Ebix to further strengthen its operations in Singapore & India
24 Nov '09
2 min read
Ebix Inc announced that it has decided to further strengthen its operations in Singapore & India, towards centralizing the company's worldwide software development and intellectual property rights in the region.
Ebix announced that it has strengthened its development operations further in India by purchasing another building in the Tax Free zone in Noida, India under the SEZ act of the Govt. of India. This new building will expand Ebix's development capacity to 620 developers in the SEZ area. Under the SEZ act of the Govt. of India, Ebix has received free status for 5 years till 2014-15 and 50% tax-free status for 5 years after that. The SEZ Company in India is a wholly owned subsidiary of Ebix Singapore.
The company also declared today that it is centralizing all its international accounting operations for all countries outside United States, in India. In addition, the company is also presently finishing an exercise to empower its Singapore Company as the Global headquarters for all intellectual property rights across the company. Ebix's Singapore operations coupled with its subsidiary development and accounting operations in India, will result in the region becoming the center of excellence for the company, in terms of Ebix's worldwide intellectual property rights and software development operations.
Making the above announcement, the company also issued a projection for its tax rates over the next few years. The company declared that it expects the tax rate for the company globally, to increase in a gradual fashion, by 3 to 7% over the next 24 months to a global effective tax rate ranging from 8 to 12%. The company has been receiving lots of requests from shareholders over the last few months, to get an overview of the company's tax projections over the next few years and thus decided to issue a projection on the tax rate.