FCRA Registration in India
FCRA is an Indian government law that governs the receipt of foreign contributions or assistance from outside India. FCRA registration is required for Charitable Trusts, Societies, and Section 8 Companies that receive foreign contributions or donations. The applicant must be registered under the Societies Registration Act, 1860, and be on the list of FCRA Registered Associations.
FCRA is an abbreviation for the Foreign Contribution Regulation Act, which regulates and governs foreign contributions made within India. The certificate for FCRA Registration is granted by the government authority, and it is a mandatory duty for any registered trust, institution, society, association, or certified NGOs to obtain or receive any foreign grants, foreign contributions, or foreign funds.
The primary main of FCRA registration process is to legitimatize the receipt of any funds or contribution from foreign countries by domestic companies and to ensure the proper utilization of such contributions or funds for the prescribed objective.
The minimum requirement needed to complete the FCRA Registration
Listed below are the key requirement needed for FCRA Registration process and basically, it completely depends upon the type of registration such as:
A) Responsibilities For Proper FCRA Registration:
The applicant must be the owner of a registered company that has been in operation for more than 5 years. The applicant's entity must have spent a minimum of Rs.10 lakhs in the last three years for the accomplishment of its main objectives for which the company was registered, excluding administrative expenses. An applicant must submit financial statements for the previous three years. Importantly, the financial statements must be audited by a qualified chartered accountant.
B) The Obligation For Prior Licence FCRA Registration:
In case, FCRA registration consultants is willing to receive contributions or funds or grants from foreign countries then it should apply for prior permission While applying for the prior permission, it should submit the prescribed details about the foreign owner or investors or donators who is contributing the fund to the entity The fund which is received should be utilized only for the prescribed purpose
Registration Process of FCRA License
The stepwise procedure involved in the Registration Process of FCRA License are as follows: