Guide to obtain networth certificate

A Networth Certificate is a certificate one requires while applying for a loan from a financial institution, Visa purpose, Tenders etc as it includes a comprehensive overview of the assets and liabilities. To secure your Certificate, specific documentation is required. Bizfoc helps their clients in arranging those documents. It is a document which can be certified by a Chartered Accountant. In this article, you’ll get a complete guide to this Certificate and all other necessary details. 

What is networth certificate?

A Networth Certificate is an official document that showcases the financial status of an individual or business entity. This certificate outlines all the assets and liabilities after analyzing the book of accounts, investment details and other records. To obtain a Networth Certificate, you need to assign a qualified chartered accountant who will certify this certificate. 

The main role of the certificate lies in gauging the financial health of the applicant. Bizfoc provides a Networth Certificate in just one day, certified by a qualified chartered accountant.

What is the purpose of networth certificate?

A Networth Certificate is required at multiple stages for different purposes. Many financial institutions require this certificate to understand individuals or businesses financial status. Networth Certificate is required in the following field:

• Applying for loan: While applying for loan, banks ask for a Networth Certificate as it shows all the assets and liabilities of an individual or an entity. 

• Credit Facilities: While applying for credit, individuals need Networth Certificate as it contains total worth signed by a Chartered Accountant. 

• Applying for VISA: Networth Certificate is required at the time of applying for a VISA. Students going to study abroad also need this certificate.

Documents requirements for a networth certificate

There are certain documents required for a networth certificate. These documents includes: 

• Identity card such as PAN Card, Aadhar Card, or any other 
• Address proof such as Passbook, electricity bill, or any other 
• Email, Phone Number or any other Contact Information 
• For outlining income & expenses Income Statement is required
• For accurate assets & liability Balance Sheet is needed
• Bank statement to ascertain bank balance 
• Property Documents for asset verification 
• Investment Records for highlighting the current worth of all investment
• To provide a comprehensive account of liability, Loan Documents is needed
• To provide a comprehensive overview of income & tax obligation, Tax Returns is required

How to get a networth certificate?

To apply for a Networth Certificate, one need to follow these steps: 

Step 01: Hire a Chartered Accountant: 

To get your Networth Certificate, you need to consult with a CA who can prepare this Certificate. Bizfoc has a team of qualified chartered accountants. 

Step 02: Documentation: 

After hiring a CA, he/she will assist you in gathering your documents for further processing. They will make sure if all the documents are accurate and up-to-date or not.

Step 03: Fee Payment and Review: 

The next step is to pay a fee for the certificate, and then the CA will review your application and documents. The fee of the Certificate is just ₹2500/-. 

Step 04: Final Verification: 

After submitting the application, the CA will prepare and certify your Networth Certificate upon successful verification. After final verification, you’ll get your Certificate.

Conclusion

A Networth Certificate helps in the process of taking loans, credits, or even a VISA. You can get your certificate from a qualified chartered accountant only. You need identity proof, address proof, contact details, a bank statement, loan details, etc to get your Networth Certificate. The fee is just ₹2500/- at Bizfoc for the Certificate. Connect with Bizfoc to get your certificate now.