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Chit fund Company Registration in India

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Expected To Be Complete* : 24 Oct 2024

Documents Required

Company Details 

1. Two Proposed Names

2. Objective of the proposed company

Director’s Documents 

1. PAN Card of all the Directors

2. Photograph of all the Directors

3. Aadhar Card of the Directors

4. Mobile and Email of all the Directors

5. DL/Voter ID/ passport, anyone documents of all the directors

6. Bank statement/ passbook/ Electricity Bill in the name of the

directors, anyone documents of all the directors

Proof of Registered Office

1. Latest Utility Bill i.e. Electricity

2. Ownership Proof i.e. Property Tax, Sales deed, etc.

3. If rented place then NOC in the name of the company

 

Note: Subscribers must have a hard copy of PAN and Address proof for the video verification of obtaining a digital signature (DSC)

 

Chit Fund Company Registration in India

Chit fund is a major type of Investment fund that operates as a major part of the disorganized currency advertising industry in India. Also, chit stores provide access to investment funds and lending for individuals who have limited access to manage account offices. Thus, chit stores are regulated by chit fund company Registration, we take a look at Chit subsidy organizations in India, Chit finance plan of action, and chit finance business listing.

However, the Chit Fund business in India is managed under the Chit Fund Act, 1982. As per the Act, a “chit” means an exchange by or under which a person enters into a chit, chit finance, or by any other name. Coordinate with a predetermined number of people. in which each of them will buy by law a specific total in cash (or a specific quantity of grain) for periodic portions in an explicit period and that each such endorser will, in its turn, control by part or by closeout. or tender or in such other manner as may be prescribed in the chit, be eligible for the prize money.

Therefore, an exchange is not a chit if some, though not all, supporters receive prize money with the risk of paying future subscriptions or alternating with the obligation to pay future subscriptions to each of the endorsers. The Chit amount is received. ,

Steps for Registration of Chit Fund Company Registration

The Steps Required for Registration are given below
Step 1. Apply for Digital Signature Certificate (DSC) and Director Identification Number (DIN).

The initial step of consolidating chit fund company Registration is to apply for DSC and DIN numbers. However, this is the major and major condition for registering any organization in India.

Step 2. Apply for Chit Fund Company Name Endorsement

The second step is to choose an organization name. Choosing the name of the organization is a mandatory task as it is the name that reflects the business personality. Hence, in any case, the below points should be kept in mind before choosing the name of the organization: The name should be interesting and should not resemble the name of an existing organization.

  • The name must not be duplicated with any currently enrolled trademark.
  • The company should use " Chit Fund" as a prefix/suffix in the organization's name.

Step 3. Set up the Report as per the goals of the Chit Fund Company Registration in India

Once the name of the organization is endorsed. All fuse records have been established in accordance with the Chit Funds Act, 1982 and the Companies Act, 2013 and rules made thereunder. However, the Most Essential records to be prepared which are added to get enrolled in the Chit Support Enlistment Center are the Memorandum of Association (MOA) and Articles of Association (AOA).

Step 4. Minimum Capital Requirement for Chit Fund Company Registration

The basic capital condition for Chit Support Organization registration is Rs.1 lakh. At the end of the day, just in case you need to start a chit-subsidy organization. However, at that time, you should enroll in an organization with a capital of Rs 1 lakh. Accordingly, the capital prerequisites of the Reserve Bank of India are not acceptable for a chit-fund company Registration in India.

Step 5. Apply for Chit Fund Company Enrollment

When ready with all the Required Reports, the next step is filing a petition for Chit Subsidy Organization enrollment. The ROC declines the approval until it is satisfied with all the accommodations of the company.

Documents required while registering for a Chit Fund Company:

  1. Pan card
  2. ID proof
  3. Bank Statement / Electricity Bill / Mobile Bill / Telephone Bill - Any.

Other Documents as per Chit Registrar

  • Documents for Address Proof:
  • Ownership document or rent agreement
  • Electricity bill
  • Copy of NOC

Why Companify?

Registering a company is a simple process but it requires professional guidance. We at Companify help you to take a step forward in owning your company by providing you with a hassle-free process of company registration. Our team of experts will guide you at each step so that you can make the right decision as per your need. We have different company registration packages as per your requirements.

FAQs of Chit fund Company Registration in India

A chit fund company is a type of financial institution that pools money from a group of individuals and redistributes it to members through periodic auctions, usually for a fee or commission.
Registering a chit fund company in India allows you to legally operate and offer financial services to individuals, provides credibility to your business, and can potentially attract more investors.
The fees associated with chit fund company registration in India vary depending on the state and the amount of capital being raised, but typically range from a few thousand rupees to several lakhs of rupees.
The time it takes to register a chit fund company in India varies depending on the state and the complexity of the application, but typically takes several weeks to a few months.
Yes, a chit fund company can operate in multiple states in India but must obtain separate registrations from the Registrar of Chits in each state.

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