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Registration of Nidhi Company


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  • Obtain Three DSC and DIN
  • Name Approval of the Company
  • Drafting of MOA, AOA
  • Certificate of Registration
  • Allotment of PAN and TAN for the Company
  • Bank Account Opening Support
  • GST Registration

Registration of Nidhi Company



A Nidhi Company is one that belongs to the category of Non Banking Financial Company(NBFC) and is recognized under section 406 of the Companies Act 2013.Their core business is borrowing and lending money between their members. They are also known as Mutual Benefit, Permanent Fund, Benefit Funds, Mutual Benefit Funds Company. This Company shall have the word " Nidhi Limited" as its last words and is always a Public Company.

  • Proof of the registered place of business (rent or lease agreement/Ownership documents)
  • No Objection Certificate (signed by the owner/ landlord)
  • Identity proofs of members
  • Address proofs of the members
  • Photos of the members
  • PAN card copies of the members
  • Digital Signature (DSC)
  • Director Identification Number (DIN) of the directors
  • Memorandum of Association of the company (MoA)
  • Articles of Association of the company (AoA)

FAQ



Following provisions are applicable to Nidhi Companies.
1.As they are incorporated into the nature of Public Company so rules and regulations of Companies Act, 2013 are applicable.
2.RBI provisions related to Interest rate payable on deposit are applicable to Nidhi Companies. But the core provisions of RBI are not applicable to Nidhi Companies as RBI has exempted the Nidhi Companies from the same.
3.Nidhi Rules, 2014 of Companies Act is also applicable to Nidhi Companies.

As to incorporate a Nidhi Company it is to be registered as a Public Limited Company. So, to incorporate a Nidhi Company it is necessary to fulfill following criteria:
1.It should have at least 3 Directors.
2.It should have at least 7 Members.
3.The main objective to be written in the MOA should be to cultivate the habit of thrift and savings among its members. And it can accept deposits and lend money only to its members and shall work for the mutual benefit of its members.

Yes, the Deposits with such companies are safe and secure because the Ministry of Corporate Affairs and Reserve Bank of India has framed rules and regulations to ensure the safety and security of Deposits. And the Nidhi Company compulsorily abide by the rules of Central Government.

Any person who is above 18 years of age as per the standard age proof can become a member of the Nidhi Companies. The person desirous of becoming a member should have valid ID Proof and Address Proof.

Nidhi can provide loans to its members only after the members have given/ provided some securities like gold, silver jewelry or any type of financial securities against the loan.

Within a period of one year of incorporation, the Nidhi Company has to ensure the following compliances:
1. Minimum 200 members
2. Net owned funds (“NOF”) of at least Rs. 10 lakhs. (Net owned fund means the aggregate of paid up equity share capital and free reserves as reduced by accumulated losses and intangible assets appearing in the last audited balance sheet) 3. Ratio of NOF to deposits of not more than 1:20.
Unencumbered term deposits of not less than 10% of the outstanding deposits (shall be discussed later in this article).

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