How to Start a Chit Fund Company?

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Procedure of Chit Fund Registration:

Chit fund corporations in operation in urban center as a follow, initial get a certificate of incorporation from the Registrar of corporations. The workplace of the Registrar of corporations (Delhi & Haryana) is at IFCI Tower, statesman Place, New Delhi.

(A) Necessities for registration of recent Co. with Registrar of tab Fund, New Delhi.

After obtaining this certificate, you'll be able to apply for registration of the corporate with tab Fund Department., Govt. of N.C.T. of Delhi, 13th floor, Vyapaar Bhawan, I.P. Estate, capital of India a hundred and ten 002 (Tel. No. 331 8992) along with under mentioned documents:

 

A) Note and Articles of Association.

b) Incorporation Certificate.

c) Type No. a pair of relating to shares allotment.

d) Type No.18 relating to registered workplace.

e) Type No. 32 relating to appointment of administrators.

f) R.O.C. Receipt for filing of type No. 2, 18, 32

g) Bank certificate for deposit of Rs. 1, 00,000/- as paid capital.

h) Resolution for appointment of foreman of the corporate.

I) Affidavits of the administrators regarding:-

1. Age, healthiness and sound mind.

2. Insolvency.,

3. Non-conviction

4. Membership/Directorship in alternative tab fund company.

j) Proof of possession of the workplace premises.

k) No objection certificate from the owner.

l) Rent Receipt of premises.

m) Lay out set up of premises.

n) Photo-copies of the Election Card/Passport etc. of the administrators.

o) Images of all the administrators, punctually documented by the CA.

p) Net-worth certificate issued by CA of the corporate in respect of all the administrators of the tab fund company along with supporting documents. .

q) Balance sheet(s) of the company/ partnership/proprietorship.

r) Bye-laws in duplicate.

(B) Scrutiny of the registered workplace

In spite of everything the prescribed documentary necessities square measure consummated, spot scrutiny of the planned registered workplace of the corporate are going to be administrated by the tab Fund Department through Inspector of Chits. For this purpose, the registered workplace ought to be:-

i) Having at least one hundred fifty sq. feet of workplace space.

ii) Well volume to conduct tab fund business.

iii) Having associate degree Auction Hall.

(C) Framing of Bye-Laws:

The Bye-Laws submitted for registration shall contain the subsequent particulars:

i) The total name of foreman conducting tab business.

ii) The entire address of the foreman, registered address, within the case of a corporation being a foreman.

iii) The name beneath that tab business is completed or is planned to be done.

iv)  The total details of the operating of the tab.

v) The realm of operation of the tab.

vi) The circumstances beneath those withdrawals of subscriber shall be permissible.

vii) The procedure to be followed for returning the cash of the subscribers just in case withdrawal, qualification or death of the subscriber.

viii) The condition beneath that the transfer of a discount or the interest of a subscriber shall be permissible.

ix) The total name and designation of the officer entitled to sign documents on behalf of the foreman.

x) The speed of commission to that the foreman is entitled.

xi) The language within which the accounts shall be unbroken.

xii) The mode of custody and investment of cash.

xiii) The settlement of disputes touching or regarding the tab.

After the Registrar, tab Funds urban center is glad that everyone the wants square measure fulfilled; a certificate for registration are going to be issued to the corporate. The Certificate of registration or the documented copy there from shall be displayed conspicuously at each place of tab business.