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

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

1. 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.

2. 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. In Schedule 1 of the said Circular, an entry for various fees applicable for BATF Service Providers to be registered under the IFSCA (Book-keeping, Accounting, Taxation and Financial Crime Compliance Services) Regulations, 2024, shall be inserted as sr. no. “L’’ immediately before the heading “CLARIFICATORY NOTES” as indicated in Annexure hereto:

3. Clarification for existing BATF Service providers under IFSCA Ancillary Service Framework

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.

4. The circular shall come in to force with immediate effect.

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
Applica tion Fees License/ Registration/ Authorisation Fees
Recurring Fees Activity
based
fees Processing Fees Flat Conditional Modification of terms and conditions of grant of registration of substantive nature Relaxation /waiver of provisions of applicable regulations or removing difficulties Type of Fees Amount Type
of
Fees Amount Basis of
Fees Amount L Book-keeping, Accounting, Taxation and Financial Crime Compliance Services Providers (“BATF Service Providers”)

BATF Service Providers (per activity fees) $1,000 Registration Fees $ 5,000 Nil NA No. of Employees Annual Nil 20% of Registration fee $1000 <500 $5,000 500-1000 $7,500

1000 $10,000