The Institute of Chartered Accountants of India (ICAI) has allowed CAs to establish minor companies in GIFT City, Gujarat. This move aims to relax exclusivity rules and boost India’s global accounting reputation. GIFT IFSC is being developed to attract a range of financial services practices.

Previously, CAs were prohibited from joining other companies to prevent monopolistic practices regarding RBI and CAG work. However, the ICAI clarified that setting up a mirror company in GIFT IFSC does not violate exclusivity rules within India, offering new opportunities for CAs.

ICAI has granted CAs the ability to retain two Certificates of Practice (COPs) in India and foreign jurisdictions like the UK, Australia, Canada, and New Zealand. This reform enables CAs to operate internationally and provide outsourcing accounting services to enhance India’s global accounting leadership.

Read more at Yahoo Finance: India’s ICAI permits CAs to establish mirror companies in GIFT City