Net Worth Certificate( For VISA)

Overview

A net worth certificate is a consolidated document containing the net worth of an individual or an enterprise, usually drafted and certified by a Chartered Accountant, taking into account all the assets and liabilities of an individual or a company. Net worth Certificate maybe required as a part of an application for the decision maker to gauge the financial health of the applicant and is commonly required as a part of visa application, bank loan application, franchisee application etc.

Checklist

NET WORTH CERTIFICATE

Net worth Certificate is the statement showing total Movable Assets and total Immovable Properties of Person which is generally demanded by consulate or VISA agent.

Who Can Certify Net Worth Certificate?

In India, only practicing chartered accountant VISA. The certificate must contain the seal and sign of CA with Date and Place of Singing of Net worth Certificate.

IMPORTANCE

The net worth certificate is a very important document. Some of the reasons are listed below:

1. They Reflect the overall financial strength of an individual or Enterprise.
2. They are crucial for VISA applications.
3. It is requested for Franchise applications by a franchiser.
4. It Helps in obtaining financial loan from the banks.

How to register?

PROCESS

Meeting with a Chartered Accountant: First step for obtaining the certificate is meeting with a CA and submitting the Documents as per the Checklist.

Document verification: Then, the Chartered Accountant verifies the documents and reviews your assets and liabilities through the set of documents, and complies with a net worth calculation.

CA certification: Once all the documents have been reviewed by the Chartered Accountant and Net Worth is communicated to you, he/she will prepare the certification (by generating UDIN), and will certify the same.

Documents Required

DOCUMENTS REQUIRED

Following documents are required to obtain net worth certificate:

1. Company/Firm Registration Certificate Copy (GST Certificate, Incorporation Certificate etc.)
2. Business Financial Statements for Financial Year (such as funds held in Deposit accounts, tangible machinery like production equipment, storage buildings etc)
3. Details of Fixed Assets (purchased for long-term and not likely to be converted into cash)
4. Pledged securities
5. Intangible assets with proof
6. Bank Statement to ascertain bank balance
7. Investments in shares/ mutual funds
8. Capital involved in Business