Section 8 Microfinance Company Registration Process

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SECTION 8 MICROFINANCE COMPANY REGISTRATION
PROCESS
WWW.LEGALPILLERS.COM/
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SECTION 8 MICROFINANCE COMPANY
Section 8 Microfinance Company has been
registered under the Companies Act 2013 of India
who has an objective of providing the loans
other financial help to the groups of small
business who have not been included in the formal
banking system due to any reason including
poverty, occupation, ethnicity, religion, or
nationality. It is the most suitable option to
register a Section 8 Microfinance Company if you
want to start a finance business anywhere in
India without any interference approval from
the RBI i.e. Reserve Bank of India and with no
capital restriction. It can be start with the
social aim of helping poor people for reducing
poverty.
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NEED OF SECTION 8 MICROFINANCE COMPANY
A Section 8 Microfinance Company is needed
because of the following reasons

• Provides financial assistance for the enterprises
  that are not able to lend anything as guarantee.
• Encourages the women entrepreneurship
• Provides too much support needed by the startups.
• Offers assistance also for the smaller amounts

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FEATURES OF SECTION 8 MICROFINANCE COMPANY

• No need of the approval of RBI
• Can provide unsecured loan
• No demographic barrier
• No requirement of minimum capital
• Defaulters of loan repayment can be sued for
  non-payment
• High rate of interest (may be up to 26 p.a.
  interest rate)
• Limited compliances
• Engaged in the other activities also including
  education, health, environment, sanitation, and
  many more.
• Registered with ROC i.e. Registrar of Companies
  as a non-profit organization

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SECTION 8 MICROFINANCE COMPANY REGISTRATION
PROCESS ONLINE
Step 1 Planning Documentation Before going for
the registration, you should make sure that you
have all the required documents.
Step 2 Apply for DSC The next step involves
applying for the DSC i.e. Digital Signature
Certificate of all the directors
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Step 3 Name Approval After that, you should have
to select a unique name for your company and must
check its availability.
Step 4 Company Registration Application Then,
you are required to fill the online application
which is SPICe form available on the MCA Portal
along with your documents including MOA AOA.
Step 5 Incorporation Certificate Issuance After
the approval of the documents from MCA i.e.
Ministry of Corporate Affairs, PAN, TAN
Certificate of Incorporation will be issued to
you.
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DOCUMENTS REQUIRED FOR SECTION 8 MICROFINANCE
COMPANY REGISTRATION
FOR DIRECTORS
FOR PROPOSED REGISTERED OFFICE ADDRESS

• PAN card of both the directors
• Aadhaar Card of both the directors
• Bank statement of both the directors with address
  (not older than 2 months)
• Passport size photographs of both the directors
• Email address phone numbers of both the
  directors

• Copy of any utility bill
• Copy of NOC from the owner

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REGISTRATION FEES OF SECTION 8 MICROFINANCE
COMPANY
91 9267941961
The registration fees to register a Section 8
Microfinance Company will be around Rs. 50,000/-
info_at_legalpillers.com
www.legalpillers.com/
C-49, near Bikaner, East Krishna Nagar, Krishna
Nagar, Delhi, 110051
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CONCLUSION
SECTION 8 MICROFINANCE COMPANY IS COMPANY
PROVIDING FINANCIAL HELPS TO THE SMALL BUSINESS
GROUPS. Registration of the Section 8
Microfinance Company is very important.
LegalPillers is here to help you with the
hassle-free registration of the Section 8
Microfinance Company. Choose LegalPillers as your
trusted partner for registering the company.