Trust Registration in Mizoram

Trust Registration in Mizoram- An Overview

Trust is an independent organisation not affiliated with the government. It is established to advance the fields of science, arts, or literature. A public trust is the most suitable entity for initiating an NGO in Mizoram. Trusts can avail of tax exemptions outlined in Section 12 A and 80G of the Income Tax Act.

In Mizoram, private trusts operate under the regulations of the Indian Trusts Act of 1882. On the other hand, public trusts function under different regulations. Vakilsearch can register your trust easily online.

Benefits of Trust Registration in Mizoram

• Limited Liability

  Trust registration limits the liability of the trustees. In case of any legal disputes or financial obligations, the trustees' personal assets are protected. The trust's assets are utilised to settle the liabilities

• Better Governance

  Trust registration in Mizoram requires adherence to certain rules and regulations. It includes appointment of trustees, maintenance of accounts, and filing of annual reports. These requirements promote good governance practices, transparency, and accountability within the trust.

• Ease of Operations

  Registration provides a framework for managing the trust's operations. It establishes clear guidelines for decision-making, internal processes, and the distribution of assets. It helps in smooth functioning and administration of the trust.

• Recognition for Beneficiaries

  Registered trusts often have greater visibility and recognition. It can benefit the beneficiaries they serve. It may enhance access to government schemes and collaborations.

Documents Required for Trust Registration in Mizoram

• Trust deed with details of trustees and objectives
• Identity proofs of trustees, such as PAN cards and Aadhaar cards
• Address proof of the registered office
• Passport-sized photographs of trustees
• NOC from the property owner, if the office is rented
• 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 Mizoram

• Minimum two competent and adult trustees
• Detailed document outlining objectives, rules, and regulations
• Charitable or public purpose focus
• Operates on a non-profit basis
• Application to registrar of trusts with required documents and fees
• Trustee identification and address proofs, passport-sized photos, and trust deed
• Registered office address in Mizoram
• Adherence to applicable laws and regulations, including tax laws for exemptions
• Proper bookkeeping and filing of annual returns
• Disqualification of individuals with certain convictions or offenses involving moral turpitude.

Checklist for Trust Registration in Mizoram

• Minimum of two competent and adult trustees
• Prepare a comprehensive document outlining objectives, rules, and regulations
• Clearly define a charitable or public purpose for the trust
• Ensure the trust operates on a non-profit basis
• Complete application with Registrar of Trusts, submit required documents, and pay fees
• Gather trustee identification proofs, address proofs, photos, and trust deed
• Establish a registered office address in Mizoram
• Understand relevant laws and regulations, especially regarding tax exemptions
• Maintain proper books of accounts and file annual returns as mandated
• Confirm trustees are not disqualified due to convictions or offenses involving moral turpitude.

Process for Trust Registration in Mizoram

The process of trust registration in Mizoram 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 ensure it complies with the Indian Trusts Act and relevant state laws. 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?

Vakilsearch offers a seamless and reliable solution for trust registration. Our team has complete expertise in legal matters. With a proven track record of legal processes, we provide a comprehensive approach. Our experienced team guides you through the intricacies of the registration process. We also ensure that all legal formalities are accurately met. Vakilsearch offers timely service and a customer-centric approach. We offer a trusted partner for those seeking to establish trust while simplifying the same.