LawgicalIndia: Furthermore, this paper suggests measures in easing the requirements for Section 8 Company Registration and Microfinance Company Registration.

In India, two or more people desirous of starting a business or forming an organization often feel daunted or overwhelmed, primarily because of the complexities of the laws and regulations governing the business world. But if you are interested in starting Section 8 company, micro finance company or Section 8 micro finance company then you are at the right place. Need not worry because now LawgicalIndia is here to assist you in understanding those registrations with more ease and confidently.

In this blog, let’s understand Section 8 company registration, microfinance company registration, and how you can get it done remotely. Alright let us look at each of them and explore how LawgicalIndia is ready to help you with all of them.

What is a Section 8 Company?

A Section 8 company is also defined as a company which is established with the purpose of carrying out activities for promoting social welfare, education, charitable, religious, scientific causes or other cause which could be regarded as beneficial to the society as a whole. The most attractive thing that one will come across concerning a Section 8 company is that it operates without the intention of earning its members any money. But anything over and above the cost of operation is reinvested back into the company for the express purpose of carrying out the charity or social mission.

It is a perfect option for individuals who want to start their non-profit organization but need to have a company structure and recognition of Section 8. It opens doors to the government grants, aims for tax benefits and thus is preferred by NGOs, social enterprises and charity organizations.

The question most new business owners ask is, ‘Why should I register a Section 8 company?’

• Non-Profit Nature: In detail, a Section 8 company is a non-profit company to promote charitable causes, and therefore, a perfect choice for those who have no desire to make a profit.

• Legal Status: , organizations get legal recognition under the Companies Act, 2013 meaning your Section 8 company/ NGO will mean people can trust that your organization is legitimate and all donations made are regulated.

• Tax Exemptions: Section 8 companies also receive tax exemptions, this will make it easier for donors to donate funds without worrying about issues to do with tax. The company can also engage an application for several tax exemptions.

• Limited Liability: Section 8 company has restricted liability and the members and directors of this type of company do not have any risk to their personal properties in the event of the company’s losses.

• Government Grants: The registration of your company as a Section 8 company leads to opportunities of grants and funding for such non-profit activities.

Section 8 Company Registration Online – How LawgicalIndia Can Assist The Interested Clients

As we live in the digital age, all procedure related to business registration including the Section 8 company registration can also be completed online. With LawgicalIndia you do not need to physically visit the Registry for registration as you can do it from the comfort of your home or office. Here’s how LawgicalIndia makes it easier for you:

• Online Consultation: It would be possible to obtain a professional advice on the procedures needed to register a Section 8 company by arranging an online appointment. You will receive recommendations on the type of documentation, admissibility, and structure most appropriate to your goals.

• Simple and Quick Process: Registering a Section 8 company is not a very complex process and most of the paperwork is handled by LawgicalIndia and we assure to complete the forms accurately and at the appropriate time within the Ministry of Corporate Affairs (MCA).

• Expert Assistance: In case of drawing up MOA and AOA, preparation of different forms, filing of documents and compliance with the Companies Act, our team of professionals is always ready to assist you.

• Cost-Effective Services: To sum up, LawgicalIndia is a company that understands how important it is not to overpay for legal services. They are cheap and their tariffs are very economical for the benefit of the clients.

A microfinance company is an institution that is involved in providing credit and other financial services to individuals or groups of people who are unable to access conventional loans from commercial banks.

A micro finance company is defined as an enterprise that offers micro credit to the unserved and the underserved members of the society or those who are financially excluded from the formal banking sector. This gives a framework to assist those who cannot access conventional financial services and equip them to enhance their economic standing.

Micro finance institutions play a significant role in the provision of financial services and poverty alleviation. Starting a microfinance company registration in India can help you take advantage of this large and expanding market and assist those who previously could not receive appropriate services.

Why should I register for a Microfinance Company?

Promote Financial Inclusion: Micro finance firms are very useful in extending financial services to clients that are restricted by conventional financial institutions. Such procedures are very helpful in supplementing the economic development of the country.

• Lucrative Business: Microfinance is for social purposes but microfinance companies can also earn commercial revenue. Thus, the need for microfinances in the rural areas and low income groups that want small loans and other financial services is growing rapidly.

• Government Support: The indian government has therefore initiated various measures and policies that seeks to enhancing the growth of microfinance companies. It is always important to note that when forming a microfinance company you may be able to access government support, finance and possibly subsidies.

• Access to Funding: Microfinance companies are also allowed to attract funds from different sources such as banks, financial institutions and investors engaged in the business of funding organizations that are involved in business for the promotion of social causes.

  

  Section 8 Microfinance Company Registration – The Two Fold Objectives

  Now, let us try to fuse the concept of a Section 8 company with the facility of a microfinance company. Section 8 microfinance company is an innovative business model that enables one to provide financial solutions whilst being faithful to the cause. It enables the lending of relatively small amounts of money, creation of savings and other financial services for people, and sustainability of such a practice maintaining the produced profit levels within the sphere of the needed business area and social purposes.

  This combination is a great solution to make a sustainable change in the community actually for the poor who can not obtain credit and other financial services. To add icing to the cake, online portal LawgicalIndia allows you to register your Section 8 microfinance company with relative ease and while availing this service remember to stay on the right side of laws happening around as we at LawgicalIndia keep our clients informed of the same.

  
  

  The current article focuses on section eight microfinance company registration; its title is therefore a synthesis of two strong objectives.

  Now, think of amalgamating what a Section 8 company offers and what a micro-finance company can offer, a micro-finance Section 8 company. Section 8 microfinance company is a now business model that assists you to provide and deliver financial services as you are bound to your social mission. It is a type of tool that allows you to offer microcredit, micro-saving and other microfinancial services, thus guaranteeing that the profits are reaped and go back to the needy and your microfinance organization and its social mission.

  It is thus a good mix in terms of designing a sustainable solution for change within any society, especially to the less privileged low-income earners who may not afford credit or financial services. Oh, and the biggest plus – with LawgicalIndia, you can easily register Section 8 microfinance company online as well as make sure you are in compliance with all the rules and regulations.

  
  

  Registration procedure of Section 8 Microfinance Company

  Registering a Section 8 microfinance company involves some of the provisions of the Section8 Act and the microfinance – Business Act with balanced concern on the both financial and charitable purpose all similar to the registering of Section8 or microfinance company. Here's how LawgicalIndia can help:

  • Consultation and Documentation: To get approval for this type of enterprise, you will need to develop a comprehensive business plan that should outline the kind of financial service to be offered, and how these services will benefit the population . LawgicalIndia assists in the preparation of your documents and it checks whether it is in order while preparing the MOA and AOA.

  
  
  

  • Regulatory Approval: Microfinance companies require working licenses issued by the Reserve Bank of India (RBI). LawgicalIndia makes certain that your application does not violate the RBI regulation and that your company is optimally prepared to face a regulatory audit.

  
  
  

  • Online Registration Process: However, after compiling all your documents, you are able to submit all your documents through LawgicalIndia online. They will, in addition, bear all the responsibilities regarding documentation and filing with the Ministry of Corporate Affairs and the RBI.

  
  
  

  • Compliance and Reporting: Post registration familiarise yourself with the reporting and auditing obligation that will apply throughout the entire life of the CTM. After you have registered with LawgicalIndia your company is safe from legal complications as our team is constantly monitoring your company to make sure it is in compliance with all laws and regulations.

  
  
  

  Conclusion

  If it is a Section 8 company registration, Microfinance company or Section 8 microfinance company registration, we are LawgicalIndia here to ease the entire procedure. That is why with our help and web registration it is easy to get through all steps quickly and concentrate on what is important – developing an organization and improving the quality of life in society.

  Not only do you ensure that the registration process is without a hitch, you also invest in getting the legal wheel of your company moving while in compliance. So, what are you waiting for? Start to make actual changes today by getting Section 8 company registration done, microfinance company registration, or Section 8 microfinance registration with the help of LawgicalIndia.