Microfinance institutions play a vital role in promoting financial inclusion and uplifting underserved communities. If you're considering starting Micro Foundation Section 8 Registration in West Bengal, Kolkata, Uttar Pradesh, Rajasthan, Maharashtra, Madhya Pradesh, Jharkhand this article will guide you through Low Price Micro Foundation Section 8 Registration process and provide insights into the associated costs.
Micro Foundation Section 8 Registration Process:
1. Memorandum of Association (MOA) and Articles of Association (AOA):
- Prepare the MOA and AOA, which define the organization's purpose, structure, and governance.
- Ensure the objectives align with the charitable activities permissible under Section 8 of the Companies Act, 2013.
- Seek assistance from a company secretary or legal expert to ensure compliance.
- Have a minimum of two directors who meet the eligibility criteria set by the Companies Act.
- The directors should be at least 18 years old and not disqualified under specific provisions.
- Gather identification documents such as PAN cards, address proofs, and photographs for Micro Foundation Section 8 Registration Process.
3. Name Approval:
- Choose a suitable name for your Micro Foundation that reflects its purpose.
- Ensure the name does not infringe on existing trademarks or intellectual property rights.
- Submit the proposed name to the Registrar of Companies (ROC) for approval through the RUN (Reserve Unique Name) service.
- Prepare the necessary registration documents, including the MOA, AOA, and forms such as SPICE (Simplified Proforma for Incorporating Companies Electronically) or INC-32.
- Attach supporting documents like identity proof, address proof, and consent letters from directors.
- Submit the application along with the prescribed fees to the ROC.
5. Review and Approval:
- The ROC will review the submitted documents and may request additional information or clarification if necessary.
- Once satisfied, the ROC will issue a Certificate of Incorporation, indicating the successful registration of your Micro Foundation.
- This certificate establishes the legal existence of your microfinance organization.
Micro Foundation Section 8 Registration Cost:
Starting a Section 8 microfinance organization involves certain costs. Here are the primary expenses to consider:
1. Government Fees:
- Government fees for Section 8 microfinance registration vary based on the authorized capital.
- These fees include charges for name reservation, filing forms, and obtaining the Certificate of Incorporation.
- To determine the exact fee structure, refer to the Ministry of Corporate Affairs (MCA) website.
- Engaging a professional, such as a company secretary or a chartered accountant, can ensure a smooth registration process and compliance with legal requirements.
- Professional charges may vary based on the complexity of the registration and it also increase the Micro Foundation Section 8 Registration Cost.
Conclusion:
Starting Micro Foundation Section 8 Registration in West Bengal, Kolkata, Uttar Pradesh, Rajasthan, Maharashtra, Madhya Pradesh, Jharkhand requires following a systematic registration process and considering the associated costs. Anyway, when it comes to Low Price Micro Foundation Section 8 Registration , Webstar Services is your reliable partner. Our dedicated team of professionals ensures a hassle-free registration process while keeping your expenses to a minimum. By understanding the steps involved and seeking professional assistance, you can establish an affordable and legally compliant microfinance institution that contributes to the financial well-being of underserved communities.
