NET WORTH CERTIFICATE
Net Worth Certificate is usually issued by Chartered Accountants and comprises of the overall total net worth of an Individual or Enterprise detailing the total assets and liabilities. It is usually done after careful scrutinizing of bank accounts, records and other documents of the respective individual or the Enterprise.
Net worth of an individual or an Enterprise is the total assets of the individual or Enterprise less total liabilities. Net worth thus gives a good indication of the total financial worth of a person at a point in time. Positive net worth that is growing year on year shows good financial health; conversely, a negative net worth or net worth decreasing year on year shows poor financial health. Net worth is used as an indicator of financial health in various processes.
What is the use of net worth certificate ?
Net worth Certificate maybe required as a part of an application for the decision maker to gauge the financial health of the applicant.
Usually Net Worth Certficate is required in following scenerios-
- Visa Application
- Franchise Application
- Bank Loan Application
- Public Contracts
- Agency Business Application
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