The Gelephu Mindfulness City (GMC) is a Special Administrative Region of the Kingdom of Bhutan with its own laws, its own courts and its own regulators, created by Royal Charter and open for business. Companies are being incorporated, licences are being issued and the first bank, the first law firm and the first international flights are in place. Basnet Law Pte. Ltd. is the first law firm incorporated in GMC. This page sets out why investors choose GMC, how to start a company in GMC step by step, what it costs in tax, how long licensing takes, and the enquiry form that starts the process with us.
In short
- GMC is a common law jurisdiction inside Bhutan with thirteen Acts in force, all enacted in English, and a single financial regulator, the Gelephu Financial Services Office.
- A private company needs one shareholder, one director ordinarily resident in GMC, a registered office in GMC and no minimum capital.
- Company tax is 15%. Non-citizen individuals pay 0% income tax to 31 December 2030. There is no capital gains tax and no withholding tax on dividends.
- GFSO targets in-principle approval for a financial services licence within two to three months and a fund no-objection within four weeks.
- The enquiry form at the end of this page takes four short steps. We reply within one to two business days with the route, the timing and a written fee proposal.
Why invest in the Gelephu Mindfulness City
A jurisdiction with its own laws, courts and regulators. Royal Charter No. 1 of 2024 gives GMC full executive and legislative powers and an independent judiciary. The Gelephu Mindfulness City Authority administers the region. Investors deal with GMC institutions under GMC law, not with a patchwork of national rules.
Common law, in English, from day one. The Application of Laws Act 2024 makes the received common law and equity of established common law jurisdictions part of GMC law, applies a schedule of commercial statutes and financial services rules from an established international financial centre, and gives GMC courts the power to rely on common law precedent. Contracts, security, trusts and corporate governance work the way international investors and their lenders expect.
One regulator for all financial services. The Gelephu Financial Services Office regulates banking, capital markets, payments, insurance, funds and digital assets under the Financial Services Act 2025. Virtual assets are written into the Act itself. Firms already licensed in an established financial centre can use the accelerated review pathway, and fund managers from a Recognised Foreign Jurisdiction operate on a four-week no-objection.
A tax regime designed to attract founders and capital. Under the Income Tax Act 2025 the company rate is 15%, non-citizen individuals pay 0% to 31 December 2030, there is no capital gains tax and no withholding tax on dividends. Approved founders companies can be exempt for up to 15 years, strategic and development companies pay not less than 5% for up to 20 years, and funds, family offices and their managers have their own exemptions and concessionary rates. Advance rulings are available under section 108. The Bhutan and Singapore double taxation agreement was signed on 12 May 2026.
Eight priority industries with a clear welcome. Spiritual; Health and Wellness; Education and Knowledge; Agri-Tech and Forestry; Green Energy and Technologies; Finance and Digital Assets; Aviation and Logistics; Tourism. An expression of interest that fits a priority industry moves through the Gelephu Corporate Registration Office on a defined track.
Scale and location. About one million acres, roughly 4,000 square kilometres and a tenth of Bhutan, on the southern plains bordering Assam, India, one of the largest consumer markets in the world. Gelephu International Airport received its first international flight in December 2025.
Clean, dispatchable energy. Bhutan generates its electricity principally from hydropower. For data centres, digital asset infrastructure, green manufacturing and any business that counts its carbon, GMC offers renewable power at the source.
Banking and currency without friction. DK Bank, the first GMC-licensed bank, operates in nine currencies and offers digital asset services. Accounts are denominated in United States dollars, and there are no foreign exchange controls other than for the Ngultrum.
People can come. Work passes for foreign staff are issued under the Employment of Foreign Workforce Act 2025. The Digital Nomad Visa programme admits remote workers for twelve months, renewable to twenty-four. A director ordinarily resident in GMC, an authorised representative or a resident manager can be put in place from the start.
A national project with national backing. GMC is a Royal initiative that the whole country supports, backed by a 10,000 BTC Development Pledge announced in December 2025 and by a sovereign that has held bitcoin since its state hydropower mining operation began. The laws are enacted, the institutions are staffed and the first companies are operating.
How to start a company in GMC: the steps
- Choose the industry and the structure. Confirm that the business fits one of the eight priority industries and choose the vehicle: usually a private company limited by shares, sometimes an LLP, a limited partnership, a branch, a fund or a redomiciled company. The list below explains each.
- Expression of interest. The Gelephu Corporate Registration Office assesses the expression of interest against the priority industries. This is the point at which the business plan, the ownership and the source of funds are explained.
- Appoint a corporate service provider and the resident director. Incorporation through an empanelled corporate service provider has been mandatory since 1 November 2025. The Companies Act 2025 requires at least one director ordinarily resident in GMC and a registered office in GMC.
- Incorporate. Name reservation, constitution and incorporation filings under the Companies Act 2025, sections 17 to 27. There is no minimum capital.
- Apply for the licence, if the activity needs one. Banking, payments, investment management, funds, insurance and digital asset activities are Regulated Activities under the Financial Services Act 2025. The application goes to GFSO under section 27 and the GEN Rulebook. In-principle approval is targeted within two to three months on average.
- Open the bank account. DK Bank onboarding runs alongside incorporation and licensing.
- Secure land or premises. The Economic Development Group is the one-stop shop for long-term leases, site clearances and incorporation coordination. Land is leased, not sold freehold.
- Bring in the people. Work passes under the Employment of Foreign Workforce Act 2025, employment contracts under the Employment Act 2025.
- Settle the tax position. Founders company or strategic and development company approval where the business qualifies, and an advance ruling where certainty is worth having.
Basnet Law Pte. Ltd. runs all nine steps as one coordinated process, with scope and dates fixed in writing before work starts.
The structures available in GMC
- Private company limited by shares. The standard vehicle. One shareholder, one director ordinarily resident in GMC, a registered office in GMC, no minimum capital, incorporated through the Gelephu Corporate Registration Office with an empanelled corporate service provider.
- Public company. For businesses that will raise capital from the public or need a non-distributing membership structure.
- Branch of a foreign company or representative office. For groups that want a GMC presence without a new entity, registered under section 368 of the Companies Act 2025 with an authorised representative in GMC.
- Limited liability partnership, limited partnership or general partnership. Under the 2026 partnership Acts, for professional firms, fund vehicles and joint ventures.
- Trust. Recognised under the received common law and equity that the Application of Laws Act 2024 makes part of GMC law, for succession, asset protection and family office ownership.
- Fund or variable capital company. A fund vehicle with cells, a licensed or foreign-recognised manager and the fund tax exemptions.
- Single-family or multi-family office. Notification only for a single family; a GFSO licence for a multi-family office.
- Redomiciliation. An existing company from another jurisdiction transferred into GMC with its history intact under Part 10A of the Companies Act 2025.
If you are not sure which fits, choose "Not sure, advise me" in the form and describe the business. That is the question we answer most often.
Who is investing in GMC
- Founders and operating businesses in the eight priority industries, from wellness and education to agri-tech and green manufacturing.
- Financial institutions and fintech companies seeking a licence from a single regulator with a defined timeline.
- Digital asset businesses: exchanges, custodians, stablecoin issuers, tokenisation platforms and mining or data centre operators drawn by the statutory framework and the hydropower.
- Funds, fund managers and family offices using the variable capital company, the fund exemptions and the four-week no-objection route.
- Groups redomiciling an existing company into GMC, or opening a branch to serve India and South Asia.
- Individuals relocating as founders, employees or digital nomads under the work pass and nomad visa programmes.
What happens after you send the form
- Conflict check and acknowledgement within one to two business days.
- A first conversation with a lawyer, by video call or in Gelephu, to settle the industry fit, the structure and any licence.
- A written proposal with scope, fee and dates, so nothing starts without your approval.
- Execution as one coordinated process: expression of interest and incorporation through GCRO, the GFSO application where needed, the DK Bank account, land through the Economic Development Group, work passes and the tax approvals.
Your information is held under our Privacy Policy and used only to respond to your enquiry. Sending the form does not create an attorney-client relationship; that begins with a signed engagement letter.
Frequently asked questions
How do I start a company in GMC?
Choose the priority industry and the structure, file an expression of interest with the Gelephu Corporate Registration Office, appoint an empanelled corporate service provider and a director ordinarily resident in GMC, and incorporate under the Companies Act 2025. If the activity is a Regulated Activity, apply to the Gelephu Financial Services Office. The enquiry form on this page is the fastest way to begin.
Can a foreigner own a company in GMC?
Yes. Shareholders may be individuals or companies of any nationality. What the Companies Act 2025 requires is at least one director ordinarily resident in GMC and a registered office in GMC. We advise on filling the resident role.
Is there a minimum capital requirement?
No. The Companies Act 2025 sets no minimum share capital for a private company. Licensed financial services firms have capital requirements set by GFSO in the prudential rulebooks, which we confirm for the specific activity before you commit.
What taxes does a GMC company pay?
Company income tax at 15% under the Income Tax Act 2025, with no capital gains tax and no withholding tax on dividends. Non-citizen individuals pay 0% to 31 December 2030. Founders companies, strategic and development companies, funds, family offices and fund managers have their own exemptions and rates on approval.
How long does a GFSO licence take?
GFSO targets in-principle approval within two to three months on average, and a fund or foreign-manager no-objection within four weeks. Firms already licensed in an established financial centre can use the accelerated review pathway. The licence is issued once the in-principle conditions, incorporation, capital, office, staff and bank account, are met.
Is GMC part of Bhutan?
Yes. GMC is a Special Administrative Region of the Kingdom of Bhutan established by Royal Charter No. 1 of 2024, with its own executive and legislative powers, its own laws and an independent judiciary.
Which law governs contracts and companies in GMC?
GMC Acts first: the Companies Act 2025, the Financial Services Act 2025, the Income Tax Act 2025, the Employment Act 2025 and the 2026 commercial Acts. Beneath them, the received common law and equity and the applied statutes under the Application of Laws Act 2024. GMC courts can rely on common law precedent from any common law jurisdiction.
Can I move my existing company to GMC?
Yes. Part 10A of the Companies Act 2025 provides for the transfer of registration of a foreign company into GMC, with the company's history, contracts and assets intact.
Can I live and work in GMC?
Yes. Work passes for foreign employees and founders are issued under the Employment of Foreign Workforce Act 2025, and the Digital Nomad Visa programme admits remote workers for twelve months, renewable to twenty-four.
Which industries does GMC prioritise?
Spiritual; Health and Wellness; Education and Knowledge; Agri-Tech and Forestry; Green Energy and Technologies; Finance and Digital Assets; Aviation and Logistics; Tourism. A business outside these can still be considered; describe it in the form and we advise on fit.
Do I need a lawyer to set up in GMC?
Incorporation requires an empanelled corporate service provider. A lawyer is not mandatory, but a licence application, a tax approval, a land lease or a redomiciliation is a legal process with statutory tests, and most investors want one accountable adviser running the whole sequence. That is what we do.
You may contact Basnet Law at basnet@basnetgmc.com or office@basnetgmc.com for any legal queries related to GMC.
