Trust Registration
Get registered within 10 days.
In India, the most preferred way to run an NGO is to form a Trust. A Trust can be a private or public depending upon the class of people who will receive the benefit in future.
Our dedicated team will assist you in registering your Trust at a very affordable price. We extend our support from documentation to preparation and Registration of Trust in India.
Trust Registration in India
As per the Indian Trust Act 1882, A Trust is an arrangement where the Owner (Settlor) transfers the property or assets to someone else (trustee) for the lawful purpose and benefit of a third person or community (beneficiary).
Trusts today plays a significant role in most financial and legal systems and are also recognized under the Hague Convention. There are many benefits of Trust like protection of assets, wealth, protection of insolvency, taxation, the welfare of family members, the inheritance of property etc.
Trust can be classified into two categories
- Public Trust
Public Trust is registered for the benefits of a class or Public generally. It is created for charitable, educational, religious or scientific purposes. Public Trust is regulated by the Bombay Public Trust Act 1950 in India. This form of the institution is registered to provide maximum benefit to the society at large. Public Trust is purely independent, and a nonprofit entity as the main aim of the formation of the Trust is to cause public benefit. A trust also provides various group of individuals to collectively help the persons who are unable to survive and to take care of all of their needs. These trusts can be made to serve old age citizen, orphans, physically disabled children, especially able children, and even for animals. Public Trust is also registered to promote efforts to bridge the gap between the privileged and the needy.
- Private Trust
Private Trust is registered for the lawful benefit of one or more individuals or a specific group of people such as employee of companies, family members etc. The Private Trust is regulated by the Indian Trust Act 1882. The private Trust can also be created by a will and shall subject to the provisions of the Indian Succession Act, 1925. As the Private trust route to inheritance planning gains popularity in India, the rich are increasingly looking at asset protection, rather than saving on taxes or passing on wealth to the next generation. According to Barclays Wealth Insights report, 61 per cent of family disputes in India were due to wealth distribution. Private Trusts can also help in insolvency protection. If the Settlor is also beneficiary, the share of the Trust’s assets belonging to the Settlor or beneficiary can be combined in case of bankruptcy.
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Document Requires for Trust Registration
Documents for Settler and Trustee
- Two Passport Size Photograph
- Copy of PAN Card
- Identity Proof (Voter I Card / Driving License/Passport)
- Address Proof (Bank Passbook/Bank Statement/Utility Bill)
Documents for Trust Registered address
- Utility Bill in the name of the Owner to the establishment
- NOC from the Owner of the establishment
- Rent Agreement or
- Lease deed, sale deed, Property Tax Receipt
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Process of Trust Registration
- Step 1 - Selection of Name
The Name of Trust should not violate or infringes someone else name or trademark. Additionally, the name so suggested should not come under the restricted list of names as per the provisions of the Emblems and Names Act, 1950. It should be a desirable and unique name.
- Step 2 - Drafting of Trust Deed
The trust deed needs to draft containing the aims and objectives of registration of the Trust. Apart from the main object, it defines the author, details of board of Trustee and details of the beneficiary.
- Step 3 - Payment of Stamp Duty
Once the deed is drafted, it should need to execute on non-judicial stamp paper with a stamp duty depends on the value of the trust property. The rate of stamp duty differs from state to state.
- Step 4 - Registration of Deed
The next step is to seek an appointment from the Registrar for Registration of Trust. The Settlor and Trustee must be present in person along with two witnesses before the Registrar at the time of Registration. After successful Registration, Registrar issues a certificate of registration along with the Registration number of Trust.
- Step 5 - Obtain PAN, TAN & Bank Account
After obtaining the registration certificate of Trust, the next step is to apply for PAN and TAN and thereafter Bank Account of the Trust.
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