Does a Section 8 company pay tax?
In general, Section 8 companies in India, which are formed under the Companies Act, 2013 (previously Section 25 companies under the Companies Act, 1956), are non-profit organizations that are formed for promoting charitable, educational, or other socially beneficial objectives.
Section 8 companies are granted certain tax benefits by the government. They may be eligible for exemptions from income tax under Section 12A and Section 80G of the Income Tax Act, provided they fulfill certain conditions and comply with the relevant regulations.
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How to Set Up a Holding Company in Dubai?
A holding company is basically a corporation that owns and controls subsidiary business entities. Let’s understand it with an example – If you own a wellness clinic and want to sell supplements in a retail store, along with publishing a fitness magazine, then it would be ideal to set up holding company in Dubai. Although it won’t involved in any operations or manufacturing activities, it will own the shares and control the operating companies. In addition, the holding company owner will also be able to avail the advantages of doing business in Dubai. If you are interested in holding company setup in Dubai, get in touch with the team of Shuraa and get your company off the ground.
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How to Get ISO 9001:2015 Certification for Your Quality Management System
The ISO 9001:2015 standard is an internationally recognized framework for implementing and maintaining a quality management system (QMS). Achieving ISO 9001:2015 certification demonstrates to your customers, stakeholders, and employees that your organization is committed to delivering high-quality products or services and continuous improvement.
But how do you get ISO 9001:2015 certification for your QMS? Here are the steps you can follow:
Step 1: Understand the ISO 9001:2015 Standard
Before you can start implementing a QMS based on the ISO 9001:2015 standard, you need to understand the requirements of the standard. The standard is divided into ten sections, each of which outlines specific requirements for a QMS. These sections cover areas such as leadership, risk management, customer satisfaction, and continual improvement. You can purchase a copy of the standard from the ISO website.
Step 2: Develop Your QMS
Once you understand the requirements of the ISO 9001:2015 standard, you need to develop a QMS that meets those requirements. This will involve identifying your organization's processes and documenting them in a way that meets the standard's requirements. You'll also need to establish quality objectives and put in place processes for monitoring and measuring performance against those objectives.
Step 3: Implement Your QMS
With your QMS developed, you need to implement it across your organization. This will involve training employees on the QMS, communicating the QMS to stakeholders, and establishing processes for managing and controlling documents and records.
Step 4: Conduct an Internal Audit
Before you can apply for ISO 9001:2015 certification, you need to conduct an internal audit of your QMS. This audit should be conducted by someone who is independent of the processes being audited and has the necessary training and experience to conduct an audit. The audit should evaluate whether your QMS meets the requirements of the ISO 9001:2015 standard.
Step 5: Correct Nonconformities
If the internal audit identifies any nonconformities (areas where your QMS does not meet the ISO 9001:2015 standard), you need to take corrective action to address them. This may involve revising processes, updating documentation, or providing additional training to employees.
Step 6: Apply for ISO 9001:2015 Certification
Once you have addressed any nonconformities identified during the internal audit, you can apply for ISO 9001:2015 certification. This will involve selecting a certification body and undergoing a certification audit. During the certification audit, the certification body will evaluate whether your QMS meets the requirements of the ISO 9001:2015 standard. If your QMS meets the requirements, you will be awarded ISO 9001:2015 certification.
Step 7: Maintain Your QMS
Achieving ISO 9001:2015 certification is just the first step in a continual process of improvement. To maintain your certification, you'll need to continue monitoring and measuring your QMS performance, identifying opportunities for improvement, and implementing changes to your QMS as needed. You'll also need to undergo surveillance audits periodically to ensure that your QMS continues to meet the requirements of the ISO 9001:2015 standard.
In conclusion, getting ISO 9001:2015 certification for your QMS requires a commitment to quality and a systematic approach to implementing and maintaining a QMS that meets the requirements of the standard. By following these steps, you can achieve ISO 9001:2015 certification and demonstrate your commitment to delivering high-quality products or services to your customers.
If you're wondering how to get ISO certification for your organization, Bloodline Certification Services can help. We specialize in implementing and auditing Quality Management Systems (QMS) based on the ISO 9001:2015 standard, which focuses on meeting customer requirements and continually improving processes. Our experienced team will guide you through the process of implementing a QMS that aligns with your business goals, ensuring that you meet the ISO 9001:2015 requirements and pass the certification audit with ease. Contact us today to learn more about how we can help you achieve ISO certification.
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Guide to Microfinance Company Registration: Features, Advantages, and Process
Microfinance organizations play a crucial role in providing financial services to underserved communities and small businesses that may not qualify for traditional bank loans. Here's a comprehensive guide to understanding microfinance company registration, its features, advantages, and the Section 8 microfinance company registration process.
Features of Microfinance Company Registration:
Microfinance institutions must adhere to specific features:
Incorporation: Microfinance organizations must be incorporated under the Companies Act 2013.
Minimum Net Worth: A minimum net worth, as prescribed by the relevant authority, is necessary before commencing operations.
Licensing: Obtaining the required licenses or authorizations is mandatory.
Advantages of Microfinance Company Registration:
Microfinance institutions offer several advantages, including:
Promoting Self-Sufficiency: Microfinance fosters self-sufficiency and entrepreneurship within communities.
Improved Access to Finance: It provides smoother access to financial services for individuals and small businesses.
Enhanced Loan Repayment Rates: Microfinance institutions often achieve better loan repayment rates compared to traditional banks.
Financial Stability: By catering to various credit needs through different types of loans, microfinance helps in stabilizing the financial conditions of underserved populations.
Microfinance Institutions:
Microfinance institutions, categorized as non-deposit-taking NBFCs, operate similarly to banks but on a smaller scale. They extend lending services to economically weaker sections of society who lack access to mainstream banking services.
Requirements for Microfinance Company Registration:
To register a section 8 microfinance company registration in India, the following requirements must be met:
Minimum Paid-Up Capital: A minimum paid-up capital of INR 5 crores is required, with a reduced requirement of INR 2 crores for the North-East region.
Asset Maintenance: MFIs must maintain 85% of qualifying assets as per RBI guidelines for NBFCs.
Compliance: Adherence to RBI guidelines and obtaining prior approval from RBI is mandatory.
Registration Process:
The registration process involves several steps:
Company Registration: Incorporate a Private or Public Limited Company under the Companies Act, 2013.
Capital Raise: Increase paid-up share capital to meet the minimum requirements.
Bank Account Opening: Deposit the raised capital in a bank account.
Application to RBI: Submit certified copies of necessary documents to the Reserve Bank of India.
Online Application: File an online application for Microfinance Company Registration.
Submission of Hard Copy: Submit a hard copy of the application along with required documents to the regional RBI office.
Certificate Issuance: After due diligence, RBI issues a certificate of commencement of business.
Documents Required:
Essential documents include:
Certificate of Registration
Memorandum and Articles of Association
Board Resolution
Banker’s Report
Auditors Report
Educational and Professional Qualification Certificates of Directors
Significance of Microfinancing:
Microfinance empowers small-scale businesses by providing access to funds, fostering economic independence, and reducing reliance on high-interest loans or borrowing from relatives.
Key Features of Microfinance Institutions:
Minimum net worth requirement
Essential licensing
Focus on serving needy segments of society
Provision of banking services at a small scale
Support for various trades and small enterprises
Empowerment of women and enhancement of healthcare access
Mandatory Circumstances for Registration:
The minimum requirement for Microfinance Company Registration is a net owned fund of INR 5 crores.
Non-Approval of Registration:
Certain business forms, like Section 8 Companies, are not authorized by RBI for microfinance activities beyond specified limits.
Securities under Microfinance Company Registration:
Payments are not accepted under Section 8 microfinance company registration. However, funds can be raised through donations or by registering as an NBFC and applying for deposit-taking status from RBI.
For Any Further query or legal help kindly call or whatsapp at 9828–1234–89 or visit at www.vakilkaro.com
Read More-
How to Start a Microfinance Business in India?
Microfinance Company Registration - RBI Guidelines, Documents & Process
How to Start Micro Finance Company: 9 Easy Steps
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BREAKING: New report shows Democrats illegally used non-profit organizations to fund their ballot harvesting & voter registration scheme in the 2020 election. One group called Voter Registration Project raised $190 million from private foundations, FOREIGN billionaires, & even Sam Bankman-Fried. That money would then be spread to companies such as GBI strategies that worked to recruit local employees to do the real work of harvesting ballots & voter registrations. This was done so their actions couldn't directly be traced to the big nonprofits. Companies like GBI strategies were paying their employees by the number of registrations they turned in. Meaning there was a big financial incentive to turn in more registrations... even fake ones as shown in the police investigation in Muskegon, Michigan. Democrats gave those donors enormous tax breaks, even though charities and foundations are strictly forbidden by law to operate with the effect, much less the intent, of benefiting a political party.
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