Utilization of Office Space and Manpower in Aircraft Leasing in IFSC
Introduction
To enhance the efficiency and ease of doing business for aircraft leasing entities in the International Financial Services Centre (IFSC), the IFSCA has implemented new measures. This article discusses the utilization of office space and manpower by entities involved in aircraft leasing activities within the IFSC.
Circular on Office Space and Manpower Sharing
The IFSCA has issued a circular enabling registered aircraft leasing entities in the IFSC to share their office space and/or manpower with their group entities. These group entities must be set up within the IFSC and engaged in permissible activities under the ‘Framework for Aircraft Lease’.
Amendment to the ‘Framework for Aircraft Lease’
The IFSCA has amended the ‘Framework for Aircraft Lease’ to allow the lease of Aviation Training Simulation Devices as a permissible activity within the IFSC. This amendment expands the scope of activities permitted under aircraft leasing.
Furthermore, the amendment broadens the scope of Asset Management Support Services (AMSS). Now, an aircraft lessor can undertake AMSS for its group entities without the need for a separate registration under the Ancillary Services framework. This measure aims to facilitate ease of doing business for aircraft leasing entities in the IFSC.
Conclusion
The IFSCA’s recent circular and amendment to the ‘Framework for Aircraft Lease’ have introduced progressive measures to enhance the operations of aircraft leasing entities in the IFSC. By allowing the sharing of office space and manpower, as well as expanding the permissible activities under aircraft leasing, the IFSCA aims to create a more efficient and favorable environment for aircraft leasing within the IFSC.
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