India is setting a new course as a global financial hub with its first International Financial Services Center (IFSC) - GIFT City. Family offices can now establish a first-of-its-kind fund management entity, family investment fund (FIF) in GIFT City. The FIF can pool resources from a single family or entities under the family’s control. Such entities can be sole proprietorship firms, partnership firms, LLPs, trusts, companies, or a body corporate, in which an individual or a group of individuals of a single family exercises control and directly or indirectly holds substantial economic interest (at least 90%).
