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FCRA Registration
Choose Compliance Sagar for FCRA Registration in Rajasthan- INDIA
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Introduction of FCRA Registration
Do you know what FCRA registrations is? If you plan to receive donations from sources outside India, you must comply with the Foreign Contribution (Regulation) Act, 2010. To regulate foreign contributions or foreign hospitality received by an individual, association or company, the Government of India has combined all laws and regulations relating to such transactions by passing the Foreign Contribution Regulation Act. This has been done to create a transparent mechanism for individuals and organizations through E-governance of FCRA-related activities while discouraging any harmful activities that may be against the national interest.
What do you mean by FCRA Registration?
The Foreign Contribution Regulation Act (FCRA) is a mandatory registration that makes any Section 8, trust, NGO, or company eligible to receive donations from foreign entities. The statute for FCRA registrations is the FCRA Act 2010. It ensures that foreign donations are used for social purposes. The FCRA registrations process is applied through the FCRA Online Services Portal.
FCRA Registrations Certificate is issued by a government authority and it is mandatory to obtain FCRA Registrations Certificate before obtaining or accepting any foreign contributions from any registered trust, social institutions, and NGOs.
Benefits of FCRA Registration
Foreign Investment
The benefit of FCRA registration is continuous support and investment from foreign entities. Support can be from a registered foreign head office or another foreign entity.
Recognition
Usually, this form of registration is done for companies and NGOs. NGOs relying on foreign funds require registration under FCRA requirements. An entity registered in this system would have a good reputation in society.
Compliance
Entities that are registered with the FCRA requirement would comply with the relevant regulations.
Donations
An entity registered under FCRA can accept donations from foreign entities.
Government Support
When organizations are registered under FCRA, it helps the organization to legally receive foreign contributions or government assistance. FCRA registration is a government registration prescribed by regulatory authorities. The applicant can thus use full state support through this form of registration.
Types of FCRA Registration
The two types of FCRA registrations in India are :
Proper FCRA Registration:
- The applicant must have been registered and conducting NGO business for at least five years to achieve suitable FCRA registration. The non-profit organization must have spent at least 10 lakh rupees during the previous three years (excluding administrative expenditures) in support of its primary goals.
- The applicant must also submit their most recent three years' worth of financial statements. A certified chartered accountant must further verify these financial statements.
- Form FC-3A needs to be filled out for FCRA registration.
- If a newly registered organization wants to receive foreign contributions or donations, then an application for approval to the Ministry of Home Affairs for a specific purpose, specific activity, and from a specific source can be submitted using the prior authorization method.
Prior Permissions Registration:
- Prior permission registration must be done for funds that are to be used only for a specific purpose.
- If a newly registered NGO is willing to receive any foreign contribution, it can apply for prior authorization registration.
- Form FC-3B needs to be filled for FCRA registration for prior permission.
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Renewal of FCRA License
FCRA registration is valid for five years and can be renewed by application. The company must apply for renewal within the following deadlines:
- At least six months before the license expires.
- If the entity is working on a multi-year project, the registration must be renewed at least 12 months before the registration expires.
Non-Compliances for FCRA Registration
Failure to comply with these regulations could result in the denial of access to funding and the suspension of the organization's FCRA certificate– thereby jeopardizing the status of NGOs. The penalties include:
* Receipts for foreign donations were seized and confiscated.
* Inspection and seizure of accounts and records of NGO.
* A fine of up to five times the price of the foreign donation.
Procedure to apply for FCRA Registration
The process for applying for FCRA registrations in Rajasthan- INDIA is-
1. Apply online by entering all necessary information in the prescribed online form FC-3 available on the FCRA official website.
2. Click on the "FCRA Online Forms" tab. The applicant will be redirected to another page where there are several options available such as Foreign Acceptance Certificate, Request for Attempted Central Government Permit, Request for FCRA Registration Status, and so on.
3. Click on "Apply Online" under FCRA Registration Application (FC-3).
4. Next, complete the form for application by filling in all the information.
5. A "User ID" will be automatically generated for the applicant, after submitting the form. The applicant has to log in using the credentials that will be generated automatically.
6. Complete the entire form, then scan and attach the necessary documents in the prescribed format, usually PDF format.
7. The FCRA online registration will be completed after making online payment through online money transfer gateways.
Concluding Remarks
Foreign funding has become an integral part of Indian society's NGO sector. Obtaining foreign funds is not as simple as it should be as the Government of India has blacklisted many NGOs for taking funds and not doing any work. An NGO is created to serve society, and if you serve yourself, it can be harmful to the existence of your NGO. So, if you are planning to get FCRA certified, be prepared to work for a company.
In case of any query regarding FCRA Registration in Rajasthan- INDIA, a team of expert advisors from Compliance Sagar is here to assist you at every step. Feel free to reach us at compliancesagar@gmail.com.