Society Registrations &
Audit NBFC Registrations
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Documents Required
- Aadhaar Card
- Recent Utility Bill Business Place
- Name Significance Letter
- Specimen
Society Registrations and Audit NBFC Registrations
Registering a society is a critical step for any group of individuals aiming to work collectively for a common purpose, whether it’s for charitable, social, cultural, or other community-driven objectives. The process ensures that the society is recognized legally and can operate within the framework of the law.
Non-Banking Financial Companies (NBFCs) play a significant role in the financial sector by providing various banking services without meeting the legal definition of a bank. Registering an NBFC is a complex process that involves stringent regulatory compliance.
Society Registrations Advantages
- Legal Recognition: Registered societies are legally recognized entities, which helps in gaining trust and credibility among stakeholders, donors, and the general public.
- Tax Exemptions: Societies can apply for tax exemptions under various sections of the Income Tax Act, which can significantly reduce their tax burden.
- Eligibility for Grants and Funds: Registered societies can apply for government grants, international funding, and donations from various organizations.
- Perpetual Succession: The society enjoys perpetual succession, meaning it continues to exist even if its members change over time.
- Structured Governance: The registration process enforces a structured governance model, with clear roles and responsibilities, which helps in efficient management.
NBFC Registrations Advantages
- Access to Capital Markets: Registered NBFCs can raise funds from the capital markets, including public deposits, debentures, and equity.
- Regulatory Credibility: Registration with the RBI enhances the credibility and trustworthiness of the NBFC in the eyes of investors, customers, and other stakeholders.
- Diversified Services: NBFCs can offer a wide range of financial services, including loans, asset management, leasing, and more, providing multiple revenue streams.
- Economic Contribution: NBFCs play a vital role in financial inclusion by providing credit to underserved and unbanked sectors.
- Operational Flexibility: Compared to traditional banks, NBFCs often have more flexibility in their operations and can adapt quickly to market changes.
NBFC Registrations Disdvantages
- Stringent Regulations: NBFCs are subject to stringent regulations and oversight by the RBI, which can limit operational flexibility.
- Capital Requirements: High minimum net owned fund (NOF) requirements can be a barrier to entry for new NBFCs.
- Compliance Costs: The cost of compliance with RBI regulations, including periodic reporting and audits, can be substantial.
- Risk Management: NBFCs often face higher risks due to their exposure to non-traditional borrowers and sectors, which may lead to higher default rates.
- Competition: NBFCs face intense competition from banks and other financial institutions, which can impact their profitability and market share.
Steps for Society Registration:
- Name Selection: Choose a unique name for your society that is not similar to any existing registered societies.
- Preparation of Memorandum of Association (MoA): Draft the MoA which includes the society’s name, objectives, names, addresses, and occupations of the members of the governing body, as well as their signatures.
- Drafting of Rules and Regulations: Outline the rules and regulations that govern the society’s operations, including membership, meetings, proceedings, and more.
- Document Submission: Submit the MoA, rules and regulations, and other required documents to the Registrar of Societies in the respective state.
- Registration Fee: Pay the prescribed registration fee.
- Certificate of Registration: Upon approval, a Certificate of Registration is issued, confirming the legal status of the society.
Steps for NBFC Registration:
- Company Formation: Incorporate a company under the Companies Act, 2013, either as a private limited or public limited company.
- Minimum Net Owned Fund (NOF): Ensure the company has a minimum NOF of ₹2 crores.
- Application to RBI: Submit an online application for NBFC registration through the RBI’s COSMOS portal.
- Document Submission: Send a hard copy of the application along with required documents, such as the Certificate of Incorporation, MoA, AoA, board resolution, and financial statements, to the Regional Office of RBI.
- RBI Review: The RBI reviews the application, verifies the documents, and conducts due diligence.
- Issuance of Certificate: Upon satisfactory review, the RBI issues a Certificate of Registration, allowing the company to commence NBFC operations.
Documents Required for Society Registrations
1. Memorandum of Association (MoA):
- Name of the society
- Objectives of the society
- Names, addresses, and occupations of the members of the governing body
- Signatures of all the founding members
2. Rules and Regulations:
- Governing rules and regulations of the society
- Roles and responsibilities of members
- Membership details
- Meeting procedures
- Financial management policies
- Amendment procedures
3. Covering Letter:
- Request for registration, signed by all founding members
4. Affidavit:
- Affirmation by the president or secretary stating the society’s aim and objectives are not to earn profit
5. Address Proof:
- Registered office address proof (rent agreement, utility bill, etc.)
6. Identity Proof of Members:
- PAN card, Aadhaar card, passport, or voter ID of all founding members
7. No Objection Certificate (NOC):
- From the landlord if the registered office is on rented premises
8. Declaration:
- By the governing body members affirming their willingness to be part of the society
9. Fee Payment Receipt:
- Proof of payment of the prescribed registration fee
Documents Required for NBFC Registrations
1. Certificate of Incorporation:
- From the Registrar of Companies (RoC)
2. Memorandum and Articles of Association (MoA and AoA):
- Stating the company’s objectives and rules
3. Board Resolution:
- Authorizing the registration and business plan
4. Net Owned Fund (NOF) Certificate:
- Demonstrating the company has the minimum required NOF of ₹2 crores
5. Banker’s Report:
- On the company’s financial status and creditworthiness
6. Detailed Business Plan:
- Outline of proposed activities, market analysis, and financial projections
7. Directors’ and Shareholders’ Information:
- Identity and address proof of directors and shareholders
- PAN cards, Aadhaar cards, passports, or voter IDs
- Directors’ resumes and financial statements
8. Financial Statements:
- Audited financial statements for the last three years (if applicable)
- Provisional financial statements if the company is newly incorporated
9. Organizational Structure:
- Detailed chart showing the company’s structure and key personnel
10. Information Technology Policy:
- Outline of the IT systems and policies for managing operations
11. Compliance with RBI Guidelines:
- Self-declaration and supporting documents showing adherence to RBI norms
12. Application Form:
- Completed and signed application form for NBFC registration
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