Trust Registration in Meghalaya

Trust Registration in Meghalaya - An Overview

Trust registration in Meghalaya is guided by the provisions set forth in the Indian Trusts Act of 1882. A significant legislative development came about in June 2018. It amends the enactment of the Meghalaya Charities Act, 2018. This legislation serves as a regulatory framework governing registration. In a bid to streamline and modernise the process, the Meghalaya government has taken online steps. Entities seeking to establish trusts can navigate the registration procedure easily through Vakilsearch. It provides more increased ease and convenience.

Benefits of Trust Registration in Meghalaya

• Legal Recognition

  A trust's registration confirms its existence as a distinct legal entity. It grants a legal status. It offers the trust a unique identity that is distinct from that of its creators or trustees.

• Credibility and Trustworthiness

  For the funders, and the general public, trust registration increases the organisation's reputation. Since registered trusts are seen as more credible and open, they may get greater financing and support.

• Tax Exemptions

  In Meghalaya, registered trusts are qualified for a number of tax breaks and advantages. Under the Income Tax Act of 1961, donations donated to a registered trust may qualify for tax deductions. Additionally, subject to conformity with applicable rules and regulations, registered trusts may benefit from exemptions from income tax, property tax, and stamp duty.

• Perpetual Existence

  Having eternal existence, a registered trust can carry on its business even after its original founders or trustees pass away or resign. This guarantees the trust's operations will continue and be sustainable in the long run.

Documents Required for Trust Registration in Meghalaya

• Trust deed with details of trustees and objectives
• Identity proofs of trustees, such as PAN cards and Aadhaar cards
• Evidence of the registered office's address
• If the office is rented, passport-sized photos of the trustees
• NOC from the property owner
• Bank account details of the trust
• Registration fees payment proof
• Any additional documents required by the Registrar of Trusts.

Eligibility Criteria for Trust Registration in Meghalaya

• Minimum of two trustees
• Trustees must be individuals above the age of 18
• The trust should have a clear and lawful purpose or objective
• The Indian Trusts Act of 1882 requires that the trustees not be ineligible
• The trust shouldn't be established for improper purposes or in violation of public policy
• The trustees shouldn't have a history of crimes or engage in any dishonest behaviour
• The trust must have a Meghalayan address for its registered office
• The trust should have sufficient funds to fulfil its objectives
• The trustees must be prepared and willing to oversee the trust's business
• The trust must adhere to all paperwork and filing guidelines established by the Registrar of Trusts.

Checklist for Trust Registration in Meghalaya

• Prepare a trust deed stating the trust's objectives and details of trustees
• Ensure a minimum of two trustees are available
• Obtain identity proofs (PAN cards, Aadhaar cards) and passport-sized photographs of trustees
• Gather address proof of the registered office in Meghalaya
• Secure a NOC from the property owner if the office is rented
• Provide bank account details of the trust
• Keep registration fees payment proof ready
• Complete any additional documents required by the Registrar of Trusts
• Ensure the trust fulfils eligibility criteria, such as lawful purpose, capable trustees, and sufficient funds
• Review and verify all documents for accuracy before submission.

Process for Trust Registration in Meghalaya

The process of trust registration in Meghalaya is as follows:

• Step 1: Consultation and Document Collection

  Get expert consultation to understand your requirements. Avail help in choosing a unique trust name and the details of the trust you want to register. Submit the required documents for registration.

• Step 2: Trust Deed Drafting

  Vakilsearch's legal experts would draft the trust deed according to your specifications.We make sure it conforms with applicable state legislation as well as the Indian Trusts Act of 1882. We will tailor the trust deed to reflect your intentions and objectives.

• Step 3: Submit the Application

  With the trust deed and documents in hand, our team will file for registration. We make sure that all the information is accurate

• Step 4: Follow-Up and Verification

  Our team will address any queries or requirements arising during the process.

• Step 5: Registration and Documentation

  Post approval you will get a registration certificate from the Sub-Registrar's office. On request, we might also assist you in obtaining a PAN and open a bank account for the trust

Why Vakilsearch?

Opting for Vakilsearch for Trust Registration brings significant benefits. Our experienced legal team ensures a seamless process. We guide you through the complexities of trust establishment. We assure adherence to the state rules with great attention to detail.

We have a track record of successful trust registrations that attests to our legal expertise. Assisting with trustee appointments, and navigating the registration procedure. Vakilsearch offers a trusted partner dedicated to simplifying the trust registration process. We will make sure to safeguard your legal interests.