infrastructure and enhance the export competitiveness for all large industrial enclaves, both existing and new, with the objective of 'Make in India' and 'ease of doing business.'

International Financial Services Centers (IFSC)

The emergence of IFSCs offers domestic players access to offshore markets through world-class facilities and regulations. India has been actively promoting IFSCs as preferred destinations for a wide range of financial services. This strategic approach aims to attract both onshore and offshore players by offering a conducive environment that promotes growth and facilitates seamless international transactions.

Gujarat International Finance Tech City (GIFT City)

GIFT City, a multi-service SEZ, attracts global players and provides tax benefits to financial institutions and overseas investors. With state-of-the-art infrastructure and international dispute resolution through the Singapore International Arbitration Centre, GIFT City offers a complete financial services ecosystem for cross-border transactions.

Software Technology Parks of India

The Software Technology Park Scheme is a 100 percent Export Oriented Scheme for the development and export of computer software, including export of professional services using communication links or physical media. industry. STPI's main objective is to promote the software industry and growth of startups and Small and Medium Enterprises without locational constraints.

STPI at a glance

How Grant Thornton Bharat can help

With our in-depth knowledge and experience, we provide tailored solutions that align with our client’s specific needs. Whether it is navigating complex regulations or optimising operations within these zones, our team is committed to delivering exceptional results.

Conceptualisation
- Conducting a feasibility study on setting up a new unit or transitioning to an SEZ/FTWZ/IFSC unit from other schemes
- Conducting cost-benefit and location analysis
- Assessing project viability in terms of tax implications
Setting up SEZ/ SEZ unit/STPI unit
- Preparation of detailed project plan (SEZ proposal) and application for setup of SEZ unit
- Assistance in setting up new STPI units and renewal of existing units
- Preparation and filing of requisite forms and supporting documents
- Support in obtaining a Letter of Approval/Permission

Operational support
- Execution of Bond-cum-Legal undertaking
- Support in filing/ review of periodic SEZ/STPI filings (MPR, QPR, APR, SERF, SOFTEX, etc.)
- Support in obtaining necessary approvals and permissions from relevant authorities
- Exit from SEZ/STPI scheme
- Support in the claim of refund under GST law
SEZ/STPI advisory services
- Litigation and representation support services
- Training support
- Drafting of process manuals/FAQs/Standard Operating Procedures
- Strategic advisory on policy-related matters
- Identifying risk areas and possible mitigation strategies by undertaking diagnostic reviews from SEZ/STPI perspective

Partnership with the Export Promotion Council and other regulatory authorities

For several years, Grant Thornton Bharat has been a dedicated knowledge partner to the Export Promotion Council for EOUs and SEZs (EPCES), offering essential guidance on tax and regulatory matters to its extensive membership of over 4000. We are committed to strengthening the capabilities of SEZs/EOUs by conducting regular webinars, addressing inquiries through a dedicated helpdesk, and more. Our collaborative efforts extend to policymakers, actively contributing to SEZ/EOU policy reforms to improve the ease of doing business. As a reliable partner, Grant Thornton Bharat continues to assume a pivotal role in empowering SEZs/EOUs with the necessary knowledge and expertise, needed for their sustained growth and success.