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Nidhi Company Registration
If you are willing to set up a company as a Non- Banking Financial Company, then Nidhi Company Registration Online is the most preferred option.
Introduction: Nidhi Company
Nidhi Company is a type of Non-Banking Financial Company in India incorporated and regulated by the Section 406 of the new Indian Companies Act, 2013. Apart from this section, the Companies (Nidhi Company) Rules of 2014, and the Chapter XXVI of the Companies Rules, 2014 also comply with it. This Company has been established under the Ministry of Corporate Affairs. The signficances of Nidhi Company Registration in India are receiving deposits and lending the amount within the members and for the members only. The aim of the Company is to work for mutual benefits and develop the habit of saving among its members. The diection of the Nidhi Limited when it comes to accepting deposits has been authorized by Reserve Bank of India. Nidhi Company raises funds by Recurring deposit (RD) and a fixed deposit from its members. Moreover, it borrows to its members upon Gold, Shares, RD, FD, Bonds, and Properties.
Registration of Nidhi Company
At LegalPillers we provide hassle free online company registration process for Nidhi Company Registration within 15-20 working days. The benefits that businesses are getting from the Registration of Company are smooth functioning and less compliance. Nidhi Company is registered under the Ministry of Corporate Affairs. This type of Company does not need the approval from Reserve Bank of India but does require to follow its guidelines. Nidhi Company Registration is a procedure for establishing a kind of NBFC in India popularly known as Mutual Benefit Finance Company. For all Nidhi Companies, it is necessary to have "Nidhi Limited" at the end of their name. This Company can be established with a minimum paid-up share capital of Rs.5,00,000. It should have atleast 200 members at the time Company Incorporation.
Rules for Nidhi Company
The Central Government has made 'Nidhi Company Rules, 2014' to carry out the objectives of 'Nidhi companies'. These rules must apply to-
- Every company which had been listed as a Nidhi Limited or Mutual Benefits under Section 620A(1) of Companies Act, 1956.
- All companies working on the policies of a Nidhi company or Mutual benefit society but has either not applied for or has asked for and is awaiting notification to be a Nidhi Limited/ Mutual Benefit Society under Section 620A(1) of Companies Act, 1956.
- Each Nidhi Company Incorporation under the provisions of Section 406 of the Companies Act, 2013.
Requirements before and after Nidhi Company Registration?
There are various requirements for Nidhi Company Registration and Nidhi Company Incorporation:
- Before Nidhi Company Incorporation:
- Minimum 7 shareholders
- At least 3 Directors
- Minimum Capital of Rs. 10 Lacs
- DIN for all directors
- After Nidhi Company Incorporation:
- Minimum number of 200 Shareholders
- Net owned Fund must not be less than Rs. 10 Lakhs
- Burdenless deposits of not less than 10% of the outstanding deposits.
- Net owned funds to deposits ratio must be more than 1:20
Benefits of Nidhi Company Registration Online
The Nidhi company registration offers numeral reasons why not to register it. Let's have a look:
It has a separate legal entity from its promoters and shareholders. Nidhi Limited can get the property on its name and also acquire debts.
The Nidhi Company never required to get approval from the Reserve Bank of India. Also, there is no need for License from RBI for running a loan busniess in India. But it has to adhere to the RBI's guidelines.
The company offers loans to its members at an economical rate of interest than the market rate.
The Ministry of Corporate Affairs has made it mandatory to have at least Rs. 10 Lacs as paid-up capital to commence a Nidhi Company. And the liabilities of the director is same as per Companies Act 2013.
Nidhi Company Incorporation is straightforward. It just required to get registered as a public company with the MCA. The minimum amount of capital is required as per Nidhi Rules, 2014. The functioning and executing variations in Nidhi Limited is smooth and easy as compared to other NBFC.
It is not affected by the demise or departure of any one or all of its shareholders. So, a registered company will not be affected even after the death of the partner.
The Ministry of Corporate affairs manages Nidhi Companies. Therefore, it estimates more reliable as compared to different institutions in the same sector controlled by state governments.
Documents Required For Nidhi Company Registration
- Documents Required For Nidhi Company Registration
- Passport size photograph of Directors
- Copy of Aadhaar Card/ Voter identity card of directors
- Copy of Rent agreement in case of property is rented
- Electricity/ Water bill/ Telephone bill of Business Place
- Copy of Property papers in case you own a property
- NOC signed by owner/ landlord)
- DSC (Digital signature certificate) & DIN (Director Identification Number) of all the directors.
- MOA & AOA
Process of Nidhi Company Registration
The Ministry of Corporate Affairs (MCA) has allotted an integrated incorporation form INC-32. So soon, an OPC can be incorporated online by filling the Simplified Proforma for Incorporating Company Electronically (SPICe) form in Form INC-32 using DSC of the Director together with online MoA in Form INC-33 and AOA in Form INC-34.
The Nidhi Company Registration Process are given below:
Apply for DSC & DIN
First of all, the partners have to register for DSC (Digital Signature Certificate) and DIN (Director's Identification Number) for Nidhi Company. DIN allots by the MCA and DSC is a digital signature applied for all e-filing processes.
Approval of Name
You have to give 3 separate name choices for Nidhi Company to MCA of which one will be picked. So, the Names given should be unique and suggestive & descriptive of a company's business.
Submission of MOA & AOA
After the name approval, one must draft a Memorandum of Association and Articles of Association (MoA&AoA). MOA & AOA are registered with the MCA with statements of subscription.
Obtain a certificate of incorporation
To get a registration certificate of the Nidhi Company, it takes 15-25 working days. Incorporation certification is evidence that the company has been formed. It also involves your CIN number.
Apply for PAN, TAN and Bank account
After getting the certification of incorporation, you need to apply for PAN and TAN. This is important to apply because, after receiving the certificate of incorporation MOA, AOA and PAN with bank account details are required details.
How LegalPillers Helps?
While planning to commence a Nidhi Company Registration Online, keep in mind that your small finnace business will bring good profit for you in the long term. But at the same time, Nidhi company regisration and maintaince requiremnets should also be taken care of. This should be done in order to avoid any unwanted penalty or prosecution that may affect your company.
We, at LegalPillers have professionals which are rendering their expertise in the area of Online Nidhi Company Registration and its consultancy related to business execution, accountancy, taxation and legal aid through our CA Service. For better assistance over all factors of finance company do connect to our professionals at 9625279785 − 9267941961.
This is the best solution for small financial companies who want to lend or deposit money from its members. Management of NBFC companies are way high as compare to Nidhi Company because of its association with RBI. Nidhi company is best option for managing your finance business at town level with limited compliance requirement
Frequently Asked Questions
It will take 15 to 20 days to register excluding the delays on the part of government authorities
There is no requirement of RBI approval and it is govern by Nidhi Rules.
Nidhi Limited Company is not governed by the RBI but by the central government and hence the central government has introduced the Nidhi Company rules 2014 in order to better govern the company in a more transparent manner.
No, it is not mandatory to have Nidhi Limited Company software, however, if you want to run the business properly, then you shall require the Nidhi Limited Company software.
Mutual benefit is the previous name of the Nidhi Company in India. After 2013, it was made mandatory to use the name of Nidhi Limited Company instead of Mutual benefit for registration of Nidhi Limited Company in India.
A Nidhi Limited Company is allowed to take the maximum of 20 times the net owned fund. Net owned fund means the total fund invested by the owner less any accumulated loss. For example, if you have invested Rs.1 Lack, then you are entitled to raise funds up to Rs.20 Lack.
Nidhi Company is a type of NBFC which is registered for accepting and lending money to its members. Nidhi Company Registration does not require RBI Approval for its registration and operation.
Nidhi Company Registration is quite easy. We at LegalPillers providing Nidhi Company Registration and its support services at very reasonable cost. For getting the assistance over Nidhi Company Consultancy talk to our professional at 9267941961- 96252 79785.
For opening of Nidhi Company you need at least 7 persons out of atleast 3 will be directors in the company. For knowing the criteria over Nidhi Company Registration talk to our Chartered Accountants and Company Secretary at 9267941961- 96252 79785.
For Nidhi Company Registration in India you just need to follow following steps-
- Creation of Digital Signature
- Preparation of Documents and signing
- Preparation of Spice forms and submission
- Approval of Nidhi company registration.
You just needs to provide basic documents such as PAN Card copy, Adhaar Card copy, Updated Bank Statement copy, electricity bill of registered office, NOC or rent agreement of office, etc.
There must atleast 7 person required out of 3 shall be director in the company and rest of consider only as shareholder in company.
No, A Nidhi Company can only provide loans against gold, silver jewellery or any other property as security. Unsecured loan is not allowed in Nidhi Company.